Borussia Dortmund


€521.6m market cap

€5.67 last close

The group operates Borussia Dortmund, a leading football club, Bundesliga runners up in 2019/20, DFB Super Cup winners in 2019/20 and DFB Cup winners in 2016/17. The club has qualified for the Champions League in eight of the last 10 seasons.

Investment summary

Borussia Dortmund’s Q221 trading update showed higher profitability y-o-y due to active cost control despite lower revenue in aggregate as a result of COVID-19. Revenue declined by 3% y-o-y (we note that three of its five sources of revenue increased) and a 13% reduction in cash costs led to EBITDA 23% higher than the prior year. Our forecasts are broadly unchanged. For FY21, management previously guided that the restrictions required to counter COVID-19 will lead to a 5% decline in revenue which, coupled with other effects (eg lower transfer activity and high operational gearing) will translate into a reported operating loss due to amortisation of intangibles.

Y/E Jun
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2019A 370.3 116.0 101.5 87.95 6.4 17.3
2020A 370.2 63.0 45.6 46.77 12.1 176.0
2021E 331.5 39.4 22.9 24.91 22.8 107.4
2022E 346.6 60.8 43.8 42.89 13.2 105.6
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 06/05/2021
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Share price graph
Balance sheet
Forecast net debt (€m) 68.5
Forecast gearing ratio (%) 29
Price performance
Actual 3.5 7.2 (15.1)
Relative* 3.0 (0.7) (40.0)
52-week high/low €6.9/€4.2
*% relative to local index
Key management
Thomas Treß CFO

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