Borussia Dortmund (BVB)

Business description

The group operates Borussia Dortmund, a leading German football club, recent back-to-back champions of the Bundesliga and competing in this season’s UEFA Europa League (Round of 16 participant in 2014/15 UEFA Champions League).

Stock data

Market cap.€358.4m
Last close€3.90
High / Low (52 weeks)€4.2 / €3.2
Stock market listingDE
Forecast net cash (€m)35
Forecast gearing ratio (%)N/A
TeamConsumer
SectorTravel & Leisure

Price performance

%1m3m12m
Actual(3.5)(0.4)10.2
Relative *(7.9)(6.9)26.1

* % Relative to local index

Other companies in sector Show

Company news

BRIEF-Borussia Dortmund says Mats Hummels intends to leave for Bayern

Thu, 28 Apr 2016 15:56:15 GMT

BRIEF-Borussia Dortmund prelim FY 2014/2015 net profit down at EUR 5.5 mln

Fri, 21 Aug 2015 12:22:30 GMT

Borussia Dortmund seek new investors to close Bayern gap

Mon, 28 Jul 2014 08:35:10 GMT

Bilanzpressekonferenz mit Hans-Joachim Watzke und Thomas Treß

Thu, 22 Aug 2013 20:37:13 GMT

Huawei y BVB presentan el concepto de Wi-Fi de alta velocidad para el SIGNAL ...

Fri, 14 Mar 2014 15:26:54 GMT

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 7.7 7.5
2015A 263.6 48.0 44.2 42.7 9.1 15.6
2016E 256.0 34.0 25.5 23.3 16.7 12.4
2017E 300.0 60.0 51.0 46.7 8.3 6.5

Last updated on 21/03/2016

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

While maintained revenue in H116 was no mean feat without the Champions League, pre-transfer EBITDA (our key metric) was a casualty (-59%) of much higher than expected costs, driven by the team’s outstanding performance. With inflationary wage pressure unlikely to abate in the face of continued success, we are lowering our EBITDA forecasts by €10m and €12m for FY16 and FY17. However, we are encouraged that Dortmund’s current runaway second place in the Bundesliga, with less than a quarter of the season to go, justifies confidence in a possible step change in returns in FY17, assuming Champions League qualification. Meanwhile continued Europa League and German Cup progress offer a potential boost to this year's earnings.

Last updated on 31/03/2016

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 31/03/2016

Key management

Thomas Treß, CFO

Company address

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