Märkte & Kurse

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

07.08.2024 / 09:01 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group AG.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

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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:                       07.08.2024
     Target price:               EUR 5.50
     Last rating change:
     Analyst:                    Philipp Sennewald

Promising additions but still room for improvement
Topic: As we are in the midst of the summer transfer window, we want to take
the opportunity to have a look on BVB's first squad additions and provide a
first preview on the upcoming season.

Only two weeks after the bitter loss (0-2) in the UCL final against Real
Madrid, management started the preparations for the next season. In a first
step, the club decided to part ways with head coach Edin Terzic, who led the
team to bespoke final and almost won the national championship the year
before. As new head coach, the club appointed former player Nouri Sahin, who
already served as assistant coach since January. Prior to this, Sahin gained
first coaching experience in the Turkish league at Antalyaspor. We expecxt
his playing style to be more dominant based on a controlled buil-up, but it
remains difficult for now to assess his qualities exactly.

On top of this, BVB so far has been quite active on the transfer market, as
they added four key players to their 2024/25 squad. With Waldemar Anton
(central defender) and Serhou Guirassy (forward), the club acquired two key
players from last season's runners-up Stuttgart. Especially Guirassy, who
made 30 goal contributions (therof 28 goals) last season, should become a
valuable addition to the BVB offense. Moreover, German international Pascal
Groß (central midfield) and Yan Couto (fullback) join the club from Premier
League sides Brighton and ManCity.

With this the club should have more than compensated for the departures of
veteran players like Hummels, Reus and Füllkrug as well as Maatsen and
Sancho, whose loans ended in June. Yet, we expect BVB to remain active on
both sides until the transfer window closes at the end of August, as
management might be on the look for another offensive addition. According to
transfermarkt.de, BVB spent EUR 47.5m on the signings of Guirassy, Anton and
Groß as well as EUR 4m for the loan of Couto, while receiving EUR 27m for the
disposal of Füllkrug on the other hand.

As of now, the team already looks improved compared to last season and
should therefore be able to fight for a place in the Top-3 of the
Bundesliga, which would qualify them for the 25/26 UCL season. Moreover, the
club should be in a good position for another competitive run in the
Champions League (eNuW: Round of 16).

Reiterate BUY with an unchanged EUR 5.50 PT based on DCF.

You can download the research here: http://www.more-ir.de/d/30391.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.
++++++++++

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1962499 07.08.2024 CET/CEST

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