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Research Tree provides access to ongoing research coverage, media content and regulatory news on BORUSSIA DORTMUND GMBH & CO. We currently have 6 research reports from 1 professional analysts.
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BORUSSIA DORTMUND GMBH & CO
BORUSSIA DORTMUND GMBH & CO
05 Oct 16
A broadly positive start to the season both at home and in the Champions League confirms coach Tuchel’s successful record of squad development after high-profile departures. Renewed strength in depth and typically attractive style of play complement escalating scope for transfer gains. Despite inflationary wage pressure we still look for a doubling this year in pre-transfer EBITDA (our key metric), albeit from a reduced base (FY16 pre-transfer EBITDA was slightly below our expectations). A new lucrative deal on Bundesliga media rights drives FY18 growth prospects, assuming continued Champions League. Finances remain impressively disciplined.
15 Jul 16
While the simultaneous loss of key players Hummels, Mkhitaryan and Gündogan necessarily invites caution, coach Tuchel’s record of player development and the availability of significant funds for reinvestment make for exciting opportunity. Understandably, given squad rebuilding, financial implications are uncertain. However, assuming maintained positive sporting prospects and further c €40m player spend, we still look for a doubling in pre-transfer EBITDA (our key metric) in FY17, albeit from a reduced base in the face of inflationary wage pressure (we are lowering EBITDA forecasts by €6m for FY16 and by €13m for the year just started).
The price of success
11 Mar 16
While maintained revenue in H116 was no mean feat without the Champions League, pre-transfer EBITDA (our key metric) was a casualty (-59%) of much higher than expected costs, driven by the team’s outstanding performance. With inflationary wage pressure unlikely to abate in the face of continued success, we are lowering our EBITDA forecasts by €10m and €12m for FY16 and FY17. However, we are encouraged that Dortmund’s current runaway second place in the Bundesliga, with just a quarter of the season to go, justifies confidence in a possible step change in returns in FY17, assuming Champions League qualification. We still look for a doubling in pre-transfer EBITDA, albeit from the newly reduced base, and strong cash generation for player investment. Finances remain typically disciplined.
Coming into range
22 Oct 15
A positive annual report and continued on-field success reinforce confidence in our current-year forecasts and a possible step-change in returns in FY17, assuming Champions League qualification. Indeed, forecasts we are now introducing for next year suggest a near-doubling in pre-transfer EBITDA (our key metric) and strong cash generation for player investment (we estimate €74m net cash at June 2017). An EV/EBITDA (pretransfer) of under 5x FY17e appears to ignore the long-term potential of such powerful brand development and valuable media rights.
27 Aug 15
As we expected, higher costs, driven by H2 on-field recovery, ensured that FY15 pre-transfer EBITDA increased only thanks to a Champions League revenue loss insurance claim (€11.8m). However, we continue to be encouraged by top-line buoyancy and the prospect of underlying profit resilience in FY16, despite no Champions League. Victory in all six competitive games this season shows a very favourable reaction to new coach Thomas Tuchel. We will fully review our forecasts on confirmation of Europa League group stage participation and release of the annual report.
15 Jul 15
Higher than expected costs, driven by H2 on-field recovery, suggest that our forecast of broadly maintained pre-transfer EBITDA in the year just ended may now be met only thanks to a Champions League revenue loss insurance claim (our estimate €10m), for which we had not previously accounted. However, we are encouraged by continuing top-line buoyancy and the prospect of underlying profit resilience in FY16 despite no Champions League. Initial reaction to new coach Thomas Tuchel seems very positive, eg key players Gündogan and Hummels deciding to stay.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced
N+1 Singer - CVS Group - Strong AGM prompts double-digit upgrades
24 Nov 16
CVS has issued a strong AGM statement which further justifies its premium rating. For the first 4 months to October it has traded “ahead of the Board’s expectations”, registering an impressive 6.3% LFL showing. It has also been busy consolidating and established a foothold in the Dutch market. We push through 10% EPS upgrades for each of the next 3 years and see further upside risk. The strength of the update shows CVS continues to have strong momentum and we argue for fair value towards 1100p.
N+1 Singer - Gym Group - Not quite a lean, fit & healthy outlook
15 Feb 17
Gym Group has done an excellent job in successfully rolling out a disruptive business model in the health & fitness market. However, we think growth expectations are too high and the shares look expensive on a FY17 P/E of 27x. We expect initial signs of increased competition / cannibalisation and LFL pressure to increase over the next 2-3 years and the shares to de-rate. We pitch our forecasts 5%-14% below consensus and initiate with a Sell recommendation and a 145p target price.
Panmure Morning Note 24-02-2017
24 Feb 17
Upgrades and increased shareholder returns were needed to justify the recent share price rally: they have been duly delivered and we expect a positive response today. FY16 was largely ‘in-line’ and initial FY17 comments, for operating profit growth YOY, are encouraging. Our initial estimate is for consensus upgrades of 5-10%. IAG has confirmed a €500m share buy-back programme, which was well flagged and we think in line with market expectations. Overall a welcome, slightly more positive read for the sector, particularly those with self-help levers. Presentation 9am GMT.