BUY
|
Original-Research: Borussia Dortmund GmbH & Co KGaA - from NuWays AG
Classification of NuWays AG to Borussia Dortmund GmbH & Co KGaA
Sahin released following 4 consecutive losses Topic: Following Tuesday’s loss in the UCL against Bologna, a team that had so far not won a game in the campaign, management decided to part ways with head coach Nuri Sahin. According to CSO Lars Ricken, management lost faith that Sahin, who just took over from Edin Terzic in Summer 2024, is still able to achieve the sporting objectives for the current season. In our view, this step is totally sensible following 4 consecutive losses to start 2025 as well as only one win from the last nine games and 10th place in the Bundesliga. Even the, until Tuesday, good performances in the UCL could not hide the fact that the team is underperforming this season. Mind you, BVB ranks 4th in squad value but is currently 7 points behind the crucial 4th place in the league table (UCL qualification), lagging teams like Freiburg, Bremen or Mainz, which in fact have a lower combined squad value. Given this situation, the release of Sahin was unavoidable in order to still achieve the goal of a Top-4 finish. For the game against Bremen on Saturday, Under-19 coach Mike Tullberg will be in temporarily in charge. We expect a new coach to be announced next week before the away game against Heidenheim. In our view, the team clearly has the strength and quality to achieve this with 48 points still to be awarded. Yet, qualification for the UCL is at risk, as it does also does not seem like Germany will be awarded an extra spot again given that the association currently ranks 6th (2nd place needed). However, we keep our estimates for FY25/26e unchanged for the time being, given that also the FIFA CWC is offering upside, which we have not accounted for thus far as FIFA has not released prize money details yet. On a positive note, BVB has secured a spot in the UCL play-off round despite the loss against Bologna. Nonetheless, the likelihood of reaching a Top-8 finish declined to 12% according to Opta based on the results of the other teams. However, with a finish between 9th and 12th, which we regard as highly likely, BVB would face a team from the lower standings in the play-offs, giving the team a good chance of reaching the round of 16. BUY with an unchanged € 5.50 PT based on DDM. You can download the research here: http://www.more-ir.de/d/31659.pdf For additional information visit our website: https://www.nuways-ag.com/research-feed 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. |
||||||||||||||||||||
2073941 24.01.2025 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.