Borussia Dortmund's Financial Update and Strategy Amidst Mixed Start

Borussia Dortmund GmbH & Co. KGaA recently released its H1/Q2 results, which showed a year-over-year decline in performance, aligning with projections. Sales fell 11.1% to €137.2m, attributed to fewer home games and reduced TV marketing sales. The latter resulted from a longer UEFA Champions League phase affecting income timing.

Despite these challenges, Borussia Dortmund's H1 EBITDA reached €58.7m, supporting their annual guidance of €110-120m. The transfer of Donyell Malen to Aston Villa may offer a H2 EBITDA boost, although the coaching change may counterbalance this potential benefit.

On the field, under new head coach Niko Kovac, the Bundesliga debut was marked by a narrow loss to Stuttgart. However, the team showed strong form in the Champions League play-offs, defeating Sporting Lisbon 3-0.

NuWays AG maintains a "Buy" recommendation with an unchanged target price of €5.50, emphasizing potential upside in international competition performance.