Last close As at 05/08/2026
EUR3.07
▲ 0.03 (0.99%)
Market capitalisation
EUR339m
Research: Consumer
Borussia Dortmund’s first team was successful in progressing through to quarter finals of the Champions League, which naturally leads to an upgrade in profit guidance for the year, as reaching the ‘round of 16’ was in prior guidance. This follows confirmation that the first team will compete in the revamped FIFA Club World Cup to be played in the summer of 2025, which is likely to be significant for financial results and very helpful in the long-term development of the brand and fanbase.
Borussia Dortmund |
Progressing nicely |
Increased FY24 guidance |
Travel and leisure |
18 March 2024 |
Share price performance
Business description
Next event
Analysts
Borussia Dortmund is a research client of Edison Investment Research Limited |
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Borussia Dortmund’s first team was successful in progressing through to quarter finals of the Champions League, which naturally leads to an upgrade in profit guidance for the year, as reaching the ‘round of 16’ was in prior guidance. This follows confirmation that the first team will compete in the revamped FIFA Club World Cup to be played in the summer of 2025, which is likely to be significant for financial results and very helpful in the long-term development of the brand and fanbase.
Year |
Revenue (€m) |
EBITDA (€m) |
PBT* |
EPS* |
DPS |
EV/EBITDA (x) |
P/E |
Yield |
06/22 |
351.6 |
83.8 |
66.3 |
0.61 |
0.00 |
4.8 |
5.7 |
N/A |
06/23 |
418.2 |
123.2 |
104.1 |
0.63 |
0.00 |
3.3 |
5.5 |
N/A |
06/24e |
449.7 |
123.3 |
113.1 |
0.69 |
0.00 |
3.3 |
5.1 |
1.7 |
06/25e |
456.8 |
121.3 |
111.5 |
0.68 |
0.06 |
3.3 |
5.2 |
1.7 |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
Champions League success drives upgrade for FY24
In March 2024, the first team was successful in beating PSV Eindhoven by three to one over the two legs of the ‘round of 16’. Progression to the quarter final of the competition, where they will play Atlético Madrid in April, means management has increased net income guidance for FY24 by €10m to €25–35m from €15–25m. We have increased our FY24 estimate accordingly to €26.4m.
FIFA Club World Cup 2025 likely to be material
The FIFA Club World Cup tournament’s new format, which is expanding to 32 teams from seven teams previously and changing from an annual event to occurring every four years, will be played in the US from the middle of June 2025 through to mid-July 2025. The financial rewards for the participating teams have not yet been disclosed, but media reports suggest total prize money of €2.5bn, with qualification alone worth a minimum of €50m per team and the winning team earning c €100m. The event will straddle Borussia Dortmund’s June financial year-end so may benefit two financial years: FY25 and FY26. The associated costs of taking part, as well as likely revenues, remain unconfirmed. We have not included any benefit from this event given the uncertainty but it is clear it could be significant for Borussia Dortmund’s reported results. €50m revenue would represent an incremental 11% to our current FY25 revenue forecast. The US is an important market for Borussia Dortmund to develop its brand and following, so participating in the competition should be very helpful. Taking part is also likely to be positive for attracting new players in the summer 2024 transfer window.
Valuation: Significant undervaluation
The share price is at a significant discount to our asset-backed sum-of-the-parts valuation of €10.4 per share. The low valuation is further emphasised by prospective EV/EBITDA multiples of 3.3x being at a significant discount to the longterm average (since FY07) of 6.7x.
Exhibit 1: Financial summary
€m |
2022 |
2023 |
2024e |
2025e |
||
Year end 30 June |
IFRS |
IFRS |
IFRS |
IFRS |
||
INCOME STATEMENT |
||||||
Revenue |
|
|
351.6 |
418.2 |
449.7 |
456.8 |
Cost of Sales |
(22.6) |
(24.1) |
(24.3) |
(25.1) |
||
Gross Profit |
329.0 |
394.1 |
425.5 |
431.6 |
||
EBITDA |
|
|
83.8 |
123.2 |
123.3 |
121.3 |
Operating profit (before amort. and excepts.) |
|
|
70.5 |
110.3 |
109.7 |
107.3 |
Amortisation of acquired intangibles |
(87.4) |
(89.7) |
(83.8) |
(83.8) |
||
Exceptionals |
