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: Kaufen

Target price: EUR 5.50

Target price on sight of: 12 Monaten

Last rating change:

Analyst: Philipp Sennewald

Third final in club history guarantees extra profit / chg.

On Tuesday, BVB visited Paris St. Germain for the second leg of the UEFA

Champions League semifinal. Thanks to a 1-0 victory, the team managed to

advance to the final for the first time since 2013. With this, the club can

now expect additional UEFA prize money payments of at least EUR 15.5m.

Consequently, we anticipate an increase of the EBT and EBITDA guidance, as

we have seen it after previous UCL advancements. Keep in mind that those

premium payments have a de facto 100% margin.

The final in London will see BVB take on the winner of the Real Madrid vs

Bayern Munich fixture, which is taking place tonight. Against either team

BVB should be seen in the outsider role, and we therefore do not model any

income from a potential Champions League victory. However, should Borussia

Dortmund manage to win the final, the club would receive additional premium

payments of EUR 4.5m for the victory, along with at least EUR 3.5m for

participating in the UEFA Super Cup (UCL winner vs UEL winner).

Looking at the Bundesliga table, Borussia Dortmund has mathematically

secured at least 5 th place, guaranteeing the club's participation in the

upcoming Champions League season. Notably, this qualification

marks an important achievement for BVB, especially considering the upcoming

UCL season will be played in a new format with an increased prize money

pool of EUR 2.5bn (+25%).

Furthermore, BVB has released its Q3 prelims, which showed a slight revenue

decrease 2.7% yoy to EUR 98.2m, which can be primarily attributed to a

reduced number of home games. Consequently, there was a decline in revenues

from Match Operations (down 16% yoy to EUR 10.7m) as well as from the

Conference, Catering and Miscellaneous segment (down 14% yoy to EUR 8.5m).

However, the TV-marketing segment experienced a 9% yoy increase, reaching EUR

38.1m, while Advertising sales showed a 3% uptick, amounting to EUR 35.5m. Q3

EBITDA came in at EUR 1.8m, compared to EUR 8.1m in the previous year.

Lastly, Borussia Dortmund has announced changes to its executive board,

including the appointment of Lars Ricken as a new member. Ricken, a former

BVB player and director of the youth academy, will now be responsible for

sporting activities, effective May 1st. Hans-Joachim Watzke, set to depart

the executive board by the end of 2025 had previously announced plans to

delegate sporting responsibilities by summer 2024, a decision now honoured

by the executive committee with the appointment of Ricken.

Reiterate BUY with an unchanged PT of EUR 5.50 based on DCF.

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Web: www.nuways-ag.com

Email: research@nuways-ag.com

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