Original-Research: Borussia Dortmund GmbH & Co KGaA (von NuWays AG): BUY
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Original-Research: Borussia Dortmund GmbH & Co KGaA - von NuWays AG
Einstufung von NuWays AG zu Borussia Dortmund GmbH & Co KGaA
Performing on and off the pitch, Chg. BVB released a solid set of preliminary H1/Q2 figures with both top- and bottom-line slightly ahead of our estimates. Besides that, the team continues to perform well on the pitch. In detail: Q2 25/26 sales came in at € 139m (eNuW: € 135m), implying 1.6% yoy growth. Sales growth was mainly driven by Match Operations (+13.7% to € 19.7m; eNuW: € 18.3m), Advertising (+5.5% to € 39.1m; eNuW: € 38.5m) and Conference, Catering & Others (+11.7% to € 12.0m; eNuW: € 11.1m). While for Match Operations and Conference, Catering & Others the higher count of home games (9 vs 8 in Q2 24/25) should have been the driver, Advertising benefited from the deals with Vodafone (new exclusive kit sponsor), Polestar, REWE and Konami. On the other hand, we saw a 10.1% decline in Merchandising sales to € 11.7m (eNuW: € 12.4m) caused a tough comparison base (“Weiße Wiese” special edition kit effect in Q2 24/25). TV Marketing sales also slightly declined to € 56.9m (-3.6% yoy; eNuW: € 57.5m) following reduced overall Bundesliga TV money as well as a likely reduction of the UCL value pillar. Q2 25/26 EBITDA declined 12.1% to € 29.0m (eNuW: € 27.4m), implying a margin of 20.8%. The yoy decline is largely explained by increased personnel expenses, which are driven by (i) likely higher match related bonuses due to improved on-pitch performance and (ii) the departure of mainly low-earners while some high-caliber players like Silva, Couto, Bellingham and Chukwuemeka were signed. Importantly, looking at the on-pitch performance, these investments seem to bear fruit already. FY25/26 targets fully in reach. Management continues to target FY sales of around € 475m (eNuW: € 507m, eCons: € 511m), EBITDA of € 105-115m (eNuW: € 132m, eCons: € 118m) and FCF of around € 7m (eNuW: € 5.3m; no eCons). In our view, the sales and EBITDA outlook both look conservative given the strong H1 results (€ 246m sales & € 81.7m EBITDA) and the good performance on the pitch, which should continue to fuel Merchandising and TV Marketing sales in particular. For FCF, we position ourselves slightly below the outlook and thus take a conservative stance. Kovac team continues strong on-pitch performance. With 16 points out of 6 Bundesliga matches in 2026, BVB narrowed the gap to table leaders Bayern to a mere 6 points, putting the team in striking distance ahead of the direct match-up end of February. Although we still regard Bayern too consistent in the long run, BVB still has a shot at the championship, which we did not expect at this time of the season. In the UCL, BVB will face Atalanta in the play-off stage, a hurdle BVB should be able to take before playing either Arsenal or Bayern in the round of 16 - two teams we regard as too strong to beat across a 2-leg stretch. Yet, should they be able to reach the quarterfinals, this would imply additional TV Marketing sales of € 12.5m that would come at a nearly 100% margin as well as an additional home game. That said, BVB continues to trade at a mere 0.8x FY25/26e EV/sales which compares to a peer group average of 3.1x. Reiterate BUY, unchanged PT of € 5.20 based on DCF. Die vollständige Analyse können Sie hier downloaden: borussia-dortmund-gmbh-co-kgaa-2026-02-11-previewreview-en-990c3 Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden: https://www.nuways-ag.com/research-feed Kontakt für Rückfragen: 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 Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse. ++++++++++
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2274564 11.02.2026 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 | ||||||||
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | 2026e | ||
| Sales1 | 334,17 | 351,65 | 418,24 | 509,11 | 526,02 | 510,00 | 0,00 | |
| EBITDA1,2 | 38,95 | 80,76 | 123,22 | 150,26 | 115,85 | 130,00 | 0,00 | |
| EBITDA-Margin3 | 11,66 | 22,97 | 29,46 | 29,51 | 22,02 | 25,49 | 0,00 | |
| EBIT1,4 | -72,09 | -29,18 | 16,91 | 45,93 | 10,51 | 22,00 | 0,00 | |
| EBIT-Margin5 | -21,57 | -8,30 | 4,04 | 9,02 | 2,00 | 4,31 | 0,00 | |
| Net Profit (Loss)1 | -72,81 | -35,06 | 9,55 | 44,31 | 6,50 | -15,00 | 0,00 | |
| Net-Margin6 | -21,79 | -9,97 | 2,28 | 8,70 | 1,24 | -2,94 | 0,00 | |
| Cashflow1,7 | 15,95 | 35,07 | 54,43 | 47,20 | 57,71 | 0,00 | 0,00 | |
| Earnings per share8 | -0,79 | -0,33 | 0,09 | 0,40 | 0,06 | -0,14 | 0,23 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,06 | 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 | 337,81 Mio € | 30.10.2000 | Kaufen | 9F39FFX2+69 |
| PE 2027e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 9,00 | 25,03 | 0,36 | -38,25 | 1,06 | 5,85 | 0,64 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,06 | 0,06 | 0,06 | 1,96% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 24.11.2025 | 14.11.2025 | 13.02.2026 | 15.05.2026 | 26.09.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -6,34% | -13,02% | -7,27% | -5,26% | -72,18% |
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