Borussia Dortmund (BVB)

Business description

The group operates Borussia Dortmund, a leading German football club, DFB Cup winners in 2016/17 and competing in this season’s UEFA Champions and Europa Leagues (Champions League quarter-finalists in 2016/17).

Coming into range

Update | Travel & Leisure | 22/10/2015

A positive annual report and continued on-field success reinforce confidence in our current-year forecasts and a possible step-change in returns in FY17, assuming Champions League qualification. Indeed, forecasts we are now introducing for next year suggest a near-doubling in pre-transfer EBITDA (our key metric) and strong cash generation for player investment (we estimate €74m net cash at June 2017). An EV/EBITDA (pre-transfer) of under 5x FY17e appears to ignore the long-term potential of such powerful brand development and valuable media rights.

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Stock data

Market cap.€516.6m
Last close€5.615
High / Low (52 weeks)€8.3 / €5.1
Stock market listingDE
Forecast net cash (€m)63
Forecast gearing ratio (%)N/A
TeamConsumer
SectorTravel & Leisure

Price performance

%1m3m12m
Actual(7.6)(14.2)8.3
Relative *(1.7)(10.1)2.2

* % Relative to local index

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