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 Europa League (Round of 16 participant in 2014/15 UEFA Champions League).

Stock data

Market cap.€334m
Last close€3.63
High / Low (52 weeks)€4.2 / €3.2
Stock market listingDE
Forecast net cash (€m)35
Forecast gearing ratio (%)N/A
TeamConsumer
SectorTravel & Leisure

Price performance

%1m3m12m
Actual(8.9)(9.4)(10.8)
Relative *2.312.99.5

* % Relative to local index

Other companies in sector Show

Company news

Borussia Dortmund Targets Investors to Close Bayern Gap

Sun, 27 Jul 2014 22:23:24 GMT

BRIEF-Borussia Dortmund prelim FY 2014/2015 net profit down at EUR 5.5 mln

Fri, 21 Aug 2015 12:22:30 GMT

RPT-BRIEF-Borussia Dortmund says Marco Reus extends until June 30, 2019

Tue, 10 Feb 2015 14:45:16 GMT

Huawei y BVB presentan el concepto de Wi-Fi de alta velocidad para el SIGNAL ...

Fri, 14 Mar 2014 15:26:54 GMT

Huawei and BVB present High Speed Wi-Fi Concept for SIGNAL IDUNA PARK at CeBIT

Fri, 14 Mar 2014 13:02:51 GMT

Y/E Jun Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2014A 256.3 44.7 37.1 50.8 7.1 7.0
2015A 263.6 48.0 44.2 42.7 8.5 14.5
2016E 256.0 34.0 25.5 23.3 15.6 11.5
2017E 300.0 60.0 51.0 46.7 7.8 6.1

Last updated on 14/12/2015

Latest research

Meeting its goals

QuickView | Travel & Leisure | 09/11/2015

Coming into range

Update | Travel & Leisure | 22/10/2015

Tip top

Update | Travel & Leisure | 27/08/2015

Costs!

Update | Travel & Leisure | 15/07/2015

Still much to play for

Update | Travel & Leisure | 17/04/2015

Daily comment

Institutional Comment | Travel & Leisure | 26/08/2014

Game changer

Update | Travel & Leisure | 22/08/2014

Brand appeal

Update | Travel & Leisure | 10/07/2014

Daily comment

Institutional Comment | Travel & Leisure | 11/06/2014

Winning ways

Outlook | Travel & Leisure | 06/06/2014

Spanish eyes

Update | Travel & Leisure | 24/03/2014

Goal!

Update | Travel & Leisure | 18/12/2013

Investment summary

While Q1 saw continuing pressures on costs (notably in terms of labour, up by a quarter), a 10% rise in pre-transfer revenue was further evidence of positive brand development and was impressive vs a tough comparative, ie no Champions League involvement. Adjusting for €5.8m transfer profit, underlying EBITDA was down 37% in Q1 to €8.1m. Current on-field success (clear second place in Bundesliga at the winter break) reinforces confidence in a possible step-change in returns in FY17, assuming Champions League qualification. We look for a near-doubling in pre-transfer EBITDA (our key metric) and strong cash generation for player investment (we estimate €74m net cash at June 2017).

Last updated on 05/01/2016

Industry outlook

Unsustainable spend on wages and transfers is increasingly being penalised by new UEFA Financial Fair Play requirements. Notwithstanding a phased implementation, a 'break-even requirement' applied initially to 2012 financial statements, obliges 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, fines and a cap on wages and squad size.

Last updated on 05/01/2016

Key management

Thomas Treß, CFO

Company address

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