Original-Research: Borussia Dortmund GmbH & Co KGaA (von NuWays AG): Buy
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Original-Research: Borussia Dortmund GmbH & Co KGaA - from NuWays AG
Classification of NuWays AG to Borussia Dortmund GmbH & Co KGaA
H1 prelims broadly in line / Mixed start into Kovac era; chg. Topic: BVB released H1/Q2 results, which came in softer than in the year before due to lower transfer income, yet being in line with our estimates. Moreover, Niko Kovac meanwhile finished his second game as head coach – so far with a mixed record. In detail: Q2 sales decreased 11.1% yoy to € 137.2m (eNuW: € 140.5m). This was mainly driven by a decline in match operations sales of € 17.3m (-13.3% yoy; eNuW: € 17.9m) caused by a fewer amount of home games (8 vs 10 in prior year) as well as reduced TV marketing sales of € 59.0m (-17.4% yoy; eNuW: 60.7m). The latter was mainly driven by the longer league phase of the UCL meaning that income from international TV marketing is recognized at a later date during the year compared to the previous year. On this basis and following reduced transfer income, Q2 EBITDA decreased to € 33.0m (eNuW: € 34.9m). Yet, given an H1 EBITDA of € 58.7m, BVB remains fully on track to achieve its FY24/25 guidance of € 110-120m EBITDA. While the departure of Donyell Malen to Aston Villa should affect H2 EBITDA positively, the head coach change should have the opposite effect. Mind you, that we still have not accounted for the CWC this summer, as FIFA is yet to disclose prize money details. Hence, there is still upside to our estimates. Unlucky Bundesliga debut for Kovac. Last weekend, Niko Kovac coached his first match in the Bundesliga, which BVB lost 1-2 at home against Stuttgart, one of the team competitors in the race for a top-4 finish. Despite the defeat we regard the performance as solid, and the win for Stuttgart as rather lucky. That being said, BVB currently is in 11th place, 7 points behind 4th. In this regard, it appears challenging but still well possible to achieve the UCL qualification for the coming season, which is why we remain our estimates for the FY25/26e. UCL. On the contrary to the Bundesliga, BVB yesterday won the first leg of the play-off round 3-0 at Sporting Lisbon, which hands the team a strong advantage for the second leg next Wednesday. Mind you, BVB will play either Lille or Aston Villa, should they advance to the round of 16. Both teams should be beatable for the team, which is thus leaving a certain upside to our estimates (round of 16 exit). Reiterate BUY with an unchanged PT of € 5.50 based on DCF. You can download the research here: http://www.more-ir.de/d/31735.pdf For additional information visit our website: https://www.nuways-ag.com/research-feed Contact for questions: NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++
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2084853 12.02.2025 CET/CEST
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | ||
| Sales1 | 370,20 | 334,17 | 351,65 | 418,24 | 509,11 | 526,02 | 510,00 | |
| EBITDA1,2 | 62,99 | 38,95 | 80,76 | 123,22 | 150,26 | 115,85 | 130,00 | |
| EBITDA-Margin3 | 17,02 | 11,66 | 22,97 | 29,46 | 29,51 | 22,02 | 25,49 | |
| EBIT1,4 | -43,14 | -72,09 | -29,18 | 16,91 | 45,93 | 10,51 | 22,00 | |
| EBIT-Margin5 | -11,65 | -21,57 | -8,30 | 4,04 | 9,02 | 2,00 | 4,31 | |
| Net Profit (Loss)1 | -43,95 | -72,81 | -35,06 | 9,55 | 44,31 | 6,50 | 0,00 | |
| Net-Margin6 | -11,87 | -21,79 | -9,97 | 2,28 | 8,70 | 1,24 | 0,00 | |
| Cashflow1,7 | -0,36 | 15,95 | 35,07 | 54,43 | 47,20 | 57,71 | 0,00 | |
| Earnings per share8 | -0,48 | -0,79 | -0,33 | 0,09 | 0,40 | 0,06 | 0,20 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,06 | 0,06 | 0,06 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: Deloitte
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| Borussia Dortmund | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| 549309 | DE0005493092 | GmbH & Co. KGaA | 367,07 Mio € | 30.10.2000 | Kaufen | 9F39FFX2+69 |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 12,31 | 25,69 | 0,48 | -41,56 | 1,15 | 6,36 | 0,70 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,06 | 0,06 | 0,06 | 1,80% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 24.11.2025 | 14.11.2025 | 14.02.2025 | 15.05.2025 | 26.09.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -3,76% | -5,19% | +5,89% | +1,06% | -69,77% |
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