Borussia Dortmund (BVB)

Business description

The group operates Borussia Dortmund, a leading German football club, DFB Cup winners in 2016/17 and competing in this 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)
2016A 376.3 86.7 73.8 68.2 9.4 13.3
2017A 405.7 74.1 61.1 56.4 11.4 48.3
2018E 505.0 102.0 88.5 81.7 7.8 49.1
2019E 462.0 97.0 83.5 77.2 8.3 15.9

Last updated on 08/12/2017

Latest research

Plenty in reserve

Update | Travel & Leisure | 04/10/2017

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

Investment summary

Q1 results show the success of Dortmund’s transfer policy, which is generating substantial hidden reserves in player values. Quarterly EBITDA of €81.4m, driven by the remarkable sale of Dembélé to Barcelona, provides ample scope for reinvestment, while alone all but guaranteeing a record outturn this year. This is reassuring, given the current sporting dip, which is striking after the record season start. Newly confirmed premature exit from the Champions League is a major disappointment, but the financial impact may be made up by a deep run in the Europa League, assuming imminent qualification. For FY19, Dortmund’s successful development record and initial benefits from Champions League reform should allow another strong outcome. Finances remain typically disciplined.

Last updated on 13/12/2017

Industry outlook

Unsustainable spend on wages and transfers is increasingly being penalised by UEFA Financial Fair Play requirements. A 'break-even requirement' 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 13/12/2017

Key management

Thomas Treß, CFO

Company address

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