Original-Research: Borussia Dortmund GmbH & Co KGaA (von NuWays AG): Kaufen
Source: EQSClassification of
Company
Reason for the research: Update
Recommendation: Kaufen
from:
Target price:
Target price on sight of: 12 Monaten
Last rating change:
Analyst:
First semifinal since 11 years secures € 12.5m extra profit / chg.
By winning Tuesday night's match against
In the semifinals, BVB will face PSG with superstar Mbappe. Both teams met already in the group stage, where PSG won their home game 2-0 followed by a 1-1 draw in Dortmund. We therefore attribute the outsider role to BVB for the time being and do not model any income from a potential progression. However, should Borussia Dortmund manage to reach the final, the club would receive additional premium payments of € 15.5 million, while winning the competition would add another € 4.5m along with at least € 3.5m for participating in the UEFA Super Cup (UCL winner vs UEL winner).
Looking at the Bundesliga table, BVB is currently positioned in 5 th place.
With only 5 games to go, BVB finds themselves in a promising position to
secure qualification for the upcoming season's
Lastly, the auction for domestic broadcasting rights for the 4-year period starting with the season 2025/26 kicked off this week. While the current 4-year deal has a total value of € 4.4bn, fears were arising that the next deal could decrease in volume after the Italian and French Leagues had to cut back recently. However, the recent abortion of the “NoSingle-Buyer-Rule” is set to intensify the bidding contest. Hence, we expect the deal volume to remain on the same level as in the current period.
Reiterate BUY with an unchanged PT of € 5.50 based on DCF.
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