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 98.5 4.6 6.8
2014A 256.3 44.7 37.1 50.8 8.9 8.5
2015E 261.0 47.0 39.5 38.1 11.9 9.0
2016E 275.0 51.0 44.5 40.8 11.1 8.7

Last updated on 25/10/2014

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

Dortmund's poor Bundesliga start is in sharp contrast to Champions League progress and its off-field fortunes, where the recent oversubscribed €114m capital increase 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. The slight reduction in our current year EBITDA forecast reflects likely costs rather than a change in playing assumptions. Record pre-transfer EBITDA in FY14 confirmed that the Wembley-led comparative was not as good as it gets. Q1 results are on 14 November.

Last updated on 03/11/2014

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 03/11/2014

Key management

Thomas Treß, CFO

Company address

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