BUY
|
Original-Research: Borussia Dortmund GmbH & Co KGaA - from NuWays AG
Classification of NuWays AG to Borussia Dortmund GmbH & Co KGaA
Prize money distribution for CWC released; chg. It was about time, but 10 weeks before the start of the inaugural 32-team Club World Cup in the US, FIFA finally released details on the prize money distribution. In detail: As previously communicated, total prize money amounts to $ 1bn, of which $ 525m is allocated to starting fees and $ 475m to the performance pillar. The winner of the tournament could receive up to $ 126m. Yet, we expect BVB’s total prize money rather at $ 51m. Here is a detailed explanation of our estimate: Starting fee: FIFA announced that, European clubs are set to receive a starting fee in the range $ 12.8-38.2m. Given the strength of the participating clubs, we would position BVB in the middle, hence taking the average $ 25.5m as our estimte for BVB’s starting fee. Performance pillar: For every game won in the group stage, teams receive $ 2m, while every draw generates $ 1m. We conservatively expect BVB to win two games and achieve one draw, resulting in $ 5m. Moreover, this would almost certainly make BVB the winner of their group, resulting in another $ 7.5m for reaching the round of 16. Here, BVB would face the 2nd placed team of group E, which is likely to be River Plate from Argentina (based on squad value). BVB should be the clear favourite in this duel, which is why we expect them to reach the quarterfinals, generating another $ 13.1m. Here, the team would likely face Real Madrid, a team that should be too much of a hurdle for BVB. However, it is not yet clear how seriously teams will take the tournament. Especially for Real Madrid, where coach Ancelotti once even claimed they would refuse to take part. Hence, it remains to be seen if Ancelotti brings his first squad in the possible quarterfinal matchup. A potential semifinal would generate additional $ 21m prize money. Mind you, as BVB’s round of 16 match would be on July 1, we attribute the prize money for the knock-out stage entirely into FY25/26e. This is positive new for the club, as the chances for FY25/26e UCL qualification are declining. Despite a second win in a row in Freiburg, BVB is still trailing the top-4 by 5 points, with only six games to go. The prize money for the CWC would hereby partly make up for failing the UCL qualification. This should bode well for BVB in order to put together a strong squad in the summer, which will be able to requalify for the 2026/27 UCL season. Reiterate BUY with an unchanged PT of € 5.20 based on DCF. You can download the research here: http://www.more-ir.de/d/32186.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. |
||||||||||||||||||||
2112232 07.04.2025 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.