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 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 99.2 4.2 6.2
2014A 256.3 44.7 37.1 51.5 8.0 7.8
2015E 256.0 49.0 41.5 40.4 10.2 7.8
2016E N/A N/A N/A N/A N/A N/A

Last updated on 30/09/2014

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 recent oversubscribed capital increase, which raised c €114m (gross) at €4.66 per share, is welcome in terms of cash and the scope for a step change in profit. Strong support from key sponsors and new strategic investors Puma, Evonik and SIGNAL IDUNA recognises 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 the imminent release of the annual report.

Last updated on 30/09/2014

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' 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 30/09/2014

Key management

Thomas Treß, CFO

Company address

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