Announcement • Jun 25
Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien(XTRA:BVB) dropped from Germany SDAX (Total Return) Index Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien has been dropped from the Germany Small DAX (Total Return) Index New Risk • Jun 05
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.0% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • May 17
Third quarter 2026 earnings released: €0.12 loss per share (vs €0.05 profit in 3Q 2025) Third quarter 2026 results: €0.12 loss per share (down from €0.05 profit in 3Q 2025). Revenue: €125.8m (down 22% from 3Q 2025). Net loss: €12.8m (down 346% from profit in 3Q 2025). Revenue is forecast to stay flat during the next 3 years compared to a 4.5% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • May 06
Consensus EPS estimates fall by 24% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from €471.7m to €466.4m. Losses expected to increase from €0.085 per share to €0.10. Entertainment industry in Germany expected to see average net income growth of 3.8% next year. Consensus price target broadly unchanged at €5.00. Share price fell 3.6% to €3.06 over the past week. Price Target Changed • Mar 05
Price target decreased by 7.2% to €5.03 Down from €5.43, the current price target is an average from 3 analysts. New target price is 62% above last closing price of €3.11. Stock is down 3.6% over the past year. The company is forecast to post a net loss per share of €0.047 compared to earnings per share of €0.059 last year. Major Estimate Revision • Mar 04
Consensus EPS estimates have been downgraded. The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from €480.9m to €474.4m. Now expected to report a loss of €0.05 per share instead of €0.03 per share profit previously forecast. Entertainment industry in Germany expected to see average net income growth of 25% next year. Consensus price target of €5.07 unchanged from last update. Share price fell 6.9% to €3.09 over the past week. Major Estimate Revision • Feb 20
Consensus EPS estimates increase by 80% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from €0.017 to €0.03. Revenue forecast steady at €480.9m. Net income forecast to shrink 61% next year vs 20% growth forecast for Entertainment industry in Germany . Consensus price target of €5.07 unchanged from last update. Share price rose 2.0% to €3.31 over the past week. Reported Earnings • Feb 15
Second quarter 2026 earnings released: €0.04 loss per share (vs €0.06 profit in 2Q 2025) Second quarter 2026 results: €0.04 loss per share (down from €0.06 profit in 2Q 2025). Revenue: €143.3m (up 2.3% from 2Q 2025). Net loss: €4.28m (down 169% from profit in 2Q 2025). Revenue is expected to decline by 2.1% p.a. on average during the next 3 years, while revenues in the Entertainment industry in Germany are expected to grow by 5.6%. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Major Estimate Revision • Dec 12
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from €0.077 to €0.065 per share. Revenue forecast steady at €485.3m. Net income forecast to shrink 73% next year vs 17% growth forecast for Entertainment industry in Germany . Consensus price target of €5.18 unchanged from last update. Share price fell 3.0% to €3.24 over the past week. Upcoming Dividend • Nov 18
Upcoming dividend of €0.06 per share Eligible shareholders must have bought the stock before 25 November 2025. Payment date: 27 November 2025. Payout ratio is a comfortable 21% but the company is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of German dividend payers (4.5%). Lower than average of industry peers (2.2%). Reported Earnings • Nov 17
First quarter 2026 earnings released: EPS: €0.21 (vs €0.01 in 1Q 2025) First quarter 2026 results: EPS: €0.21 (up from €0.01 in 1Q 2025). Revenue: €161.9m (up 28% from 1Q 2025). Net income: €22.9m (up €21.4m from 1Q 2025). Profit margin: 14% (up from 1.2% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is expected to decline by 2.7% p.a. on average during the next 3 years, while revenues in the Entertainment industry in Germany are expected to grow by 5.6%. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. New Risk • Nov 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 36% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 36% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Announcement • Oct 08
Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien, Annual General Meeting, Nov 24, 2025 Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien, Annual General Meeting, Nov 24, 2025, at 11:00 W. Europe Standard Time. New Risk • Oct 05
