Borussia Dortmund: Q1p shows strong underlying performance - NuWays AG Research
Yesterday, BVB published preliminary Q1 figures, holding top-line stable yoy despite the 2025 Club World Cup effect.
ANNONS
Sales came in flat yoy (+0.4%) at € 107m (eNuW: € 104m), but underlying growth was 12.1% when stripping out the CWC effect. The driver of this is partly self-evident, as BVB had 4 home games in Q1 vs 2 the year before, pushing Match Operations sales by 63.3% to € 8.0m and Conference, Catering and miscellaneous by 44.9% to € 12.9m. The latter should have been affected as well by player release compensation in connection with the World Cup. Positively, Advertising growth accelerated to 4.5% putting the segment at € 41.1m (FY25/26: +2.8%). In our view, new partners like Lenovo as well as the clubs Japan tour should have been the main drivers.
Valuation cross-read. In October, Viessmann Generations Group reportedly paid c. € 250m for a 6.7% stake in FC Bayern München AG, implying c. € 3.75bn post-money, or c. 3.8x FY24/25 sales. While a certain discount is clearly warranted given Bayern's superior track record, the 65% our € 5.00 PT grants should be more than sufficient. BUY.
