The group operates Borussia Dortmund, a leading football club, placed third in the Bundesliga in 2020/21, DFB Super Cup winners in 2019/20, and DFB-Pokal winners in 2020/21. The club has qualified for the Champions League in nine of the last 10 seasons.
More Borussia Dortmund content >Investment summary
Borussia Dortmund’s football season finished with another (comfortable) second place in the Bundesliga confirming qualification for the Champions League in the 2022/23 season. Management’s reiterated guidance for FY22, a net loss of €17–24m, represents a robust performance given the restrictions on fan attendance for the majority of the year and a less successful season in European competitions than is typical. The company is well-placed to deliver an improved financial performance in FY22/23 if further COVID-19 related restrictions can be avoided. Our valuation of €9.8/share suggests significant upside in a normalised operating environment
Y/E Jun |
Revenue (€m) |
EBITDA (€m) |
PBT (€m) |
EPS (fd) (c) |
P/E (x) |
P/CF (x) |
---|---|---|---|---|---|---|
2020A | 370.2 | 63.0 | 45.6 | 46.77 | 7.8 | 5.6 |
2021A | 334.2 | 39.0 | 24.3 | 26.28 | 13.8 | 8.8 |
2022E | 350.4 | 81.5 | 65.8 | 57.43 | 6.3 | 4.8 |
2023E | 389.0 | 106.5 | 91.5 | 76.23 | 4.8 | 3.8 |
Industry outlook
Unsustainable spend on wages and transfers is increasingly being penalised by UEFA Financial Fair Play requirements. A ‘break-even requirement’ obliges clubs to spend no more than they generate over a rolling three-year period. Sanctions vary from a warning to a ban from UEFA competition, fines and a cap on wages and squad size.
Last updated on 30/06/2022Content on Borussia Dortmund















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Consumer
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Share price graph
Balance sheet |
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Forecast net debt (€m) | 6.4 |
Forecast gearing ratio (%) | 2 |
Price performance
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Key management |
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Thomas Treß | CFO |