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 102% The company is paying a dividend despite having no free cash flows. Dividend yield: 1.7% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 102% Paying a dividend despite having no free cash flows. High level of non-cash earnings (27% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (1.2% net profit margin). Major Estimate Revision • Oct 01
Consensus EPS estimates fall by 31% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from €0.15 to €0.103 per share. Revenue forecast steady at €490.5m. Net income forecast to grow 104% next year vs 32% growth forecast for Entertainment industry in Germany. Consensus price target of €5.18 unchanged from last update. Share price was steady at €3.61 over the past week. Declared Dividend • Aug 18
Dividend of €0.06 announced Dividend of €0.06 is the same as last year. Ex-date: 25th November 2025 Payment date: 27th November 2025 Dividend yield will be 1.7%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by earnings (78% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 98% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 16
Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien Recommends Dividend for the Financial Year 2024/2025 The management of Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien intended to recommend to the Supervisory Board that it approve the joint proposal to the 2025 Annual General Meeting that it resolve, among other things, to use the net retained profits to distribute a dividend of EUR 0.06 per share carrying dividend rights for the 2024/2025 financial year. The Supervisory Board will adopt a resolution to this effect at its meeting on 25 September 2025. Announcement • Jul 04
Borussia Dortmund GmbH & Co. KGaA Provides Earnings Guidance for the Financial Year 2025/2026 The player Jamie Gittens ("Player") is close to move from Borussia Dortmund GmbH & Co. KGaA ("BVB") to Chelsea Football Club Limited ("Chelsea"). With the realization of this transfer deal, the management expects a positive effect on the key earnings figures (EBITDA, EBIT) for the 2025/2026 financial year in a range of approx. EUR 37.0 million to EUR 42.0 million. Reported Earnings • May 16
Third quarter 2025 earnings released: EPS: €0.05 (vs €0.20 loss in 3Q 2024) Third quarter 2025 results: EPS: €0.05 (up from €0.20 loss in 3Q 2024). Revenue: €161.9m (up 55% from 3Q 2024). Net income: €5.20m (up €26.9m from 3Q 2024). Profit margin: 3.2% (up from net loss in 3Q 2024). Revenue is expected to decline by 1.9% p.a. on average during the next 3 years, while revenues in the Entertainment industry in Germany are expected to grow by 6.2%. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 15
Second quarter 2025 earnings released: EPS: €0.06 (vs €0.17 in 2Q 2024) Second quarter 2025 results: EPS: €0.06 (down from €0.17 in 2Q 2024). Revenue: €143.2m (down 7.2% from 2Q 2024). Net income: €6.18m (down 66% from 2Q 2024). Profit margin: 4.3% (down from 12% in 2Q 2024). Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Jan 30
Kovac Becomes New Head Coach of Borussia, Effective 2nd February 2025 Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien announced that Niko Kovac takes over as the new head coach of Bundesliga club Borussia Dortmund with effect as of 2nd February 2025. He will be supported in his role by assistant coaches Robert Kovac and Filip Tapalovic. All coaches have agreed to contracts initially valid until 30th June 2026. Upcoming Dividend • Nov 19
Upcoming dividend of €0.06 per share Eligible shareholders must have bought the stock before 26 November 2024. Payment date: 28 November 2024. The company last paid an ordinary dividend in September 2014. The average dividend yield among industry peers is 1.9%. Reported Earnings • Nov 17
First quarter 2025 earnings released: EPS: €0.01 (vs €0.47 in 1Q 2024) First quarter 2025 results: EPS: €0.01 (down from €0.47 in 1Q 2024). Revenue: €129.5m (down 30% from 1Q 2024). Net income: €1.57m (down 97% from 1Q 2024). Profit margin: 1.2% (down from 28% in 1Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 6.2% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Oct 08
Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien, Annual General Meeting, Nov 25, 2024 Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien, Annual General Meeting, Nov 25, 2024, at 11:00 W. Europe Standard Time. Reported Earnings • Sep 13
Full year 2024 earnings released Full year 2024 results: Revenue: €618.2m (up 26% from FY 2023). Net income: €44.3m (up 364% from FY 2023). Profit margin: 7.2% (up from 1.9% in FY 2023). The increase in margin was driven by higher revenue. Revenue is expected to decline by 3.0% p.a. on average during the next 3 years, while revenues in the Entertainment industry in Germany are expected to grow by 5.3%. Major Estimate Revision • May 15
