Borussia Dortmund (BVB)

Business description

The group operates Borussia Dortmund, a leading German football club, recent back-to-back champions of the Bundesliga and competing in this season’s UEFA Champions League (finalist last season).

Share price chart

Share chart

Stock data

Market cap.€236.9m
Last close€3.857
High / Low (52 weeks)€4.1 / €2.9
Stock market listingFRA
Forecast net debt (€m)49
Forecast gearing ratio (%)33
TeamConsumer
SectorTravel & Leisure

Price performance

%1m3m12m
Actual(2.6)4.221.1
Relative *(5.4)8.6(0.1)

* % Relative to local index

Other companies in sector Show

Y/E Jun Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2012A 189.1 36.8 45.1 55.0 7.0 7.2
2013A 253.4 42.1 71.6 99.2 3.9 5.8
2014E 242.0 45.0 33.5 46.4 8.3 5.9
2015E 236.0 40.0 27.5 38.1 10.1 6.8

Last updated on 28/03/2014

Latest research

Spanish eyes

Update | Travel & Leisure | 24/03/2014

Goal!

Update | Travel & Leisure | 18/12/2013

Success at a price

Update | Travel & Leisure | 22/11/2013

It's football

Update | Travel & Leisure | 30/10/2013

Brand value

Flash note | Travel & Leisure | 28/08/2013

Feet on the ground

Update | Travel & Leisure | 21/05/2013

Wembley calling!

Update | Travel & Leisure | 02/05/2013

Das Wunder von Dortmund

Outlook | Travel & Leisure | 23/04/2013

Finding 'true love'

QuickView | Travel & Leisure | 28/02/2013

One for the future

QuickView | Travel & Leisure | 19/11/2012

Investment summary

Continued Champions League progress in the guise of a quarter-final draw against Real Madrid promises further valuable incremental income (broadcasting and sponsor bonuses) and merchandising potential. The consequent increase of €4m in our pre-transfer EBITDA forecast points to a record outturn at that level in the current year, suggesting the Wembley-led comparative is not an impossible act to follow. Victory over Real Madrid would secure, from UEFA alone, a €4.9m fee for participation in the semi-finals and further income from its broadcast market pool. A pre-transfer EV/EBITDA rating of 6.6x FY14e fits the long-term potential of strong brand development, valuable media rights and positive cash flow.

Last updated on 31/03/2014

Industry outlook

Unsustainable spend on wages and transfers will be penalised by new UEFA Financial Fair Play requirements. Notwithstanding a phased implementation, a “break-even requirement” applies initially to 2012 financial statements, obliging clubs to spend no more than they generate over a rolling three-year period. Sanctions vary from a warning to a ban from UEFA competition.

Last updated on 31/03/2014

Key management

Thomas Treß, CFO

Company address

Borussia Dortmund GmbH & Co. KGaA
Rheinlanddamm 207 - 209
D-44137
Dortmund
Germany
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