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 the coming season's UEFA Champions League (quarter-finalists in 2016/17).

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 16.0 24.4
2016A 281.6 15.3 73.8 68.2 10.0 14.1
2017E 324.0 30.0 51.0 47.2 14.4 20.9
2018E 336.0 50.0 74.0 68.4 10.0 12.5

Last updated on 25/07/2017

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

Despite coach Tuchel’s end-of-season departure, Borussia Dortmund ended FY17 on a strong note with German Cup success (first trophy for five years) and entry to next season's Champions League group stage. The arrival of a new coach (Peter Bosz from Ajax) brings inevitable uncertainty, but early signs are positive (eg successful Asian tour and retention of Aubameyang). We maintain our forecast of continued profit growth in FY18. Apart from a new deal on Bundesliga media rights, we expect a significantly lower player cost base and bumper cash generation, which provides ample scope for profitable investment and returns to shareholders. Meanwhile, slightly lower pre-transfer EBITDA in Q317, its quietest quarter, is a reminder that costs remain an issue.

Last updated on 03/08/2017

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 03/08/2017

Key management

Thomas Treß, CFO

Company address

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