Consensus EPS estimates increase by 66% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from €445.6m to €466.6m. EPS estimate increased from €0.187 to €0.31 per share. Net income forecast to shrink 24% next year vs 30% growth forecast for Entertainment industry in Germany . Consensus price target of €5.50 unchanged from last update. Share price was steady at €4.00 over the past week. Reported Earnings • May 11
Third quarter 2024 earnings released: €0.20 loss per share (vs €0.14 loss in 3Q 2023) Third quarter 2024 results: €0.20 loss per share (further deteriorated from €0.14 loss in 3Q 2023). Revenue: €105.4m (up 2.9% from 3Q 2023). Net loss: €21.7m (loss widened 40% from 3Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 5.4% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • May 09
Borussia Dortmund GmbH & Co. KGaA Revises Earnings Guidance for the Financial Year 2023-2024 Borussia Dortmund GmbH & Co. KGaA revised earnings guidance for the financial year 2023-2024. After reaching the final of the UEFA Champions League late evening of May 7, 2024, the company is now raising its earnings forecast, which was last raised on April 17, 2024, to a consolidated net profit for the fiscal year 2023-2024 of between EUR 40,000,000 and EUR 50,000,000 (previously EUR 33,000,000 to EUR 45,000,000). Major Estimate Revision • Apr 23
Consensus EPS estimates fall by 23%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from €439.9m to €445.6m. EPS estimate fell from €0.163 to €0.125 per share. Net income forecast to shrink 58% next year vs 27% growth forecast for Entertainment industry in Germany . Consensus price target of €5.50 unchanged from last update. Share price rose 8.9% to €3.72 over the past week. Announcement • Apr 23
Borussia Dortmund GmbH & Co. KGaA Appoints Lars Ricken as New Managing Director Sport, Effective 1 May 2024 Borussia Dortmund GmbH & Co. KGaA announced that Executive Committee of the Advisory Board of the company has decided the Following: Lars Ricken is appointed as an additional managing director with effect from 1 May 2024. His managing director employment contract shall run until June 30, 2027. Lars Ricken shall have joint power of representation and will be responsible for the business division "Sport" of the company. Announcement • Apr 17
Borussia Dortmund GmbH & Co. KGaA Revises Earnings Guidance for the Fiscal Year 2023/2024 Borussia Dortmund GmbH & Co. KGaA revised earnings guidance for the fiscal year 2023/2024. For the year, the company is now increasing its consolidated net profit between EUR 33,000,000 and EUR 43,000,000 (previously EUR 25,000,000 to EUR 35,000,000). Major Estimate Revision • Mar 19
Consensus EPS estimates increase by 23% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from €434.5m to €439.9m. EPS estimate increased from €0.133 to €0.163 per share. Net income forecast to shrink 53% next year vs 30% growth forecast for Entertainment industry in Germany . Consensus price target of €5.50 unchanged from last update. Share price was steady at €3.53 over the past week. New Risk • Mar 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 27% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 27% per year for the foreseeable future. High level of non-cash earnings (39% accrual ratio). Reported Earnings • Feb 29
Second quarter 2024 earnings released: EPS: €0.64 (vs €0.02 in 2Q 2023) Second quarter 2024 results: EPS: €0.64 (up from €0.02 in 2Q 2023). Revenue: €345.4m (up 194% from 2Q 2023). Net income: €70.6m (up €68.2m from 2Q 2023). Profit margin: 20% (up from 2.0% in 2Q 2023). Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 17
First quarter 2024 earnings released: EPS: €0.47 (vs €0.34 in 1Q 2023) First quarter 2024 results: EPS: €0.47 (up from €0.34 in 1Q 2023). Revenue: €186.9m (up 13% from 1Q 2023). Net income: €52.4m (up 39% from 1Q 2023). Profit margin: 28% (up from 23% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. New Risk • Nov 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 15% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 15% per year for the foreseeable future. High level of non-cash earnings (36% accrual ratio). Announcement • Nov 04
Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien to Report Q1, 2024 Results on Nov 10, 2023 Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien announced that they will report Q1, 2024 results on Nov 10, 2023 Reported Earnings • Oct 05
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: €0.09 (up from €0.30 loss in FY 2022). Revenue: €490.8m (up 18% from FY 2022). Net income: €9.55m (up €41.4m from FY 2022). Profit margin: 1.9% (up from net loss in FY 2022). Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • May 14
