Buy
|
Original-Research: Borussia Dortmund GmbH & Co KGaA - from NuWays AG
Classification of NuWays AG to Borussia Dortmund GmbH & Co KGaA
H1 prelims broadly in line / Mixed start into Kovac era; chg. Topic: BVB released H1/Q2 results, which came in softer than in the year before due to lower transfer income, yet being in line with our estimates. Moreover, Niko Kovac meanwhile finished his second game as head coach – so far with a mixed record. In detail: Q2 sales decreased 11.1% yoy to € 137.2m (eNuW: € 140.5m). This was mainly driven by a decline in match operations sales of € 17.3m (-13.3% yoy; eNuW: € 17.9m) caused by a fewer amount of home games (8 vs 10 in prior year) as well as reduced TV marketing sales of € 59.0m (-17.4% yoy; eNuW: 60.7m). The latter was mainly driven by the longer league phase of the UCL meaning that income from international TV marketing is recognized at a later date during the year compared to the previous year. On this basis and following reduced transfer income, Q2 EBITDA decreased to € 33.0m (eNuW: € 34.9m). Yet, given an H1 EBITDA of € 58.7m, BVB remains fully on track to achieve its FY24/25 guidance of € 110-120m EBITDA. While the departure of Donyell Malen to Aston Villa should affect H2 EBITDA positively, the head coach change should have the opposite effect. Mind you, that we still have not accounted for the CWC this summer, as FIFA is yet to disclose prize money details. Hence, there is still upside to our estimates. Unlucky Bundesliga debut for Kovac. Last weekend, Niko Kovac coached his first match in the Bundesliga, which BVB lost 1-2 at home against Stuttgart, one of the team competitors in the race for a top-4 finish. Despite the defeat we regard the performance as solid, and the win for Stuttgart as rather lucky. That being said, BVB currently is in 11th place, 7 points behind 4th. In this regard, it appears challenging but still well possible to achieve the UCL qualification for the coming season, which is why we remain our estimates for the FY25/26e. UCL. On the contrary to the Bundesliga, BVB yesterday won the first leg of the play-off round 3-0 at Sporting Lisbon, which hands the team a strong advantage for the second leg next Wednesday. Mind you, BVB will play either Lille or Aston Villa, should they advance to the round of 16. Both teams should be beatable for the team, which is thus leaving a certain upside to our estimates (round of 16 exit). Reiterate BUY with an unchanged PT of € 5.50 based on DCF. You can download the research here: http://www.more-ir.de/d/31735.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. |
||||||||||||||||||||
2084853 12.02.2025 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.