Borussia Dortmund GmbH & Co KGaA (von NuWays AG): BUY 06.11.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: Borussia Dortmund GmbH & Co KGaA - from NuWays AG



06.11.2026 / 09:00 CET/CEST
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Classification of NuWays AG to Borussia Dortmund GmbH & Co KGaA



     Company Name:                Borussia Dortmund GmbH & Co KGaA
     ISIN:                        DE0005493092



     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 5
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Philipp Sennewald



Q1p shows strong underlying performance



Yesterday, BVB published preliminary Q1 figures, holding top-line stable yoy
despite the 2025 Club World Cup effect. Sales came in flat yoy (+0.4%) at EUR
107m (eNuW: EUR 104m), but underlying growth was 12.1% when stripping out the
CWC effect. The driver of this is partly self-evident, as BVB had 4 home
games in Q1 vs 2 the year before, pushing Match Operations sales by 63.3% to
EUR 8.0m and Conference, Catering and miscellaneous by 44.9% to EUR 12.9m. The
latter should have been affected as well by player release compensation in
connection with the World Cup. Positively, Advertising growth accelerated to
4.5% putting the segment at EUR 41.1m (FY25/26: +2.8%). In our view, new
partners like Lenovo as well as the clubs Japan tour should have been the
main drivers.



EBITDA came in at EUR 40.4m (eNuW: EUR 38.2m), down 25.6% yoy. However, the
headline figure reads much worse than it is, as the single explanation for
the decline is reduced net transfer income (-62.4% to EUR 19.9m). Last years
departure of Jamie Gittens alone generated an estimated gross fee of EUR 56m,
while this years total figure was at EUR 33.7m. Looking at EBITDA ex
transfers, we thus see a strong step up from EUR 1.4m to EUR 20.5m, driven
mainly be reduced personnel expenses (-20.3% yoy; eNuW: mostly CWC bonus
absence) and other expenses (-10.2%; eNuW: absence of CWC travel expenses).



On this basis, management confirmed the FY net profit guidance of EUR 0-10m,
which basically implies negative net income in Q2-Q4. Given the summer
transfer window, this seasonality would not be out of the ordinary, which is
why we continue to play it conservative and stay within the range (eNuW: EUR
4.4m). However, should the BVB be able to perform a deep run into the UCL
knock-out phase or generate higher-than-usual transfer income in the winter
window, an outperformance would be clearly in the cards.



On the pitch, BVB had a stellar start into the season being undefeated to
date after a 2-2 draw away at main rivals Bayern last weekend. After
matchday 8, the team is level on points with Bayern at the top of the table.
While we do not expect the team to go all the way at the end of the season,
qualification for next seasons UCL campaign should not be in question when
looking at the current form. In the cup, BVB advanced to the round of 16,
where they will face Frankfurt in December, which is a tough draw but we
still regard them as favourites to advance further.



On international level we see a similar picture, as BVB won 3 out of 4
matches in this years UCL league phase, which hands them a chance to secure
a top-8 finish to avoid the play-off round. Despite the away game at
Arsenal, the remaining fixtures look manageable. Even with 2 wins and a
draw, which would equal 16 points total, BVB would land a top-8 spot in 98%
of cases according to Opta. Mind you, our base assumption is a round of 16
exit, while any progress beyond would represent upside to our estimates.



Valuation cross-read. In October, Viessmann Generations Group reportedly
paid c. EUR 250m for a 6.7% stake in FC Bayern München AG, implying c. EUR
3.75bn post-money, or c. 3.8x FY24/25 sales. While a certain discount is
clearly warranted given Bayern's superior track record, the 65% our EUR 5.00
PT grants should be more than sufficient. BUY.



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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
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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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2429706 06.11.2026 CET/CEST