(MENAFN- EQS Group) Original-Research: Borussia Dortmund GmbH & Co KGaA - from NuWays AGClassification of NuWays AG to Borussia Dortmund GmbH & Co KGaACompany Name: Borussia Dortmund GmbH & Co KGaAISIN: DE0005493092Reason for the research: UpdateRecommendation: Kaufenfrom: 17.04.2024Target price: EUR 5.50Target price on sight of: 12 MonatenLast rating change: Analyst: Philipp SennewaldFirst semifinal since 11 years secures € 12.5m extra profit / chg. By winning Tuesday night's match against Atletico Madrid, Borussia Dortmundhas secured a spot in the UEFA Champions League semifinals for the firsttime since 2013. With this advancement, the club can now anticipateadditional UEFA prize money payments of at least € 12.5m. Consequently, weanticipate an increase of the EBT and EBITDA guidance in the same amount in mind that those premium payments have a de facto 100% margin, as nocosts are incurred. Moreover, this does not yet include sales fromticketing and catering for the additional home game. In the semifinals, BVB will face PSG with superstar Mbappe. Both teams metalready in the group stage, where PSG won their home game 2-0 followed by a1-1 draw in Dortmund. We therefore attribute the outsider role to BVB forthe time being and do not model any income from a potential progression, should Borussia Dortmund manage to reach the final, the club wouldreceive additional premium payments of € 15.5 million, while winning thecompetition would add another € 4.5m along with at least € 3.5m forparticipating in the UEFA Super Cup (UCL winner vs UEL winner). Looking at the Bundesliga table, BVB is currently positioned in 5 th place only 5 games to go, BVB finds themselves in a promising position tosecure qualification for the upcoming season's UEFA Champions League. Adirect duel with RB Leipzig for the 4 th spot in the final table and theconsequent UCL participation is looming, with a head-to-head encounterscheduled for April 27th. Mind you, if Germany secures the second positionin the UEFA coefficient ranking, even the 5 th -placed team in theBundesliga would qualify for the Champions League. With their progressionin the current UCL campaign, BVB now can gather additional valuable pointsfor this ranking. (See update from January). Lastly, the auction for domestic broadcasting rights for the 4-year periodstarting with the season 2025/26 kicked off this week. While the current4-year deal has a total value of € 4.4bn, fears were arising that the nextdeal could decrease in volume after the Italian and French Leagues had tocut back recently. However, the recent abortion of the“NoSingle-Buyer-Rule” is set to intensify the bidding contest. Hence, weexpect the deal volume to remain on the same level as in the currentperiod. Reiterate BUY with an unchanged PT of € 5.50 based on DCF can download the research here:For additional information visit our websiteContact for questionsNuWays AG - Equity ResearchWeb: Email: ...LinkedIn: Adresse: Mittelweg 16-17, 20148 Hamburg, Germany++++++++++Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte 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 result of this research does not constitute investment adviceor an invitation to conclude certain stock exchange transactions.
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