Borussia Dortmund (BVB)

Business description

The group operates Borussia Dortmund, a leading German football club, recent back-to-back champions of the Bundesliga and Round of 16 participant in this season’s Champions League (quarter-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 98.5 3.5 5.1
2014A 256.3 44.7 37.1 50.8 6.7 6.4
2015E 262.0 44.0 37.0 35.7 9.5 7.8
2016E 256.0 39.0 32.3 29.6 11.5 9.2

Last updated on 23/06/2015

Latest research

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

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

Investment summary

Despite Bundesliga disappointment and coach Klopp’s end-of-season departure, Borussia Dortmund has ended FY15 on a strong note by reaching the German Cup Final and the third qualifying round of next season's Europa League. Maintained pre-transfer EBITDA in the nine months to March suggests another good year in spite of on-field setbacks. While FY16 will reflect the absence from the Champions League, continuing growth opportunities in sponsorship, digital media, broadcasting and merchandising, as well as robust finances (€21m net cash at March 2015), confirm management’s creation of a sustainable business, as evident in our new forecasts with Europa League competition.

Last updated on 29/06/2015

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, 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, fines and a cap on wages and squad size.

Last updated on 29/06/2015

Key management

Thomas Treß, CFO

Company address

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