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: €103.6m (up 61% from 3Q 2022). Net loss: €15.5m (loss narrowed 42% from 3Q 2022). Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 03
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €119.1m (flat on 2Q 2022). Net income: €2.39m (down 56% from 2Q 2022). Profit margin: 2.0% (down from 4.6% in 2Q 2022). Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Breakeven Date Change • Nov 16
Forecast breakeven date pushed back to 2024 The 3 analysts covering Borussia Dortmund GmbH Kommanditgesellschaft auf Aktien previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 97% to 2023. The company is expected to make a profit of €6.63m in 2024. Average annual earnings growth of 108% is required to achieve expected profit on schedule. Reported Earnings • Nov 12
First quarter 2023 earnings released First quarter 2023 results: Revenue: €166.6m (up 8.5% from 1Q 2022). Net income: €37.8m (up 18% from 1Q 2022). Profit margin: 23% (up from 21% in 1Q 2022). Revenue is forecast to grow 1.7% p.a. on average during the next 2 years, compared to a 9.5% growth forecast for the Entertainment industry in Germany. Breakeven Date Change • Nov 06
Forecast breakeven date moved forward to 2023 The 3 analysts covering Borussia Dortmund GmbH Kommanditgesellschaft auf Aktien previously expected the company to break even in 2024. New consensus forecast suggests the company will make a profit of €1.83m in 2023. Earnings growth of 144% is required to achieve expected profit on schedule. Major Estimate Revision • Oct 29
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 expected loss increased from -€0.06 to -€0.07 per share. Revenue forecast unchanged at €395.0m. Entertainment industry in Germany expected to see average net income growth of 37% next year. Consensus price target of €5.80 unchanged from last update. Share price rose 6.9% to €3.77 over the past week. Reported Earnings • Sep 30
Full year 2022 earnings: Revenues exceed analyst expectations Full year 2022 results: Revenue: €437.1m (up 25% from FY 2021). Net loss: €35.1m (loss narrowed 52% from FY 2021). Revenue exceeded analyst estimates by 30%. Revenue is expected to decline by 1.5% p.a. on average during the next 2 years, while revenues in the Entertainment industry in Germany are expected to grow by 13%. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 30% per year, which means it has not declined as severely as earnings. Reported Earnings • May 14
Third quarter 2022 earnings: Revenues in line with analyst expectations Third quarter 2022 results: Revenue: €73.2m (down 14% from 3Q 2021). Net loss: €26.6m (loss widened 42% from 3Q 2021). Revenue was in line with analyst estimates. Over the next year, revenue is expected to shrink by 10% compared to a 180% growth forecast for the industry in Germany. Price Target Changed • Apr 27
Price target decreased to €5.75 Down from €6.93, the current price target is an average from 2 analysts. New target price is 55% above last closing price of €3.70. Stock is down 36% over the past year. The company is forecast to post a net loss per share of €0.23 next year compared to a net loss per share of €0.79 last year. Major Estimate Revision • Apr 06
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from €362.3m to €349.2m. Losses expected to increase from €0.20 per share to €0.23. Entertainment industry in Germany expected to see average net income growth of 48% next year. Consensus price target of €6.50 unchanged from last update. Share price fell 7.9% to €3.73 over the past week. Reported Earnings • Mar 03
Second quarter 2022 earnings: Revenues in line with analyst expectations Second quarter 2022 results: Revenue: €122.3m (up 1.8% from 2Q 2021). Net income: €5.44m (down 43% from 2Q 2021). Profit margin: 4.5% (down from 8.0% in 2Q 2021). Revenue was in line with analyst estimates. Over the next year, revenue is expected to shrink by 14% compared to a 339% growth forecast for the industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Price Target Changed • Jan 12
Price target decreased to €6.05 Down from €6.93, the current price target is an average from 4 analysts. New target price is 41% above last closing price of €4.29. Stock is down 26% over the past year. The company is forecast to post a net loss per share of €0.18 next year compared to a net loss per share of €0.79 last year. Major Estimate Revision • Jan 07
Consensus EPS estimates fall by 40% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from €376.2m to €367.5m. Losses expected to increase from €0.13 per share to €0.18. Entertainment industry in Germany expected to see average net income growth of 33% next year. Consensus price target of €6.53 unchanged from last update. Share price fell 2.7% to €4.22 over the past week. Reported Earnings • Nov 14
