Borussia Dortmund GmbH & Co KGaA
ISIN: DE0005493092
WKN: 549309
11 March 2024 09:06AM

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: 19103

Original-Research: Borussia Dortmund GmbH & Co KGaA - from NuWays AG

Classification of NuWays AG to Borussia Dortmund GmbH & Co KGaA

Company Name: Borussia Dortmund GmbH & Co KGaA ISIN: DE0005493092

Reason for the research: Update
Recommendation: BUY
from: 11.03.2024
Target price: 5.50
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Philipp Sennewald

Qualification for FIFA CWC 25 provides earnings upside for BVB

Following RB Leipzig´s UEFA Champions League (UCL) exit against Real Madrid last week Borussia Dortmund is now officially qualified for FIFA Club World Cup 2025.

The recently founded FIFA Club World Cup (CWC), which will be held in a four-year rhythm, will take place from June to July 2025 in the USA. 32 teams will take part in the competition – selected among the winners of continental club competitions. FIFA has recently announced the details for qualification criteria – ensuring UEFA the participation of 12 teams from the European confederation. Moreover, FIFA has allowed European participants according to UEFA Champions League coefficient ranking, whereas participants from other continental confederations will be selected according to a FIFA ranking. UEFA has guaranteed automatic qualification to the tournament for the last three UCL Winners plus the upcoming 2024 UCL champion. The remaining eight teams are selected according to a coefficient based on the 4- year performance in the UCL. Currently, Borussia is granted the 6th place in the UEFA ranking (excluding UCL winners automatically qualified).

While FIFA did not yet release official details on the prize money and corresponding distribution, several media outlets like Italian “Gazzetta dello Sport” indicated that total price money will be around € 2.5bn, which would imply an average payment of € 78m per participant. However, since we have no official figures yet, we do not include a possible financial impact of the CWC qualification in our model.

Yet, in addition to the direct revenue boost, the format looks set to increase the club’s general visibility outside of Germany and especially in the important US market, where BVB recently opened its first permanent office in North America. Hence, this should provide upside potential for the club’s merchandise and sponsoring revenues. Moreover, BVB and Bayern Munich participating in the CWC should also improve the negotiation power of the German Football League (DFL) regarding the foreign Media distribution rights of the Bundesliga, which would ultimately benefit BVB’s TV Marketing revenues.

Against this backdrop as well as the strong operating performance in H1, we reiterate BUY with an unchanged PT of € 5.50 based on DCF.

You can download the research here:
http://www.more-ir.de/d/29103.pdf
For additional information visit our website www.nuways-ag.com/research.

Contact for questions
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden: www.nuways-ag.com/research. 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. ++++++++++

-------------------transmitted by EQS Group AG.-------------------

The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

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%

Advertising is an important revenue channel for us. But we understand, that sometimes it becomes annoying. If you want to reduce the number of shown ADs just simply login to your useraccount and manage the settings from there. As registered user you get even more benefits.
          Qualitätsjournalismus · Made in Germany © 2024          
The news manufactory

Good luck with all your investments

Founded in 2013 by Gereon Kruse, the financial portal boersengefluester.de is all about German shares - with a clear focus on second-line stocks. In addition to traditional editorial articles, the site stands out in particular thanks to a large number of self-developed analysis tools. All tools are based on a completely self-maintained database for more than 650 shares. As a result, boersengefluester.de produces Germany's largest profit and dividend forecast.

Contact

Idea & concept: 3R Technologies   
boersengefluester.de GmbH Copyright © 2024 by Gereon Kruse #BGFL