Borussia Dortmund (BVB)

Business description

The group operates Borussia Dortmund, a leading German football club, recent back-to-back champions of the Bundesliga and quarter-finalist in this season's UEFA Champions League (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)
2012A 189.1 36.8 45.1 55.0 8.9 9.2
2013A 253.4 42.1 71.6 99.2 4.9 7.4
2014E 254.0 45.0 36.5 50.5 9.7 7.2
2015E 256.0 49.0 38.0 47.9 10.2 7.2

Last updated on 10/07/2014

Latest research

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

Das Wunder von Dortmund

Outlook | Travel & Leisure | 23/04/2013

Finding 'true love'

QuickView | Travel & Leisure | 28/02/2013

Investment summary

Evonik’s consolidation of its partnership with Borussia Dortmund is a strong endorsement of management’s development of the BVB brand. Long-term extension of its leading sponsorship agreement enhances Dortmund’s revenue security while c €26m proceeds from Evonik’s new 9% stake will address a current spike in net player spend. The prospect of further partnerships, secured by capital increases, is welcome in terms of cash and the scope for a step-change in profit even if a stated readiness to extend ownership in quick order risks looking opportunistic.

Last updated on 10/07/2014

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' applies 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.

Last updated on 30/06/2014

Key management

Thomas TreƟ, CFO

Company address

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