Original-Research: Borussia Dortmund GmbH & Co KGaA (von NuWays AG): BUY

Original-Research: Borussia Dortmund GmbH & Co KGaA - from NuWays AG

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07.04.2025 / 09:00 CET/CEST

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Classification of NuWays AG to Borussia Dortmund GmbH & Co KGaA

Company Name: Borussia Dortmund GmbH & Co KGaA

ISIN: DE0005493092

Reason for the research: Update

Recommendation: BUY

from: 07.04.2025

Target price: EUR 5.20

Target price on sight of: 12 months

Last rating change:

Analyst: Philipp Sennewald

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 EUR 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: [email protected]

LinkedIn: https://www.linkedin.com/company/nuwaysag

Adresse: Mittelweg 16-17, 20148 Hamburg, Germany

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bestimmter Börsengeschäfte.

Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befinden sich in der vollständigen Analyse.

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2112232 07.04.2025 CET/CEST

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Quelle: dpa-AFX