Borussia Dortmund’s Q120 results exhibited typical volatility due to the key summer transfer window. Excluding the volatile transfer revenue, there was good growth with other revenue up c 15%. We maintain our forecasts but note there is a key Champions League game in less than two weeks and results in the Bundesliga must improve to ensure qualification for the competition next season. The shares continue to look well supported by its player assets and the FY20e EV/EBITDA multiple of 5.8
15 Nov 2019
Borussia Dortmund - Exciting viewing ahead
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
Borussia Dortmund - Exciting viewing ahead
Borussia Dortmund GmbH & Co. KGaA (BVB:ETR) | 0 0 0.0%
- Published:
15 Nov 2019 -
Author:
Russell Pointon -
Pages:
3
Borussia Dortmund’s Q120 results exhibited typical volatility due to the key summer transfer window. Excluding the volatile transfer revenue, there was good growth with other revenue up c 15%. We maintain our forecasts but note there is a key Champions League game in less than two weeks and results in the Bundesliga must improve to ensure qualification for the competition next season. The shares continue to look well supported by its player assets and the FY20e EV/EBITDA multiple of 5.8