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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).

Meeting its goals

QuickView | Travel & Leisure | 09/11/2015

Ahead of Q1 results on 13 November, 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. Forecasts for next year suggest a neardoubling 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 5x FY17e seems to ignore the longterm potential of powerful brand development and valuable media rights.

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Stock data

Market cap.€530.4m
Last close€5.765
High / Low (52 weeks)€8.3 / €4.9
Stock market listingDE
Forecast net cash (€m)51
Forecast gearing ratio (%)N/A
SectorTravel & Leisure

Price performance

Relative *1.95.6(8.5)

* % Relative to local index

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