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.€527.4m
Last close€5.73
High / Low (52 weeks)€5.9 / €3.8
Stock market listingDE
Forecast net cash (€m)40
Forecast gearing ratio (%)N/A
TeamConsumer
SectorTravel & Leisure

Price performance

%1m3m12m
Actual13.08.441.9
Relative *10.52.915.9

* % Relative to local index

Other companies in sector Show

Company news

Sweden's 'next Zlatan' signs for Borussia Dortmund

Mon, 23 Jan 2017 15:15:35 GMT

BRIEF-Borussia Dortmund says contract of CFO Thomas Tress renewed

Mon, 13 Jul 2015 13:30:00 GMT

Borussia Dortmund seek new investors to close Bayern gap

Mon, 28 Jul 2014 08:35:10 GMT

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

Fri, 14 Mar 2014 15:26:54 GMT

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

Tue, 10 May 2016 13:52:30 GMT

Y/E Jun Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2015A 263.6 48.0 44.2 42.7 13.4 20.5
2016A 281.6 15.3 73.8 68.2 8.4 11.9
2017E 324.0 30.0 51.0 47.2 12.1 17.6
2018E 336.0 50.0 74.0 68.4 8.4 10.5

Last updated on 16/03/2017

Latest research

Hitting form

Update | Travel & Leisure | 16/03/2017

Giving their all

QuickView | Travel & Leisure | 08/11/2016

Warming up

Update | Travel & Leisure | 05/10/2016

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

Investment summary

Although in transition after high-profile player departures, Borussia Dortmund (BVB) continues to compete well on all fronts. Its financial performance is similarly spirited with a near doubling in H1 pre-transfer EBITDA, driven by the Champions League. However, costs remain an issue, so we are maintaining our full-year pre-transfer EBITDA forecast despite better than expected progress in Europe. Apart from a new deal on Bundesliga media rights, FY18 should benefit from a significantly lower player cost base, hence our €8m EBITDA upgrade and forecast bumper cash generation (over €100m net cash at June 2018), which provides ample scope for profitable investment and returns to shareholders.

Last updated on 16/03/2017

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 02/03/2017

Key management

Thomas Treß, CFO

Company address

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