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1. Company Snapshot

1.a. Company Description

Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien, through its subsidiaries, operates a football club in Germany.The company operates a football club in Dortmund under the SIGNAL IDUNA PARK name, including a professional football squad.It also provides transfer services that include compensation payments for players, catering, TV marketing, advertising comprising marketing and sponsoring activities, and match operations, as well as internet, media, hospitality services.


In addition, the company sells merchandise; conducts stadium tours, sports travel, conferences, incentive trips, and various other events; provides arrangements for event staffing services, and hotel and car hire bookings; and offers travel services by air, ship, and rail, as well as travel agency services.Further, it holds interest in medical rehabilitation center.The company was founded in 1909 and is based in Dortmund, Germany.

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1.b. Last Insights on BVB

The recent stock performance of Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien was negatively impacted by a significant decline in earnings per share (EPS) to €0.06 in Q2 2025, down from €0.17 in Q2 2024. This decline was likely due to decreased revenue and profitability in the company's football operations. Additionally, the company's largest shareholders are retail investors, who may be more prone to emotional decision-making and could potentially sell shares in response to poor performance. Furthermore, the company's high level of media exposure, while a strength, may also make it more vulnerable to criticism and controversy.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Borussia Dortmund GmbH & Co. KGaA: Carsten Cramer becomes Spokesperson of the Management Board / Svenja Schlenker Joins the Management Team

Nov -26

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Hans-Joachim Watzke Resigns as Managing Director of Borussia Dortmund Geschäftsführungs-GmbH and is Elected President of Ballspielverein Borussia 09 e.V. Dortmund

Nov -23

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European Penny Stocks: 3 Picks With Market Caps At Least €40M

Nov -12

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Borussia Dortmund Reports Preliminary Figures for the First Quarter (Q1) of the 2025/2026 Financial Year

Nov -07

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European Market Insights: Capital Partners Among 3 Prominent Penny Stocks

Oct -14

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Borussia Dortmund GmbH Kommanditgesellschaft auf Aktien (ETR:BVB) Has Announced A Dividend Of €0.06

Oct -08

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There May Be Reason For Hope In Borussia Dortmund GmbH Kommanditgesellschaft auf Aktien's (ETR:BVB) Disappointing Earnings

Oct -05

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Manchester United losing to European rivals off the pitch in football stock rankings

Sep -19

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.83%)

6. Segments

Borussia Dortmund KGaA

Expected Growth: 4.83%

Borussia Dortmund's 4.83% growth is driven by increasing matchday revenue, sponsored stadium naming rights, and growing media rights deals. Strong brand recognition, successful player transfers, and a loyal fan base contribute to the club's financial success. Additionally, strategic partnerships and cost control measures have improved operational efficiency, further boosting growth.

Other Adjustments

Expected Growth: 4.83%

Borussia Dortmund's 4.83% growth in Other Adjustments is driven by increased revenue from sponsorships and merchandise sales, fueled by the team's strong performance in the Bundesliga and Champions League. Additionally, cost savings from efficient stadium operations and reduced player salaries also contributed to the growth.

BVB Merchandising GmbH

Expected Growth: 4.83%

BVB Merchandising GmbH's 4.83% growth is driven by increasing brand popularity, strategic partnerships, and effective marketing campaigns. The company's strong online presence, expanded product offerings, and successful events like the Bundesliga championship have contributed to the growth. Additionally, the company's focus on sustainability and community engagement has enhanced its reputation, attracting new customers and increasing sales.

BVB Event & Catering GmbH

Expected Growth: 4.83%

BVB Event & Catering GmbH's 4.83% growth is driven by increasing demand for premium hospitality services at Borussia Dortmund's Signal Iduna Park, strategic partnerships with local businesses, and effective cost management. Additionally, the company's focus on delivering unique fan experiences and expanding its catering services to other events and venues has contributed to its growth.

Besttravel Dortmund GmbH

Expected Growth: 4.83%

Besttravel Dortmund GmbH's 4.83% growth is driven by Borussia Dortmund's increasing brand popularity, strategic partnerships, and effective marketing. The company's strong presence in the European football league and growing fan base contribute to increased travel and hospitality demands. Additionally, Dortmund's tourism infrastructure development and favorable travel policies support the growth of the travel segment.

7. Detailed Products

Matchday Tickets

Tickets to watch Borussia Dortmund's home and away matches in the Bundesliga, DFB-Pokal, and UEFA Champions League.

Season Tickets

Annual subscription to attend all Borussia Dortmund's home matches in the Bundesliga and DFB-Pokal.

Merchandise

Official Borussia Dortmund apparel, accessories, and souvenirs, such as jerseys, hats, scarves, and more.

Stadium Tours

Guided tours of Signal Iduna Park, including the dressing rooms, dugouts, and the stadium's museum.

Hospitality Packages

Premium matchday experiences, including VIP tickets, food, and drinks, and access to exclusive areas.

Sponsorship and Advertising

Partnership opportunities for brands to reach Borussia Dortmund's global fan base through various advertising channels.

Youth Development Programs

Training programs and camps for young players, focusing on technical skills and character development.

Event Hosting

Signal Iduna Park and its facilities are available for private events, conferences, and meetings.

8. Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien is medium due to the presence of other football clubs and entertainment options in the region.

Bargaining Power Of Customers

The bargaining power of customers for Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien is low due to the loyal fan base and limited alternatives for live football matches.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien is medium due to the presence of multiple suppliers for stadium operations, merchandise, and other services.

Threat Of New Entrants

The threat of new entrants for Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien is low due to the high barriers to entry in the Bundesliga and the established brand reputation of the club.

Intensity Of Rivalry

The intensity of rivalry for Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien is high due to the competitive nature of the Bundesliga and the presence of strong rival clubs such as Bayern Munich and RB Leipzig.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 10.90%
Debt Cost 9.70%
Equity Weight 89.10%
Equity Cost 9.70%
WACC 9.70%
Leverage 12.24%

11. Quality Control: Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Borussia Dortmund

A-Score: 5.3/10

Value: 7.0

Growth: 6.6

Quality: 5.6

Yield: 1.2

Momentum: 5.0

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
Cyfrowy Polsat

A-Score: 5.3/10

Value: 8.4

Growth: 4.9

Quality: 3.4

Yield: 2.5

Momentum: 7.5

Volatility: 5.3

1-Year Total Return ->

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Stock-Card
Prisa

A-Score: 4.4/10

Value: 8.9

Growth: 3.0

Quality: 4.3

Yield: 0.0

Momentum: 6.0

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
Deezer

A-Score: 4.2/10

Value: 8.5

Growth: 5.8

Quality: 2.9

Yield: 0.0

Momentum: 5.5

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
Gaumont

A-Score: 3.3/10

Value: 7.2

Growth: 1.8

Quality: 3.5

Yield: 0.0

Momentum: 1.5

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
Time Out

A-Score: 3.3/10

Value: 7.9

Growth: 6.3

Quality: 1.6

Yield: 0.0

Momentum: 0.0

Volatility: 4.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

3.34$

Current Price

3.34$

Potential

-0.00%

Expected Cash-Flows