Buy
|
Original-Research: Borussia Dortmund GmbH & Co KGaA - from NuWays AG
Classification of NuWays AG to Borussia Dortmund GmbH & Co KGaA
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 € 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 ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
||||||||||||||||||
1979085 02.09.2024 CET/CEST
P R O D U C T S U G G E S T I O N S
The information presented here has been provided by our content partner EQS-Group. The originator of the news is the respective issuer, the company relating to the news, a publication service provider (press or information agency) which uses the distribution service of EQS to transmit company news to shareholders, investors, investors or interested parties. The original publications and other company-relevant information can be found at eqs-news.com.
The information you can access does not constitute investment advice. The presentation of our cooperation partners, where the implementation of investment decisions would be possible depending on the individual risk profile, is solely at the discretion of the person using the service. We only present companies of which we are convinced that the range of services and customer service will satisfy discerning investors.
If you are considering leverage products, familiarise yourself with the typical characteristics of the financial instruments beforehand. Take the time to determine the risk content of the planned investment before making an investment decision. Bear in mind that a total loss cannot be ruled out with leverage products.
For newcomers to the subject, we offer various options in both the training and the tools section, through which you can train theoretical knowledge and practical experience and thus improve your skills. The offer ranges from participation in webinars to personal mentoring. The range is continuously being expanded.
1 Lab features are usually functionalities that emerge from the think tank of the investor community. In the early stages, these are experimental functionalities whose development process is largely determined by use and the resulting feedback from the community. When integrating external services or functionalities, the functionality can only be guaranteed to the extent that the individual process elements, such as interfaces, interact with each other.