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.€424.3m
Last close€4.61
High / Low (52 weeks)€4.6 / €3.6
Stock market listingDE
Forecast net cash (€m)41
Forecast gearing ratio (%)N/A
TeamConsumer
SectorTravel & Leisure

Price performance

%1m3m12m
Actual7.822.714.5
Relative *10.19.77.1

* % Relative to local index

Other companies in sector Show

Company news

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

Thu, 21 Jul 2016 11:02:25 GMT

BRIEF-Borussia Dortmund: player Henrikh Mkhitaryan to be transferred to Ma...

Mon, 04 Jul 2016 06:00:00 GMT

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

Tue, 10 May 2016 13:52:30 GMT

Borussia Dortmund Targets Investors to Close Bayern Gap

Sun, 27 Jul 2014 22:23:24 GMT

Champions league final: heart v head

Fri, 24 May 2013 12:44:05 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 10.8 16.5
2016A 281.6 15.3 73.8 68.2 6.8 12.3
2017E 307.0 35.0 58.0 53.6 8.6 14.1
2018E N/A N/A N/A N/A N/A N/A

Last updated on 25/08/2016

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 costs continue to be an issue (FY16 pre-transfer EBITDA was slightly below our expectations), Dortmund's finances (revenue +7% despite no Champions League and €30m net cash at year end) are impressively strong. The simultaneous loss of key players Hummels, Mkhitaryan and Gündogan necessarily invites caution, but 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. We are in the process of reviewing our forecasts.

Last updated on 01/09/2016

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 01/09/2016

Key management

Thomas Treß, CFO

Company address

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