{"id":788708,"date":"2026-02-11T08:12:11","date_gmt":"2026-02-11T08:12:11","guid":{"rendered":"https:\/\/www.europesays.com\/de\/788708\/"},"modified":"2026-02-11T08:12:11","modified_gmt":"2026-02-11T08:12:11","slug":"original-research-borussia-dortmund-gmbh-co-kgaa","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/de\/788708\/","title":{"rendered":"Original-Research: Borussia Dortmund GmbH & Co KGaA"},"content":{"rendered":"


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\n\t\tOriginal-Research<\/a>, Borussia<\/a>\t\t
\n\t\t11.02.2026 – 09:00:28
\n\t <\/p>\n

Original-Research: Borussia Dortmund GmbH & Co KGaA – von NuWays AG 11.02.2026 \/ 09:00 CET\/CEST Ver\u00f6ffentlichung einer Research, \u00fcbermittelt durch EQS News – ein Service der EQS Group.<\/p>\n


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\n\t\t\t\t\t\t\t\t\t <\/p>\n

Original-Research: Borussia Dortmund GmbH & Co KGaA – von NuWays AG<\/p>\n

11.02.2026 \/ 09:00 CET\/CEST
\nVer\u00f6ffentlichung einer Research, \u00fcbermittelt durch EQS News – ein Service
\nder EQS Group.
\nF\u00fcr den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
\nErsteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
\noder Aufforderung zum Abschluss bestimmter B\u00f6rsengesch\u00e4fte.<\/p>\n

—————————————————————————<\/p>\n

Einstufung von NuWays AG zu Borussia Dortmund GmbH & Co KGaA<\/p>\n

Unternehmen: Borussia Dortmund GmbH & Co KGaA
\n ISIN: DE0005493092<\/p>\n

Anlass der Studie: Update
\n Empfehlung: BUY
\n Kursziel: EUR 5.2
\n Kursziel auf Sicht von: 12 months
\n Letzte Rating\u00e4nderung:
\n Analyst: Philipp Sennewald<\/p>\n

Performing on and off the pitch, Chg.<\/p>\n

BVB released a solid set of preliminary H1\/Q2 figures with both top- and
\nbottom-line slightly ahead of our estimates. Besides that, the team
\ncontinues to perform well on the pitch. In detail:<\/p>\n

Q2 25\/26 sales came in at EUR 139m (eNuW: EUR 135m), implying 1.6% yoy growth.
\nSales growth was mainly driven by Match Operations (+13.7% to EUR 19.7m; eNuW:
\nEUR 18.3m), Advertising (+5.5% to EUR 39.1m; eNuW: EUR 38.5m) and Conference,
\nCatering & Others (+11.7% to EUR 12.0m; eNuW: EUR 11.1m). While for Match
\nOperations and Conference, Catering & Others the higher count of home games
\n(9 vs 8 in Q2 24\/25) should have been the driver, Advertising benefited from
\nthe deals with Vodafone (new exclusive kit sponsor), Polestar, REWE and
\nKonami. On the other hand, we saw a 10.1% decline in Merchandising sales to
\nEUR 11.7m (eNuW: EUR 12.4m) caused a tough comparison base („Wei\u00dfe Wiese“
\nspecial edition kit effect in Q2 24\/25). TV Marketing sales also slightly
\ndeclined to EUR 56.9m (-3.6% yoy; eNuW: EUR 57.5m) following reduced overall
\nBundesliga TV money as well as a likely reduction of the UCL value pillar.<\/p>\n

Q2 25\/26 EBITDA declined 12.1% to EUR 29.0m (eNuW: EUR 27.4m), implying a margin
\nof 20.8%. The yoy decline is largely explained by increased personnel
\nexpenses, which are driven by (i) likely higher match related bonuses due to
\nimproved on-pitch performance and (ii) the departure of mainly low-earners
\nwhile some high-caliber players like Silva, Couto, Bellingham and
\nChukwuemeka were signed. Importantly, looking at the on-pitch performance,
\nthese investments seem to bear fruit already.<\/p>\n

FY25\/26 targets fully in reach. Management continues to target FY sales of
\naround EUR 475m (eNuW: EUR 507m, eCons: EUR 511m), EBITDA of EUR 105-115m (eNuW: EUR
\n132m, eCons: EUR 118m) and FCF of around EUR 7m (eNuW: EUR 5.3m; no eCons). In our
\nview, the sales and EBITDA outlook both look conservative given the strong
\nH1 results (EUR 246m sales & EUR 81.7m EBITDA) and the good performance on the
\npitch, which should continue to fuel Merchandising and TV Marketing sales in
\nparticular. For FCF, we position ourselves slightly below the outlook and
\nthus take a conservative stance.<\/p>\n

Kovac team continues strong on-pitch performance. With 16 points out of 6
\nBundesliga matches in 2026, BVB narrowed the gap to table leaders Bayern to
\na mere 6 points, putting the team in striking distance ahead of the direct
\nmatch-up end of February. Although we still regard Bayern too consistent in
\nthe long run, BVB still has a shot at the championship, which we did not
\nexpect at this time of the season. In the UCL, BVB will face Atalanta in the
\nplay-off stage, a hurdle BVB should be able to take before playing either
\nArsenal or Bayern in the round of 16 – two teams we regard as too strong to
\nbeat across a 2-leg stretch. Yet, should they be able to reach the
\nquarterfinals, this would imply additional TV Marketing sales of EUR 12.5m
\nthat would come at a nearly 100% margin as well as an additional home game.<\/p>\n

That said, BVB continues to trade at a mere 0.8x FY25\/26e EV\/sales which
\ncompares to a peer group average of 3.1x. Reiterate BUY, unchanged PT of EUR
\n5.20 based on DCF.<\/p>\n

Die vollst\u00e4ndige Analyse k\u00f6nnen Sie hier downloaden:
\nhttps:\/\/eqs-cockpit.com\/c\/fncls.ssp?u=c5e49bc1b892674b789e85e928b22c2f
\nDie Analyse oder weiterf\u00fchrende Informationen zu dieser k\u00f6nnen Sie hier
\ndownloaden: https:\/\/www.nuways-ag.com\/research-feed<\/p>\n

Kontakt f\u00fcr R\u00fcckfragen:
\nNuWays AG – Equity Research
\nWeb: www.nuways-ag.com
\nEmail: research@nuways-ag.com
\nLinkedIn: https:\/\/www.linkedin.com\/company\/nuwaysag
\nAdresse: Mittelweg 16-17, 20148 Hamburg, Germany
\n++++++++++
\nDiese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
\nbestimmter B\u00f6rsengesch\u00e4fte.
\nOffenlegung m\u00f6glicher Interessenkonflikte nach \u00a7 85 WpHG beim oben
\nanalysierten Unternehmen befindet sich in der vollst\u00e4ndigen Analyse.
\n++++++++++<\/p>\n

—————————————————————————<\/p>\n

Die EQS Distributionsservices umfassen gesetzliche Meldepflichten, Corporate
\nNews\/Finanznachrichten und Pressemitteilungen.
\nOriginalinhalt anzeigen:
\nhttps:\/\/eqs-news.com\/?origin_id=2f98428c-071a-11f1-8534-027f3c38b923&lang=de<\/p>\n

—————————————————————————<\/p>\n

2274564 11.02.2026 CET\/CEST<\/p>\n

\t
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