Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

Borussia Dortmund GmbH & Co KG / Equity Bottom-Up

Since its formation in 1909, Borussia Dortmund has become one of Germany’s most successful football clubs and one of the most valuable global football clubs and brands. The corporate strategy has been to establish itself as the leading German football club after Bayern Munich, and to make its financial success less dependent on short-term sporting success by increasing the domestic and international marketing of the brand name to grow revenue. Over the long term, Borussia Dortmund has a proven and enviable track record of prudent investment in talent. Its investible free float is c 67%

Since its formation in 1909, Borussia Dortmund has become one of Germany’s most successful football clubs and one of the most valuable global football clubs and brands. The corporate strategy has been to establish itself as the leading German football club after Bayern Munich, and to make its financial success less dependent on short-term sporting success by increasing the domestic and international marketing of the brand name to grow revenue. Over the long term, Borussia Dortmund has a proven and enviable track record of prudent investment in talent. Its investible free float is c 67%

Borussia Dortmund - Financially prudent with consistent success

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELETEs for the DAX, MDAX, and SDAX Indices in the September 2023 Rebalance.</li>
<li>I currently do not see any index changes for DAX but <a href="https://www.smartkarma.com/entities/fresenius-medical-care-ag-co" target="_blank" data-smartkarma-citation="entities:21622:1" rel="noopener">Fresenius Medical Care &amp; (FME GR)</a> and <a href="https://www.smartkarma.com/entities/zalando-se" target="_blank" data-smartkarma-citation="entities:21746:1" rel="noopener">Zalando (ZAL GR)</a> are close to being an ADD and DELETE respectively.</li>
<li>I see one change for the MDAX index. Separately, there could be up to three SDAX change in the run up to the December 2023 review including one intra-review change.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELETEs for the DAX, MDAX, and SDAX Indices in the September 2023 Rebalance.
I currently do not see any index changes for DAX but Fresenius Medical Care &amp; (FME GR) and Zalando (ZAL GR) are close to being an ADD and DELETE respectively.
I see one change for the MDAX index. Separately, there could be up to three SDAX change in the run up to the December 2023 review including one intra-review change.


Quiddity Leaderboard-DAX Dec 23: One MDAX Change and Three SDAX Changes Possible

Borussia Dortmund’s headline (income statement) results for FY23 were ahead of management’s previous guidance and our estimates. The company enjoyed a year of recovery following the disruption of COVID-19 in the prior year and the first team enjoyed better sporting success than the previous season, although it fell agonisingly short of winning the Bundesliga. We will update our underlying FY24 estimates when the full financial statements are published at the end of September 2023 but, in the interim, we include part of the disclosed transfer profit on the recent sale of Jude Bellingham.

Borussia Dortmund’s headline (income statement) results for FY23 were ahead of management’s previous guidance and our estimates. The company enjoyed a year of recovery following the disruption of COVID-19 in the prior year and the first team enjoyed better sporting success than the previous season, although it fell agonisingly short of winning the Bundesliga. We will update our underlying FY24 estimates when the full financial statements are published at the end of September 2023 but, in the interim, we include part of the disclosed transfer profit on the recent sale of Jude Bellingham.

Borussia Dortmund - Exceeded FY23 guidance and our estimates

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the DAX, MDAX, and SDAX Indices in the September 2023 Rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/software-ag" target="_blank" data-smartkarma-citation="entities:21717:1" rel="noopener">Software AG (SOW GR)</a> was deleted from the MDAX index triggering a couple of interim changes in the last week of July 2023.</li>
<li>Currently, I do not expect any changes for the DAX or MDAX indices in September 2023 but I expect one change for the SDAX index.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELs for the DAX, MDAX, and SDAX Indices in the September 2023 Rebalance.

Software AG (SOW GR) was deleted from the MDAX index triggering a couple of interim changes in the last week of July 2023.
Currently, I do not expect any changes for the DAX or MDAX indices in September 2023 but I expect one change for the SDAX index.


Quiddity Leaderboard-DAX Sep 23: No More Catalyst for the Short Sartorius - LONG Merck Trade

Borussia Dortmund’s Q323 results demonstrate the ongoing recovery of its financial results against a COVID-affected comparative period, with year-on-year growth from all its revenue streams and higher profitability. With two games to play, the Bundesliga is finely balanced. Our asset-backed sum-of the-parts valuation increases to €12/share from €11.3/share, highlighting the attractiveness of the current share price.

Borussia Dortmund’s Q323 results demonstrate the ongoing recovery of its financial results against a COVID-affected comparative period, with year-on-year growth from all its revenue streams and higher profitability. With two games to play, the Bundesliga is finely balanced. Our asset-backed sum-of the-parts valuation increases to €12/share from €11.3/share, highlighting the attractiveness of the current share price.

Borussia Dortmund - Nail-biting finish to the 2022/23 season

Germany

Borussia Dortmund GmbH & Co KGaA is a professional soccer club that plays in Germany's first division.  The Club receives revenue from TV and radio broadcasts, ticket sales, corporate sponsorship and advertising, as well as merchandising.  Borussia also manages an amateur and a youth soccer team as well as a female handball team.

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Borussia Dortmund GmbH & Co KG (BVB GR)

Borussia Dortmund - Financially prudent with consistent success

Since its formation in 1909, Borussia Dortmund has become one of Germany’s most successful football clubs and one of the most valuable global...

Edison Investment Research

Quiddity Leaderboard-DAX Dec 23: One MDAX Change and Three SDAX Changes Possible

The highest-ranked non-DAX member Fresenius Medical Care (FME GR) is currently ranked 34th and if the stock achieves a 6% relative gain vs the...

Janaghan Jeyakumar, CFA

Borussia Dortmund - Exceeded FY23 guidance and our estimates

Borussia Dortmund’s headline (income statement) results for FY23 were ahead of management’s previous guidance and our estimates. The company...

Edison Investment Research

Quiddity Leaderboard-DAX Sep 23: No More Catalyst for the Short Sartorius - LONG Merck Trade

I do not expect Sartorius to get deleted from DAX in Sep 23. Despite the fundamentals still supporting the Short Sartorius - LONG Merck trade, I do...

Janaghan Jeyakumar, CFA

Borussia Dortmund - Nail-biting finish to the 2022/23 season

Borussia Dortmund’s Q323 results demonstrate the ongoing recovery of its financial results against a COVID-affected comparative period, with...

Edison Investment Research

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