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Original-Research

Borussia Dortmund GmbH & Co KGaA (von NuWays AG): BUY 25.08.2026, 09:00 Uhr von EQS Research Jetzt kommentieren: 0

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Name Aktuell Diff. Börse
Borussia Dortmund 3,155 EUR -1,87 % Lang & Schwarz

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

25.08.2026 / 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
Target price on sight of: 12 months
Last rating change:
Analyst: Philipp Sennewald

Early CL exit weighs on FY25/26p; chg.

On Friday, BVB published preliminary FY25/26 figures, showing a declining top line and profitability on the back of the early UCL exit. In detail:

FY25/26p sales declined 12.5% yoy to € 460m (eNuW: € 475m), almost entirely explained by TV Marketing sales, which were down 25.9% to € 168m (eNuW: € 174m). Here, the UCL play-off round exit (vs quarter finals in FY24/25) alone accounted for € 31m of the decline, while the FIFA Club World Cup, which straddled the fiscal year end, contributed € 23m less. On top, Bundesliga TV money declined € 5.5m, as the new four-year DFL contract distributes revenues linearly, whereas the previous deal followed a step-up model. Match Operations fell 8.9% to € 50.3m on two UCL home games less, while Merchandising (€ 38.7m) and Conference, Catering & Others (€ 45.1m) softened by 3.4% and 9.7% respectively. Importantly, Advertising grew a further 2.8% yoy to € 158m (eNuW: € 161m) despite weaker on-pitch performance and lower success bonuses, underlining the strength of the BVB brand as a marketing platform.

Net transfer result was up 56.7% yoy to € 59.3m, as gross transfer proceeds reached € 76.8m (vs € 63.6m prior year), mainly triggered by the sale of Jamie Gittens to Chelsea. Including these, gross total operating proceeds stood at € 537.2m.

EBITDA of € 92.2m (-20.4% yoy; eNuW: €104m) was cushioned by disciplined cost management, visible in reduced personnel expenses, on the back of lower performance-linked pay as well as lower travel expenses.

FY26/27 guidance implies operational step-up. Management guides for sales of € 485-495m, EBITDA of € 118-128m and net income of € 0-10m, with FCF of € -10 to -20m on infrastructure capex. Key assumptions are the direct UCL qualification via Bundesliga finish and the round of 16 in both the DFB Cup and the UCL. Notably, targeted EBITDA is broadly in line with FY24/25 (€ 116m) despite € 40m lower sales and assumed gross transfer proceeds of only € 45m. However, we view this as reasonable based on lower squad costs following the departure of veteran players such as Süle or Brandt and targeted cost-cutting. Moreover, the € 11m extra revenue for a potential UCL round of 16 would come at a high incremental margin as it only incurs performance bonuses.

To the on-pitch outlook. BVB kicked-off their season on Saturday but was defeated by Bayern in the Supercup, which still generated € 2m in premium payments. As aforementioned, the team got a fresh look over the summer, adding promising talents like Karetsas, Gadou or Konstantelias as well as the more experienced Veerman. While beating Bayern for the Bundesliga title is in our view close to impossible, given the strength of the Bavarian squad, BVB is set for another top-3 finish. For the UCL, the prediction is harder as one bad game can end the campaign. Yet, with BVB being top-10 in the UEFA club coefficient, the round of 16 should clearly be in the cards. Mind you, should BVB advance beyond that stage, additional high-margin premium payments would follow, i.e. an extra € 12.5m for the quarterfinals.

Reiterate BUY with an unchanged PT of € 5.00 based on DCF.

You can download the research here: borussia-dortmund-gmbh-co-kgaa-2026-08-25-previewreview-en-3768f
For additional information visit our website: https://www.nuways-ag.com/research

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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2388002  25.08.2026 CET/CEST

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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