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Borussia Dortmund (BVB)

Business description

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

Y/E Jun Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2016A 376.3 86.7 73.8 68.2 8.4 11.9
2017A 405.7 74.1 61.1 56.4 10.2 43.4
2018E 530.0 117.0 100.0 92.4 6.2 N/A
2019E 440.0 87.0 73.0 67.5 8.5 264.5

Last updated on 11/06/2018

Latest research

“We’re absolutely not satisfied”

Update | Travel & Leisure | 12/06/2018

Bumps in the road

Outlook | Travel & Leisure | 10/04/2018

Finding its feet

Update | Travel & Leisure | 06/03/2018

Christmas comes early

Update | Travel & Leisure | 19/12/2017

Plenty in reserve

Update | Travel & Leisure | 04/10/2017

Hitting form

Update | Travel & Leisure | 16/03/2017

Giving their all

QuickView | Travel & Leisure | 08/11/2016

Warming up

Update | Travel & Leisure | 05/10/2016

Fresh start

Update | Travel & Leisure | 15/07/2016

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

Investment summary

While uncertainty about a head coach and Champions League qualification has been satisfactorily resolved, there is no denying the challenge for Borussia Dortmund (BVB) in making a fresh start after its most difficult season since near-bankruptcy. Without pre-empting new coach Favre, who takes over in July, radical change in the squad make-up and size has already been indicated by management. Likely enhanced transfer activity should therefore support our FY19 EBITDA forecast despite lower pre-transfer income expectations (still up 11%) on greater clarity of Champions League payout. However, for the current year no such transfer offset is assumed (admittedly cautious), hence our 13% EBITDA downgrade.

Last updated on 12/06/2018

Industry outlook

Unsustainable spend on wages and transfers is increasingly being penalised by UEFA Financial Fair Play requirements. A 'break-even requirement' 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 27/04/2018

Key management

Thomas Treß, CFO

Company address

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