Borussia Dortmund GmbH & Co KGaA
ISIN: DE0005493092
WKN: 549309
30 November 2023 09:01AM

Original-Research: Borussia Dortmund GmbH & Co KGaA (von NuWays AG): BUY

Borussia Dortmund GmbH & Co KGaA · ISIN: DE0005493092 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 18437

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
LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++
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. ++++++++++

-------------------übermittelt durch die EQS Group AG.-------------------

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.

Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.

The most important financial data at a glance
  2018 2019 2020 2021 2022 2023 2024e
Sales1 489,52 370,20 334,17 351,65 418,24 509,11 503,00
EBITDA1,2 115,98 62,99 38,95 80,76 123,22 150,26 117,00
EBITDA-Margin3 23,69 17,02 11,66 22,97 29,46 29,51 23,26
EBIT1,4 23,50 -43,14 -72,09 -29,18 16,91 45,93 0,00
EBIT-Margin5 4,80 -11,65 -21,57 -8,30 4,04 9,02 0,00
Net Profit (Loss)1 17,39 -43,95 -72,81 -35,06 9,55 44,31 11,00
Net-Margin6 3,55 -11,87 -21,79 -9,97 2,28 8,70 2,19
Cashflow1,7 144,53 -0,36 15,95 35,07 54,43 47,20 41,00
Earnings per share8 0,19 -0,48 -0,79 -0,33 0,09 0,40 0,12
Dividend per share8 0,06 0,00 0,00 0,00 0,00 0,06 0,06
Quelle: boersengefluester.de and Company information
Explanation

1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de

Auditor: Deloitte

All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.

INVESTOR-INFORMATION
©boersengefluester.de
Borussia Dortmund
WKN ISIN Legal Type Marketcap IPO Recommendation Plus Code
549309 DE0005493092 GmbH & Co. KGaA 343,88 Mio € 30.10.2000 Kaufen 9F39FFX2+69
* * *
PE 2025e PE 10Y-Ø BGFL-Ratio Shiller-PE PB PCF KUV
11,98 25,06 0,48 -38,94 1,07 7,29 0,68
Dividends
Dividend '2022
in €
Dividend '2023
in €
Dividend '2024e
in €
Div.-Yield '2024e
in %
0,00 0,06 0,06 1,93%
Financial calendar
Annual General Meeting Q1-figures Q2-figures Q3-figures Annual press conference
25.11.2024 14.11.2024 14.02.2025 15.05.2025 27.09.2024
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
-1,27%
3,12 €
ATH 10,31 €
-7,48% -13,28% -13,47% -13,71% -71,68%

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