First quarter 2022 earnings released The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: €156.8m (up 154% from 1Q 2021). Net income: €32.1m (up €67.9m from 1Q 2021). Profit margin: 20% (up from net loss in 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Price Target Changed • Oct 11
Price target decreased to €6.40 Down from €6.93, the current price target is an average from 5 analysts. New target price is 34% above last closing price of €4.79. Stock is down 4.8% over the past year. Executive Departure • Oct 03
Chairman of Supervisory Board Gerd Pieper has left the company On the 24th of September, Gerd Pieper's tenure as Chairman of Supervisory Board ended after 17.8 years in the role. We don't have any record of a personal shareholding under Gerd's name. Gerd is the only executive to leave the company over the last 12 months. Executive Departure • Sep 29
Chairman of Supervisory Board Gerd Pieper has left the company On the 24th of September, Gerd Pieper's tenure as Chairman of Supervisory Board ended after 16.9 years in the role. We don't have any record of a personal shareholding under Gerd's name. Gerd is the only executive to leave the company over the last 12 months. Executive Departure • Sep 29
Chairman of Supervisory Board Gerd Pieper has left the company On the 24th of September, Gerd Pieper's tenure as Chairman of Supervisory Board ended after 16.9 years in the role. We don't have any record of a personal shareholding under Gerd's name. Gerd is the only executive to leave the company over the last 12 months. Price Target Changed • Aug 26
Price target increased to €7.00 Up from €6.43, the current price target is an average from 4 analysts. New target price is 18% above last closing price of €5.95. Stock is up 4.9% over the past year. Major Estimate Revision • May 30
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from €315.0m to €322.4m. Forecast EPS reduced from -€0.67 to -€0.81 per share. Entertainment industry in Germany expected to see average net income growth of 27% next year. Consensus price target up from €6.43 to €6.63. Share price fell 7.5% to €5.83 over the past week. Reported Earnings • May 20
Third quarter 2021 earnings released: €0.20 loss per share (vs €0.011 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: €85.3m (down 21% from 3Q 2020). Net loss: €18.8m (down €19.9m from profit in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 121 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 09
New 90-day high: €6.00 The company is up 2.0% from its price of €5.88 on 09 December 2020. The German market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €51.01 per share. Reported Earnings • Feb 28
Second quarter 2021 earnings released The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: €121.5m (down 2.9% from 2Q 2020). Net income: €9.57m (up 226% from 2Q 2020). Profit margin: 7.9% (up from 2.3% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 119 percentage points per year, which is a significant difference in performance. Price Target Changed • Feb 07
Price target lowered to €6.43 Down from €7.20, the current price target is an average from 4 analysts. The new target price is 21% above the current share price of €5.33. As of last close, the stock is down 39% over the past year. Is New 90 Day High Low • Oct 29
New 90-day low: €4.29 The company is down 23% from its price of €5.55 on 30 July 2020. The German market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €19.35 per share. Major Estimate Revision • Oct 15
Analysts lower revenue estimates to €441.0m The 2021 consensus revenue estimate decreased from €531.5m. Earnings per share (EPS) also decreased, with analysts lowering their estimates from -€0.34 to -€0.71 for the same period. The Entertainment industry in Germany is expected to see an average net income growth of 16% next year. The consensus price target of €7.70 was unchanged from the last update. Share price is down by 11% to €4.53 over the past week. Is New 90 Day High Low • Oct 13
New 90-day low: €4.89 The company is down 13% from its price of €5.62 on 15 July 2020. The German market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €19.48 per share. Price Target Changed • Oct 01
Price target lowered to €7.70 Down from €8.37, the current price target is an average from 3 analysts. The new target price is 53% above the current share price of €5.03. As of last close, the stock is down 46% over the past year. Reported Earnings • Sep 28
Full year earnings released - €0.48 loss per share Over the last 12 months the company has reported total losses of €44.0m, with earnings decreasing by €61.3m from the prior year. Total revenue was €410.4m over the last 12 months, down 9.5% from the prior year. 