(9.1) |
(3.6) |
0.0 |
0.0 |
||
Reported operating profit |
(26.0) |
16.9 |
25.9 |
23.5 |
||
Net Interest |
(4.2) |
(6.1) |
3.5 |
4.2 |
||
Joint ventures & associates (post tax) |
0.1 |
0.0 |
0.0 |
0.0 |
||
Profit Before Tax (norm) |
|
|
66.3 |
104.1 |
113.1 |
111.5 |
Profit Before Tax (reported) |
|
|
(30.2) |
10.8 |
29.4 |
27.7 |
Reported tax |
(1.7) |
(1.2) |
(3.0) |
(3.0) |
||
Profit After Tax (norm) |
64.6 |
70.0 |
76.0 |
74.9 |
||
Profit After Tax (reported) |
(31.9) |
9.6 |
26.4 |
24.7 |
||
Net income (normalised) |
64.6 |
70.0 |
76.0 |
74.9 |
||
Net income (reported) |
(31.9) |
9.6 |
26.4 |
24.7 |
||
Average Number of Shares Outstanding (m) |
105.6 |
110.4 |
110.4 |
110.4 |
||
EPS - normalised (c) |
|
|
61.2 |
63.4 |
68.9 |
67.9 |
EPS - normalised fully diluted (c) |
|
|
61.2 |
63.4 |
68.9 |
67.9 |
EPS - basic reported (€) |
|
|
(0.30) |
0.09 |
0.24 |
0.22 |
Dividend (€) |
0.00 |
0.00 |
0.06 |
0.06 |
||
Revenue growth (%) |
5.2 |
18.9 |
7.5 |
1.6 |
||
Gross Margin (%) |
93.6 |
94.2 |
94.6 |
94.5 |
||
EBITDA Margin (%) |
23.8 |
29.5 |
27.4 |
26.6 |
||
Normalised Operating Margin (%) |
20.0 |
26.4 |
24.4 |
23.5 |
||
BALANCE SHEET |
||||||
Fixed Assets |
|
|
361.9 |
440.7 |
481.3 |
461.2 |
Intangible Assets |
127.8 |
169.7 |
159.9 |
147.8 |
||
Tangible Assets |
172.5 |
182.3 |
183.6 |
175.7 |
||
Investments & other |
61.6 |
88.8 |
137.8 |
137.8 |
||
Current Assets |
|
|
96.6 |
71.1 |
52.7 |
86.8 |
Stocks |
4.4 |
5.4 |
5.4 |
5.4 |
||
Debtors |
45.8 |
38.2 |
38.6 |
39.0 |
||
Cash & cash equivalents |
10.6 |
4.5 |
(14.3) |
19.4 |
||
Other |
35.7 |
22.9 |
22.9 |
22.9 |
||
Current Liabilities |
|
|
(137.3) |
(161.0) |
(161.9) |
(169.4) |
Creditors |
(132.6) |
(144.5) |
(145.3) |
(146.2) |
||
Tax and social security |
(0.0) |
(1.1) |
(1.1) |
(1.1) |
||
Short term borrowings |
0.0 |
(12.8) |
(12.8) |
(12.8) |
||
Finance leases |
(4.6) |
(2.6) |
(2.6) |
(2.6) |
||
Other |
0.0 |
0.0 |
0.0 |
(6.6) |
||
Long Term Liabilities |
|
|
(48.0) |
(68.1) |
(63.1) |
(58.1) |
Long term borrowings |
0.0 |
(8.8) |
(8.8) |
(8.8) |
||
Finance leases |
(12.5) |
(10.4) |
(5.4) |
(0.4) |
||
Other long term liabilities |
(35.5) |
(48.9) |
(48.9) |
(48.9) |
||
Net Assets |
|
|
273.2 |
282.7 |
309.1 |
320.5 |
Shareholders' equity |
|
|
273.2 |
282.7 |
309.1 |
320.5 |
CASH FLOW |
||||||
Operating Cash Flow |
79.6 |
117.1 |
126.7 |
125.5 |
||
Working capital |
12.7 |
8.9 |
0.5 |
0.5 |
||
Exceptional & other |
(56.9) |
(70.5) |
(85.5) |
(76.7) |
||
Tax |
0.0 |
0.0 |
(3.0) |
(3.0) |
||
Net operating cash flow |
|
|
35.4 |
55.5 |
38.7 |
46.3 |
Capex |
(1.7) |
(21.4) |
(15.0) |
(6.0) |
||
Net investment in intangibles |
(49.4) |
(55.3) |
(41.0) |
0.8 |
||
Acquisitions/disposals |
0.0 |
0.0 |
0.0 |
0.0 |
||
Net interest |
(0.3) |
(1.1) |
3.5 |
4.2 |
||
Equity financing |
86.5 |
0.0 |
0.0 |
0.0 |
||
Dividends |
0.0 |
0.0 |
0.0 |
(6.6) |
||
Other |
(61.6) |
16.3 |
(5.0) |
(5.0) |
||
Net Cash Flow |
8.8 |
(6.1) |
(18.8) |
33.7 |
||
Opening net debt/(cash) |
|
|
76.2 |
6.6 |
30.1 |
48.8 |
Other non-cash movements |
60.8 |
(17.4) |
0.0 |
0.0 |
||
Closing net debt/(cash) |
|
|
6.6 |
30.1 |
48.8 |
15.2 |
Source: Company accounts, Edison Investment Research
|
|
Research: Healthcare
SIGA Technologies has delivered its best top-line performance in the last five years, supported by a late surge in TPOXX deliveries across both domestic and international markets. FY23 product revenues grew 50.8% to $130.7m, driven by Q423 BARDA deliveries and international orders, resulting in overall revenues increasing to $139.9m (+26.3% y-o-y). Barring packaging-related bottlenecks, which delayed some deliveries to Q124, there could have been incremental upside to meet our $172.6m revenue estimate. The strong cash flow generation and healthy balance sheet (year-end net cash balance of $150.1m) was reflected in the company’s declaration of a special cash dividend of $0.6/share ($42.7m total; >60% payout ratio). Given sales visibility on further BARDA stockpile replenishments and increasing international market traction, we expect FY24 to be another strong year. We revise our FY24 estimates and now expect PEP and pediatric launches in 2026 (2025 previously), resulting in our valuation adjusting to $16.51/share (versus $17.24/share previously).