Borussia Dortmund (BVB)

Business description

The group operates Borussia Dortmund, a leading German football club, this season runners-up in the Bundesliga and quarter-finalists in the UEFA Europa League (Round of 16 participants in 2014/15 UEFA Champions League).

Y/E Jun Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2014A 256.3 44.7 37.1 50.8 8.2 8.0
2015A 263.6 48.0 44.2 42.7 9.7 16.6
2016E 256.0 34.0 25.5 23.3 17.8 13.2
2017E 300.0 60.0 51.0 46.7 8.9 6.9

Last updated on 22/04/2016

Latest research

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

Spanish eyes

Update | Travel & Leisure | 24/03/2014

Investment summary

Early qualification for the group stage of next season's Champions League (current runaway second place in the Bundesliga) justifies confidence in a possible step change in returns in FY17. We look for a doubling in pre-transfer EBITDA (our key metric) and strong cash generation for player investment. In the current year, while maintained revenue in the first half was no mean feat without the Champions League, pre-transfer EBITDA was a casualty (-59%) of much higher than expected costs, driven by the team’s outstanding performance. Progress to the German Cup Final offers a potential boost to this year's earnings.

Last updated on 03/05/2016

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 03/05/2016

Key management

Thomas Treß, CFO

Company address

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