Borussia Dortmund (BVB)

Business description

The group operates Borussia Dortmund, a leading German football club, recent back-to-back champions of the Bundesliga and quarter-finalist in this season's UEFA Champions League (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 99.2 4.8 7.3
2014A 256.3 44.7 37.1 51.5 9.3 9.1
2015E 256.0 49.0 38.0 47.9 10.0 7.1
2016E N/A N/A N/A N/A N/A N/A

Last updated on 28/08/2014

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

The newly-announced rights issue, potentially raising c €114m (gross), ie four for 11 at €4.66 per share, is welcome in terms of cash and the scope for a step change in profit. Binding undertakings from key sponsors Puma, Evonik and SIGNAL IDUNA, covering c €82m of the issue, recognise management’s creation of a sustainable business with underlying profit growth. This was shown by record pre-transfer EBITDA in FY14, which confirmed that the Wembley-led comparative was not as good as it gets. We will review fully our forecasts on completion of the capital increase and release of the annual report.

Last updated on 01/09/2014

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' applies 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.

Last updated on 01/09/2014

Key management

Thomas Treß, CFO

Company address

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