€827.5m market cap
€9 last close
The group operates Borussia Dortmund, a leading German football club, DFB Cup winners in 2016/17 and Round of 16 participants in this season’s UEFA Champions League (quarter-finalists in 2016/17).
Investment summary
Despite a recent dismal Der Klassiker loss, Borussia Dortmund (BVB) remains well-placed for its Bundesliga title challenge and has already effectively secured Champions League participation for next season, its overriding KPI. This marks a highly successful campaign with a new head coach and a developing squad. Moreover, we recently raised forecasts to reflect the buoyancy of international TV marketing and January’s bumper transfer of Pulisic. Transfermarkt.de’s new €45m upgrade in squad valuation, highlighted by Sancho (19) as most valuable Bundesliga player (€80m), suggests more to come, reinforcing EV/EBITDA of 7x FY19e as unbecoming of BVB’s brand and financial strengths.
Y/E Jun |
Revenue (€m) |
EBITDA (€m) |
PBT (€m) |
EPS (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2017A | 405.7 | 74.1 | 61.1 | 56.4 | 15.9 | 7.0 |
| 2018A | 536.0 | 126.6 | 111.2 | 102.7 | 8.8 | 5.1 |
| 2019E | 495.0 | 105.0 | 94.0 | 86.8 | 10.4 | 6.6 |
| 2020E | 508.0 | 110.0 | 100.0 | 92.4 | 9.7 | 6.4 |
| Last updated on 23/05/2019 | ||||||
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 23/05/2019
Sector |
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| Consumer |
Share price graph
Balance sheet |
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| Forecast net cash (€m) | 46 |
| Forecast gearing ratio (%) | N/A |
Price performance
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12m |
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Key management |
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| Thomas Treß | CFO |
