QuickView: Meeting its goals
Ahead of Q1 results on 13 November, 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. Forecasts for next year suggest a neardoubling 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 (pre-transfer) of 5x FY17e seems to ignore the longterm potential of powerful brand development and valuable media rights.Borussia Dortmund has two reportable segments, which are responsible for the main activites of the overall Group. The first segment consists of Borussia Dortmund GmbH & Co. KGaA, which operates a professional football club including professional football squad and leverages the associated revenue potential arising from the the transfer of players, catering, TV marketing, sponsorship and ticketing. The second segment consists of the separate merchandising business, which is carried out by BVB Merchandising GmbH. In addition, Co. assumes all the marketing activities for the stadium, including the event areas, on non-match days and includes activities such as stadium tours.
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