Original-Research: Borussia Dortmund GmbH & Co KGaA (von NuWays AG): BUY
Source: EQSClassification of
Company
Reason for the research: Update
Recommendation: BUY
from:
Target price: 5.50
Target price on sight of: 12 Monaten
Last rating change:
Analyst:
RS feedback: New formats offering upside / chg.
Last week, we hosted a digital roadshow with BVB CFO
Bundesliga broadcasting rights: In Q2, the
New UCL. Although
Sponsorship upside. While TV marketing or transfer sales are subject to a certain volatility based on sporting success and talent development, sales in the sponsoring segment are seen to deliver stable growth going forward. Both, the expiry of the Evonik and 1&1 contracts next year as well as the CWC and the associated new sponsorship opportunities in the US are seen to provide upside in the coming years, in our view.
Besides that, BVB reached the quarterfinals of the UCL after beating
Eindhoven last week. As this resulted in € 10.6m additional premium
payments, BVB consequently lifted its net profit guidance range by € 10m,
which we continue to consider as conservative, given the strong H1. BVB
will now face
BVB shares continue to trade on attractive levels of 0.9x EV/Sales, significantly below the peer average of 3.9x. The stock hence 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/29175.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.
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148
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