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
FY24/25 ahead on sales but behind on the bottom-line / Chg. FY24/25p sales increased 3.3% yoy to € 526m (eNuW: € 517m; eCons: € 511m), which was especially driven by TV Marketing sales of € 227m (+10.3% yoy; eNuW: € 215m) which benefitted from the FIFA CWC that was held in June/July (c. 75% of corresponding sales attributable to FY24/25). Besides this, sales were largely in line with match operations sales up 5.0% to € 55.2m, Advertising up 4.8% to € 154m, Merchandising down 16.4% to € 40.0m and Conference, catering & others down 10.7% to € 50m. The reason for the decline in Merchandising and CC&O lies mainly in the tough comparable base given the UEFA Euros in summer 2024 and BVB reaching the UCL final last year. FY24/25p EBITDA declined by 22.9% yoy to € 116m (eNuW: € 121m; eCons: € 118m), implying a 22.0% margin (FY23/24: 29.5%). While the CWC should have made up for not reaching the UCL final again, the main factor for the decline lies in the transfer result, which was pushed the year before by the € 103m of Jude Bellingham to Real Madrid. Overall, net transfer income declined 61.3% to € 37.8m as a result. On the contrary, FY24/25p FCF improved significantly to € 21.5 (eNuW: € 20.9m), up from € -4.4m the year before. FCF generation was predominantly driven by positive WC swings, as oustanding receivables in connection with player transfers were collected as well as normalizing CapEx (investments in new catering facilities and training ground for women team last year). What to expect for FY25/26: Let’s start with the sporting perspective, which is laying the foundation for the financial success of a football club. As in the previous seasons, we expect BVB to finish the Bundesliga inside the Top-4, thus securing qualification for the 2026/27 UCL season, reach the round of 16 in the UCL as well as the quarterfinals in the national cup. On this basis, sales are seen to decline by 3.3% to € 509m given that the majority of CWC prize money was recorded in FY24/25 as well as the fact, that BVB did reach the UCL quarterfinal last season. Despite that we expect an EBITDA improvement by 17% to € 136m (26.7% margin) on the back of recovering net transfer income, as the already sealed transfer of Jamie Gittens to Chelsea alone had a bottom-line effect of € 37-42m, according to the company. Two further player transfers for a total gross value of € 13m as well as the expectation of additional transfers lead us to our estimate of € 60m net transfer income in FY25/26e. The company is expected to publish a guidance for FY25/26 with the release of the annual report on 26th September. On this basis as well as the continuous undemanding valuation of 3.1x EV/EBITDA FY25/26e, we confirm our BUY recommendation an maintain our € 5.20 PT based on DCF. You can download the research here: borussia-dortmund-gmbh-co-kgaa-2025-08-18-previewreview-en-8114a 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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2184858 18.08.2025 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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