Borussia Dortmund (BVB)

Business description

The group operates Borussia Dortmund, a leading German football club, runners-up in the 2015/16 Bundesliga and competing in this season’s UEFA Champions League (quarter-finalists in 2015/16 UEFA Europa League).

Stock data

Market cap.€385.5m
Last close€4.19
High / Low (52 weeks)€4.5 / €3.6
Stock market listingDE
Forecast net cash (€m)14
Forecast gearing ratio (%)N/A
TeamConsumer
SectorTravel & Leisure

Price performance

%1m3m12m
Actual3.44.37.6
Relative *0.0(1.4)3.8

* % Relative to local index

Other companies in sector Show

Company news

Transfer of the player André Schürrle to Borussia Dortmund

Fri, 22 Jul 2016 11:03:11 GMT

BRIEF-Borussia Dortmund: Transfer of player André Schuerrle to Borussia Dortmund

Fri, 22 Jul 2016 12:32:20 GMT

Borussia Dortmund's sale of Mats Hummels to Bayern will cover losses

Tue, 10 May 2016 13:52:30 GMT

BRIEF-Borussia Dortmund: Transfer of player Mario Goetze to Borussia Dortm...

Thu, 21 Jul 2016 11:02:25 GMT

Borussia Dortmund seek new investors to close Bayern gap

Mon, 28 Jul 2014 08:26:15 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 8.2 7.6
2015A 263.6 48.0 44.2 42.7 9.8 15.0
2016E 281.0 18.0 82.5 75.9 5.5 29.7
2017E 307.0 35.0 58.0 53.3 7.9 12.8

Last updated on 27/07/2016

Latest research

Fresh start

Update | Travel & Leisure | 15/07/2016

The price of success

Update | Travel & Leisure | 11/03/2016

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

Investment summary

While the simultaneous loss of key players Hummels, Mkhitaryan and Gündogan necessarily invites caution, coach Tuchel’s record of player development and the availability of significant funds for reinvestment make for exciting opportunity. Understandably, given squad rebuilding, financial implications are uncertain. However, assuming maintained positive sporting prospects and estimated player spend of over €100m (broadly in line with estimated transfer proceeds), we still look for a doubling in pre-transfer EBITDA (our key metric) in FY17, albeit from a reduced base in the face of inflationary wage pressure (we are lowering EBITDA forecasts by €6m for FY16 and by €13m for the year just started). Preliminary FY16 results are due on 19 August.

Last updated on 02/08/2016

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 02/08/2016

Key management

Thomas Treß, CFO

Company address

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