Original-Research: Borussia Dortmund GmbH & Co KGaA (von NuWays AG): BUY

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

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10.11.2025 / 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: 5.2

Target price on sight of: 12 months

Last rating change:

Analyst: Philipp Sennewald

Strong Q1 profitability driven by transfer income

Topic: On Friday, BVB released preliminary Q1 results, which came in flat on

the top-line but showed significant margin expansion thanks to increased

transfer income. In detail:

Q1p sales came in at EUR 107m (eNuW: EUR 109m), flat yoy. We see a decline in

Match Operations (-39.5% yoy to EUR 4.9m), Merchandising (-11.6% to EUR 8.9m)

and Conference, Catering and Others (-36.8% to EUR 8.9m), which should be

attributable to a lower amount of home games (-1 yoy) as well as a tough

comparable base due to the EURO 2024, which inflated Conference, Catering an

Others. The decline was compensated by TV Marketing, which increased 21.7%

to EUR 47.7m (44.6% of group sales), which should be due to the FIFA CWC,

where BVB reached the quarterfinals. Advertising sales increased slightly by

1.9% yoy to EUR 36.6m.

On the bottom-line, Q1p EBITDA came in strong at EUR 54.3m (eNuW: EUR 48.3m),

implying a margin of 50.7% (+26.7pp yoy). The steep yoy improvement is

largely explained by increased net transfer income of EUR 52.9 (+174.1%), that

was mainly caused by the transfer of Jamie Gittens to Chelsea FC for a

reported EUR 56m. Moreover, other expenses decreased 7.6% yoy based on the

effects mentioned in the sales paragraph (i.e. expenses connected with EURO

games). This was only partly offset by increased personnel expenses of EUR

66.1m (+12.2%), which we regard at least partly connected to CWC related

bonus payments. Net income came in at EUR 22.9m, implying a 21.4% margin.

With this, the company should be well on track to achieve the FY25/26

targets of EUR 475m sales, EUR 105-115m EBITDA and EUR 7m FCF, which is

conservative at this point given the strong first quarter and the club

reaching its sporting goals.

To the sporting part. With the Bundesliga and UCL season up and running, we

were able to develop a sound opinion regarding the clubs on-pitch

performance, which is positive thus far. In the Bundesliga, the team has put

on some decent performances and is positioned in 3rd place after 10 games.

The thing we like most so far is, that the team apparently gained the

ability to even win tough games, where the performance is not at 100%, which

is a clear attribute of a top-team. Looking at the national cup, BVB

survived the second round after penalties against UCL team Frankfurt and

will now face last years Bundesliga runners-up Leverkusen in the third

round. In the UCL BVB only lost to Manchester City and sits in 14th position

after 4 matches. Given the performances so far, reaching the top-24 should

be a formality while we also see a strong likelihood of reaching the top-8

(direct qualification for round of 16) given that 3 of the last 4 games are

at home. Mind you, reaching the top 16 alone equals EUR 11m premium payments

(not considering starting and league phase payments), while reaching the

quarterfinals would result in additional premium payments of EUR 12.5m.

Overall, Q1 results strengthened BVB's financial position and the

performance on the pitch makes us confident that the team will reach its

on-field targets this season (Bundesliga top-4, UCL round of 16).

Confirm BUY with an unchanged EUR 5.20 PT based on DCF.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=420d0b3c430c2b394bc6a7ba3e18df97

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: [email protected]

LinkedIn: https://www.linkedin.com/company/nuwaysag

Adresse: Mittelweg 16-17, 20148 Hamburg, Germany

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2226584 10.11.2025 CET/CEST

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Quelle: dpa-AFX