Borussia Dortmund GmbH & Co. KGaA

Borussia Dortmund has two reportable segments, which are responsible for the main activites of the overall Group. The first segment consists of Borussia Dortmund GmbH & Co. KGaA, which operates a professional football club including professional football squad and leverages the associated revenue potential arising from the the transfer of players, catering, TV marketing, sponsorship and ticketing. The second segment consists of the separate merchandising business, which is carried out by BVB Merchandising GmbH. In addition, Co. assumes all the marketing activities for the stadium, including the event areas, on non-match days and includes activities such as stadium tours.
  • Ticker549309
  • ISINDE0005493092
  • SectorTravel & Leisure
  • CountryGermany

Analysts

Borussia Dortmund - Fine margins

Borussia Dortmund (BVB) enters the international break with mixed results. A decent season start, notably Supercup triumph vs Bayern and top of its strong Champions League group, could have been so much better but for difficulty closing out games, epitomised by four recent draws despite winning positions. This may cost Dortmund in a more competitive Bundesliga than of late (leading eight teams separated by just four points). We are nonetheless raising our current-year EBITDA forecast from €110m to €128m both to reflect change of accounting policy (€10.7m boost in FY18) and sustained buoyancy (...

Borussia Dortmund - Fine margins

Borussia Dortmund (BVB) enters the international break with mixed results. A decent season start, notably Supercup triumph vs Bayern and top of its strong Champions League group, could have been so much better but for difficulty closing out games, epitomised by four recent draws despite winning positions. This may cost Dortmund in a more competitive Bundesliga than of late (leading eight teams separated by just four points). We are nonetheless raising our current-year EBITDA forecast from €110m to €128m both to reflect change of accounting policy (€10.7m boost in FY18) and sustained buoyancy (...

Borussia Dortmund - It's not over till it's over!

Pushing champions Bayern Munich to the wire can only have enhanced Borussia Dortmund’s (BVB) fabled ‘Echte Liebe’ brand. Three prominent player signings immediately post-season mark its resolve to improve even on a campaign that clearly exceeded expectations with a new head coach and a developing squad. That player spend (estimated at c €75m) is almost covered by the proceeds from January's bumper transfer of Pulisic, while a new independent squad valuation, highlighting Jadon Sancho (19) as the most valuable Bundesliga player (€100m), confirms BVB's substantial hidden reserves (broadly, c €30...

Borussia Dortmund - Das Wunder von Dortmund is still alive

The recent dip in form (one win in eight games) risks distracting from Borussia Dortmund’s highly successful season with a new head coach and a developing squad. While disappointment is understandable, given raised expectations, the share price upset (down over 25% from its November peak) appears exaggerated as Dortmund (BVB) remains well-placed for its Bundesliga title challenge and has already all but secured Champions League participation for next season, its overriding KPI. Moreover, we are now raising forecasts to reflect the buoyancy of international TV marketing and January’s bumper tra...

Borussia Dortmund - Scoring for fun

Bundesliga leaders and unbeaten in their last 13 matches in all competitions, Borussia Dortmund could not have wished for a stronger start under new head coach, Lucien Favre. Indeed, an impressive win over Atlético Madrid already all but assures qualification for the knockout stages of the Champions League, which is in marked contrast to last season's disappointment. We are therefore confidently maintaining our current-year forecast of robust pre-transfer revenue growth (c 12%), driven by international TV marketing, even if the bumper transfers of Dembélé and Aubameyang make FY18 a hard act to...

Borussia Dortmund - "We're absolutely not satisfied"

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...

1 director bought

A director at Borussia Dortmund Kgaa bought 10,000 shares at 7.270EUR and the significance rating of the trade was 57/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names...

BORUSSIA DRTMUD.GMBH CO. with less fundamental stars is reduced to Neutral

BORUSSIA DRTMUD.GMBH CO. (DE), a company active in the Recreational Services industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as defensive. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date May 28, 2019, the closing price was EUR 9.11 and its expected value was estimated at EUR 8...

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