Original-Research

Borussia Dortmund GmbH & Co KGaA (von NuWays AG): BUY 05.05.2026, 09:00 Uhr von EQS Research Jetzt kommentieren: 0

Werte zum Artikel
Name Aktuell Diff. Börse
Borussia Dortmund 3,088 EUR ±0,00 % Lang & Schwarz

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

05.05.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS Group.
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.


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 5.0
Target price on sight of: 12 months
Last rating change:
Analyst: Philipp Sennewald

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.
View original content: EQS News


2321046  05.05.2026 CET/CEST

Kommentare (0) ... diskutiere mit.
Werbung

Handeln Sie Aktien bei SMARTBROKER+ für 0 Euro!* Profitieren Sie von kostenloser Depotführung, Zugriff auf 29 deutsche und internationale Börsenplätze und unschlagbar günstigen Konditionen – alles in einer innovativen, brandneuen App. Jetzt zu SMARTBROKER+ wechseln und durchstarten!

*Ab 500 EUR Ordervolumen über gettex. Zzgl. marktüblicher Spreads und Zuwendungen.

k.A. k.A. k.A. k.A.
k.A. k.A. k.A. k.A.
k.A. k.A. k.A. k.A.
Schreib den ersten Kommentar!

Dis­clai­mer: Die hier an­ge­bo­te­nen Bei­trä­ge die­nen aus­schließ­lich der In­for­ma­t­ion und stel­len kei­ne Kauf- bzw. Ver­kaufs­em­pfeh­lung­en dar. Sie sind we­der ex­pli­zit noch im­pli­zit als Zu­sich­er­ung ei­ner be­stim­mt­en Kurs­ent­wick­lung der ge­nan­nt­en Fi­nanz­in­stru­men­te oder als Handl­ungs­auf­for­der­ung zu ver­steh­en. Der Er­werb von Wert­pa­pier­en birgt Ri­si­ken, die zum To­tal­ver­lust des ein­ge­setz­ten Ka­pi­tals füh­ren kön­nen. Die In­for­ma­tion­en er­setz­en kei­ne, auf die in­di­vi­du­el­len Be­dür­fnis­se aus­ge­rich­te­te, fach­kun­di­ge An­la­ge­be­ra­tung. Ei­ne Haf­tung oder Ga­ran­tie für die Ak­tu­ali­tät, Rich­tig­keit, An­ge­mes­sen­heit und Vol­lständ­ig­keit der zur Ver­fü­gung ge­stel­lt­en In­for­ma­tion­en so­wie für Ver­mö­gens­schä­den wird we­der aus­drück­lich noch stil­lschwei­gend über­nom­men. Die Mar­kets In­side Me­dia GmbH hat auf die ver­öf­fent­lich­ten In­hal­te kei­ner­lei Ein­fluss und vor Ver­öf­fent­lich­ung der Bei­trä­ge kei­ne Ken­nt­nis über In­halt und Ge­gen­stand die­ser. Die Ver­öf­fent­lich­ung der na­ment­lich ge­kenn­zeich­net­en Bei­trä­ge er­folgt ei­gen­ver­ant­wort­lich durch Au­tor­en wie z.B. Gast­kom­men­ta­tor­en, Nach­richt­en­ag­en­tur­en, Un­ter­neh­men. In­fol­ge­des­sen kön­nen die In­hal­te der Bei­trä­ge auch nicht von An­la­ge­in­te­res­sen der Mar­kets In­side Me­dia GmbH und/oder sei­nen Mit­ar­bei­tern oder Or­ga­nen be­stim­mt sein. Die Gast­kom­men­ta­tor­en, Nach­rich­ten­ag­en­tur­en, Un­ter­neh­men ge­hör­en nicht der Re­dak­tion der Mar­kets In­side Me­dia GmbH an. Ihre Mei­nung­en spie­geln nicht not­wen­di­ger­wei­se die Mei­nung­en und Auf­fas­sung­en der Mar­kets In­side Me­dia GmbH und de­ren Mit­ar­bei­ter wie­der. Aus­führ­lich­er Dis­clai­mer