Borussia Dortmund


Market Cap€584.6m

Last Close €5.3

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.

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Investment summary

Borussia Dortmund’s FY21 preliminary results (revenue declined by c 10% and EBITDA by c 38%) were slightly above management’s expectations at the EBITDA level and testimony to how well the cost base has been managed given the on-off expectations through the season about the return of fans to the stadium. The challenging year led to an increase in the company’s net debt position, unusual for a club that is conservatively run from a financial perspective, but recent transfer activity and higher match attendance should lead to an improved financial position through FY22. Our FY22 forecasts are unchanged ahead of the publication of the full financial statements on 28 September 2021.

Y/E Jun
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2019A 370.3 116.0 101.5 87.95 6.0 16.1
2020A 370.2 63.0 45.6 46.77 11.3 164.4
2021E 335.2 32.3 16.1 17.50 30.3 110.6
2022E 369.9 80.8 63.9 62.47 8.5 24.5
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 22/09/2021
Content on Borussia Dortmund
Borussia Dortmund – Managing the costs
Consumer | Flash note | 17 August 2021
Borussia Dortmund – Nice finish
Consumer | Update | 1 June 2021
Borussia Dortmund – executive interview
Consumer | Edison TV | 16 February 2021
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Share price graph
Balance sheet
Forecast net debt (€m) 74.6
Forecast gearing ratio (%) 32
Price performance
Actual (12.1) (13.5) (5.4)
Relative* (10.4) (12.8) (23.1)
52-week high/low €6.6/€4.1
*% relative to local index
Key management
Thomas Treß CFO