Original-Research: Borussia Dortmund (von NuWays AG): Kaufen
Original-Research: Borussia Dortmund - from NuWays AG
Classification of NuWays AG to Borussia Dortmund
Company Name: Borussia Dortmund
ISIN: DE0005493092
Reason for the research: Update
Recommendation: Kaufen
from: 03.04.2024
Target price: EUR 5.50
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Philipp Sennewald
A big step towards UCL 24/25 as UEFA discloses prize money
On Saturday BVB ended a long drought as the team won away at Bayern Munich (2-0) for the first time in ten years. Moreover, as Leipzig did not manage to beat Mainz (1-1), BVB extended the gap to 5th place to three points. Although 5th place might be sufficient to qualify for the 24/25 UCL in the unlikely event of Germany finishing 2nd in the UEFA club coefficient, finishing 4th is the safe way to go as it guarantees a spot in the highly lucrative competition.
Mind you, that the upcoming UCL season will be played in a new format with the total number of games rising from 125 to 189 and consequently an increased prize money pool of € 2.5bn (+25%). In fact, UEFA recently put out a circular letter explaining the exact distribution of the prize money to the participants, which will be divided into three different pillars. In detail:
€ 670m will be allocated to equal shares, leading to a starting fee of € 18.6m (old format: € 15.6m).
€ 914m will be distributed according to individual club performance which is based on group stage performance as well as knock-out stage progress (e.g. € 11m for round of 16 qualification).
€ 853m will be distributed according to the 'value pillar', a combination of the former market pool (based on value of country specific TV market) and coefficient (10-year coefficient rank) pillars.
More detail on the performance and value pillars is provided in the graphic on the second page.
Given our base scenario for the next season, in which the club reaches the round of 16 via the newly implemented knockout round play-offs, BVB will earn € 79.4m in TV marketing revenues from the newly formatted UCL. This is 17% more compared to our base case for the old format. Should BVB reach the quarter-finals like in this season, respective revenues would amount to € 91.9m (eNuW). Mind you, this does not include additional revenues from match operations thanks to two extra home games (group stage + play-offs). Moreover, additional TV marketing sales come at de facto no extra cost, thus driving profitability going forward. Against the backdrop as well as the continuously undemanding valuation (0.9 EV/sales 23/24e vs peer trading at 3.9x), the stock remains a BUY with an unchanged PT of € 5.50 based on DCF.
You can download the research here:
http://www.more-ir.de/d/29293.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 | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | 2025e | ||
| Sales1 | 370,20 | 334,17 | 351,65 | 418,24 | 509,11 | 503,00 | 0,00 | |
| EBITDA1,2 | 62,99 | 38,95 | 80,76 | 123,22 | 150,26 | 117,00 | 0,00 | |
| EBITDA-Margin3 | 17,02 | 11,66 | 22,97 | 29,46 | 29,51 | 23,26 | 0,00 | |
| EBIT1,4 | -43,14 | -72,09 | -29,18 | 16,91 | 45,93 | 0,00 | 0,00 | |
| EBIT-Margin5 | -11,65 | -21,57 | -8,30 | 4,04 | 9,02 | 0,00 | 0,00 | |
| Net Profit (Loss)1 | -43,95 | -72,81 | -35,06 | 9,55 | 44,31 | 11,00 | 0,00 | |
| Net-Margin6 | -11,87 | -21,79 | -9,97 | 2,28 | 8,70 | 2,19 | 0,00 | |
| Cashflow1,7 | -0,36 | 15,95 | 35,07 | 54,43 | 47,20 | 41,00 | 0,00 | |
| Earnings per share8 | -0,48 | -0,79 | -0,33 | 0,09 | 0,40 | 0,12 | 0,26 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,06 | 0,06 | 0,06 | |
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 | 346,64 Mio € | 30.10.2000 | Kaufen | 9F39FFX2+69 |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 12,08 | 25,09 | 0,49 | -39,25 | 1,08 | 7,34 | 0,69 |
|
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,00 | 0,06 | 0,06 | 1,91% |
| 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 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -6,04% | -12,44% | -12,78% | -12,78% | -71,45% |
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
