Borussia Dortmund (BVB)

Business description

The group operates Borussia Dortmund, a leading German football club, runners-up in the 2015/16 Bundesliga and quarter-finalists in this season’s UEFA Champions League (quarter-finalists in the 2015/16 UEFA Europa League).

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 14.8 22.6
2016A 281.6 15.3 73.8 68.2 9.3 13.1
2017E 324.0 30.0 51.0 47.2 13.4 19.4
2018E 336.0 50.0 74.0 68.4 9.2 11.6

Last updated on 23/05/2017

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

Although in transition after high-profile player departures, Borussia Dortmund has continued to compete well, notably in Europe (Champions League quarter-finals) and defeating Bayern to reach the DFB Cup Final. Newly confirmed entry to next season's Champions League group stage underpins 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 (forecast c €100m net cash at June 2018), which provides ample scope for profitable investment and returns to shareholders. Meanwhile, slightly lower pre-transfer EBITDA in current year Q3, its quietest quarter, is a reminder that costs remain an issue.

Last updated on 01/06/2017

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 01/06/2017

Key management

Thomas Treß, CFO

Company address

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