Original-Research: Borussia Dortmund GmbH & Co KGaA (von NuWays AG): BUY
|
Original-Research: Borussia Dortmund GmbH & Co KGaA - from NuWays AG
Classification of NuWays AG to Borussia Dortmund GmbH & Co KGaA
Weak Q3p amid early UCL exit Yesterday, BVB published preliminary Q3 figures, that clearly display the effect of the UCL play-off round exit against Atalanta. In detail: Sales declined 16.1% yoy to € 125m (eNuW: € 137m), with the shortfall almost entirely attributable to the early UCL exit in February. TV Marketing bore the brunt, falling 27.3% yoy to € 46.8m (eNuW: € 49.3m), a result of the absence of the associated UEFA premium payments (€ 11m). Match operations also declined 3% to € 19.7m (eNuW: € 20.3m) despite the same amount of home games (9), however we saw a comparably low attendance (76k) in the Atalanta match. Conference, Catering & Others (-20.4% to € 10.9m; eNuW: € 12.0m ) and Merchandising (-15.3% to € 8.3m; eNuW: € 11.0m) also declined, while Advertising held up comparably well (-3.4% to € 39.2m; eNuW: € 44.0m). On the bottom-line, Q3 EBITDA fell to € 12.4m (prior year: € 29.6m; eNuW: € 13.2m), implying a margin of 9.9% (-9.9pp yoy). The decline was further compounded by a near-absent transfer result of only € 0.2m in the quarter (prior year: € 12.6m). On the cost side, personnel expenses improved meaningfully to € 68.3m (-15.7% yoy), reflecting lower variable bonus payments tied to the UCL exit, which provided at least a partial offset to the revenue headwinds. Other operating expenses also declined to € 37.4m (prior year: € 43.2m), consistent with the lower activity level in the quarter. Looking at the 9M picture, things are considerably more constructive as cumulative EBITDA rose 6.6% yoy to € 94.1m, underpinned by a strong transfer result of € 55.1m for the nine-month period (+€ 20.3m yoy), confirming that the full-year trajectory remains on track despite the Q3 noise. The company's FY25/26 net income guidance of € -22 to -12m remains intact, and we continue to position ourselves at the more constructive end of that range (eNuW: € -9.3m). Looking at the on-pitch performance, BVB meanwhile secured 2nd place in the Bundesliga, guaranteeing UCL participation for the next season. In our view, this is the key financial read-through from the current season, as UCL revenues alone account for an estimated € 78m in TV Marketing sales in a typical round of 16 campaign (c. 16% of group sales), roughly 5x what the club would generate in the Europa League. With qualification now secured, the financial foundation for FY26/27 is firmly in place, and we expect the club to enter the summer transfer window from a position of strength, both in terms of squad quality and financial flexibility. With the communicated departures of veteran players like Brandt, Süle or Özcan, the club is also set for a, in our view, well needed squad rejuvenation this summer. The resulting wage bill reduction should provide meaningful headroom to reinvest in younger, high-potential talent in line with BVB's proven Scout & Develop philosophy - a strategy that has historically generated substantial transfer returns and should continue to do so in the seasons ahead. Action. We reduce estimates to reflect the weaker than expected Q3p and also apply a slightly more conservative forecast. Reiterate BUY with a new PT of € 5.00 based on DCF. You can download the research here: borussia-dortmund-gmbh-co-kgaa-2026-05-05-previewreview-en-6ba79 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 Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse. ++++++++++
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
||||||||||||||||||
2321046 05.05.2026 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 | 2025 | 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 | 338,92 Mio € | 30.10.2000 | Kaufen | 9F39FFX2+69 |
| PE 2027e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 9,03 | 25,04 | 0,36 | -38,38 | 1,06 | 5,87 | 0,64 |
|
Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,06 | 0,06 | 0,06 | 1,95% |
| 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 |
| -2,69% | -9,23% | -6,97% | -7,81% | -72,09% |
Founded in 2013 by Gereon Kruse, the financial portal boersengefluester.de is all about German shares - with a clear focus on second-line stocks. In addition to traditional editorial articles, the site stands out in particular thanks to a large number of self-developed analysis tools. All tools are based on a completely self-maintained database for more than 650 shares. As a result, boersengefluester.de produces Germany's largest profit and dividend forecast.
Contact
