NuWays AG: Borussia Dortmund GmbH & Co KGaA | Rating: BUY
Original-Research: Borussia Dortmund GmbH & Co KGaA - von NuWays AG
Einstufung von NuWays AG zu Borussia Dortmund GmbH & Co KGaA
Unternehmen: Borussia Dortmund GmbH & Co KGaA ISIN: DE0005493092
Anlass der Studie: Update
Empfehlung: BUY
seit: 30.11.2023
Kursziel: € 5,50
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Philipp Sennewald
Returning from Milan with pockets full of cash; chg.
On Tuesday, BVB visited AC Milan to play their penultimate Champions League group stage match. Thanks to a 3-1 victory, the team has already qualified for the knock-out stage before the last matchday, thus securing € 9.6m additional premium payments on top of the € 2.8m for winning the match.
As Paris St. Germain only managed to get a draw (1-1) in their final home game against Newcastle, BVB is now also in pole position finish first in their group, as they only need a draw in the last match at home against Paris. Mind you, BVB have not lost at home in the Champions League for two years and overall lost only one out of the last 29 matches at Signal Iduna Park. As the group winners play the second- placed team from another group (i.e. an “easier” opponent) in the round of sixteen, this would clearly improve BVB’s chances to advance even to the quarterfinals, which would secure another € 10.6m in premium payments (not reflected in our estimates). Keep in mind, that those premium payments have a de facto 100% margin, as no costs are incurred and that sales from ticketing, catering and merchandising are not yet included in that number.
While the club is performing above expectations in the Champions League in
what we called an unlucky drawn group (Paris, Milan, Newcastle) back in
October, the Bundesliga performance appears somewhat lackluster so far as
BVB is only in 4th place after one third of the season. Although this would
be sufficient to qualify for the Champions League at the end of the season,
the team is seen to face tough competition from the surprisingly strong
Stuttgart (currently 3rd) and Leipzig (5th), while Leverkusen and Bayern
look set to decide the championship among themselves. Hence, BVB should be
competing with Stuttgart and Leipzig for the remaining two spots to qualify
for the CL. However, thanks to the depth and experience of the squad and
the fact that Stuttgart will have to withdraw several key players for the
Africa Cup and the Asian games in Q1, we regard BVB’s chances for a Top-4
finish as high. Notably, this
will be more important than ever, as UEFA will introduce a new format
starting next season which will increase overall price money by c. 33%.
Valuation remains undemanding, in our view, as BVB shares are trading at only 1.0x EV/Sales 2023/24, which marks a notable discount to its peers Juventus (2.0x), OL (2.3x) and Manchester United (4.3x).
Reiterate BUY with an unchanged PT of € 5.50 based on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28437.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
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Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
