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 Champions League (quarter-finalist last season).

Share price chart

Share chart
Y/E Jun Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2013A 253.4 42.1 71.6 98.5 4.2 6.3
2014A 256.3 44.7 37.1 50.8 8.2 7.8
2015E 261.0 47.0 39.5 38.1 10.9 8.2
2016E 275.0 51.0 44.5 40.8 10.2 7.9

Last updated on 27/02/2015

Latest research

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

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

Investment summary

Ahead of detailed Q2 disclosure on 27 February, maintained pre-transfer EBITDA in its most profitable quarter suggests another good year, reinforced by qualification as group stage winner for the lucrative knockout stage of the Champions League. Notwithstanding concern at the possibility of no European competition next season after a poor (if now improving) Bundesliga performance, continuing strong support from key sponsors and new strategic investors Puma, Evonik and SIGNAL IDUNA recognises management’s creation of a sustainable business (€41m net cash at September following last year's oversubscribed €114m capital increase). We will review FY16 after the full Q2 results.

Last updated on 02/03/2015

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, 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, fines and a cap on wages and squad size.

Last updated on 02/03/2015

Key management

Thomas Treß, CFO

Company address

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