Original-Research
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Borussia Dortmund GmbH & Co KGaA (von NuWays AG): Buy
- BVB wird als klarer Underdog gegen Real Madrid gesehen.
- Zielpreis von 5,50 EUR für die nächsten 12 Monate.
- Top 4 Platzierung in der Bundesliga weiterhin möglich.
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Original-Research: Borussia Dortmund GmbH & Co KGaA - from NuWays AG
02.09.2024 / 09:07 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of 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.
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
Target price: EUR 5.50
Target price on sight of: 12 months
Last rating change:
Analyst: Philipp Sennewald
UCL draw: 2 spanish giants but overall feasible opponents
Topic: Last week Thursday, the draw for the league phase of the UEFA Champions League (UCL) took place in Monaco. In the newly formatted UCL, BVB will face last seasons final opponent Real Madrid (Away), FC Barcelona (Home), Shakhtar Donetsk (H), Club Brugge (A), Celtic Glasgow (H), Dinamo Zagreb (A), Sturm Graz (H) and Bologna FC (A). Here is our view.
While BVB is seen to be the clear underdog in the away game at Madrid, which has further strengthened its squad during the summer by adding French superstar Kylian Mbappé, and the home game against
Barcelona to be a duel at eye level, the other six opponents are expected to be weaker. Especially the games against Graz, Zagreb, Donetsk, Brugge and Glasgow should result in wins, as none of
these teams provide even half of BVB's squad value according to transfermarkt.de. On paper, the away game at Bologna could serve as another challenge, but the Italian side lost some key figures
from last season with head coach Motta, striker Zirkzee and centre back Calafiori. Conservatively estimating 15 points out of the 8 matches, BVB could possibly make it directly into the round of
16, according to simulations conducted by Football Meets Data.
Mind you, the UCL will be played under a new format this season with the number of participants increasing from 32 to 36 ( Update on prize money details). Moreover, there will be no groups anymore,
instead all teams will be ranked on one table. At the end of the league phase, the top 8 teams move directly into the round of 16, while the teams ranked 9-24 will play out the remaining
participants in an intermediate round. In our model, we conservatively expect BVB to reach the round of 16, every progress beyond that is hence providing upside to our estimates.
Besides this, BVB had a sound start to the new Bundesliga season. After winning the first game against a highly talented Frankfurt squad, BVB got another point this weekend at Bremen thanks to a 0-0 draw.
Overall, the team should be equipped to land another top 4 spot at the end of the season to qualify for the UCL again. Also, another deep run in the UCL is possible, especially if the team manages
to finish top 8 in the league phase.
Reiterate BUY with an unchanged EUR 5.50 PT based on DCF.
You can download the research here: http://www.more-ir.de/d/30679.pdf For additional information visit our website: www.nuways-ag.com/research
Contact for questions:
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
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1979085 02.09.2024 CET/CEST
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Die Borussia Dortmund Aktie wird zum Zeitpunkt der Veröffentlichung der Nachricht mit einem Plus von 0,00 % und einem Kurs von 3,795EUR auf Tradegate (02. September 2024, 09:09 Uhr) gehandelt.
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