^Original-Research: Borussia Dortmund GmbH & Co KGaA - from NuWays AG02.09.2024 / 09:07 CET/CESTDissemination of a Research, transmitted by EQS News - a service of EQSGroup AG.The issuer is solely responsible for the content of this research. Theresult of this research does not constitute investment advice or aninvitation to conclude certain stock exchange transactions.---------------------------------------------------------------------------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 Target price: EUR 5.50 Target price on sight of: 12 months Last rating change: Analyst: Philipp SennewaldUCL draw: 2 spanish giants but overall feasible opponentsTopic: Last week Thursday, the draw for the league phase of the UEFAChampions League (UCL) took place in Monaco. In the newly formatted UCL, BVBwill face last seasons final opponent Real Madrid (Away), FC Barcelona(Home), Shakhtar Donetsk (H), Club Brugge (A), Celtic Glasgow (H), DinamoZagreb (A), Sturm Graz (H) and Bologna FC (A). Here is our view.While BVB is seen to be the clear underdog in the away game at Madrid, whichhas further strengthened its squad during the summer by adding Frenchsuperstar Kylian Mbappé, and the home game against Barcelona to be a duel ateye level, the other six opponents are expected to be weaker. Especially thegames against Graz, Zagreb, Donetsk, Brugge and Glasgow should result inwins, as none of these teams provide even half of BVB's squad valueaccording to transfermarkt.de. On paper, the away game at Bologna couldserve as another challenge, but the Italian side lost some key figures fromlast season with head coach Motta, striker Zirkzee and centre backCalafiori. Conservatively estimating 15 points out of the 8 matches, BVBcould possibly make it directly into the round of 16, according tosimulations conducted by Football Meets Data.Mind you, the UCL will be played under a new format this season with thenumber of participants increasing from 32 to 36 ( Update on prize moneydetails). Moreover, there will be no groups anymore, instead all teams willbe ranked on one table. At the end of the league phase, the top 8 teams movedirectly into the round of 16, while the teams ranked 9-24 will play out theremaining participants in an intermediate round. In our model, weconservatively expect BVB to reach the round of 16, every progress beyondthat is hence providing upside to our estimates.Besides this, BVB had a sound start to the new Bundesliga season. Afterwinning the first game against a highly talented Frankfurt squad, BVB gotanother point this weekend at Bremen thanks to a 0-0 draw.Overall, the team should be equipped to land another top 4 spot at the endof the season to qualify for the UCL again. Also, another deep run in theUCL is possible, especially if the team manages to finish top 8 in theleague phase.Reiterate BUY with an unchanged EUR 5.50 PT based on DCF.You can download the research here: http://www.more-ir.de/d/30679.pdfFor additional information visit our website: www.nuways-ag.com/researchContact for questions:NuWays AG - Equity ResearchWeb: www.nuways-ag.comEmail: research@nuways-ag.comLinkedIn: https://www.linkedin.com/company/nuwaysagAdresse: Mittelweg 16-17, 20148 Hamburg, Germany++++++++++Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschlussbestimmter Börsengeschäfte.Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim obenanalysierten Unternehmen befinden sich in der vollständigen Analyse.++++++++++---------------------------------------------------------------------------The EQS Distribution Services include Regulatory Announcements,Financial/Corporate News and Press Releases.Archive at www.eqs-news.com---------------------------------------------------------------------------1979085 02.09.2024 CET/CEST°