Borussia Dortmund


€588.8m market cap

€6.4 last close

The group operates Borussia Dortmund, a leading German football cub, Bundesliga runners-up in 2018/19, 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 nine seasons.

Investment summary

Borussia Dortmund’s Q320 results were positive from a profit and cash flow perspective despite the impact of COVID-19 at the end of the period. The Bundesliga has led the way in recommencing games after the season was temporarily suspended, albeit games are to be played behind closed doors, which will lead to lost ticket revenue (among other revenues). Borussia Dortmund is well placed to qualify for the Champions League in the 2020/21 season if the current season can be completed. We downgrade our EBITDA forecast for FY20 by c 49%, to reflect lost revenue due to COVID-19 and lower net transfer income. The share price looks well supported by asset valuations.

Y/E Jun
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2018A 313.3 137.3 121.8 121.16 5.3 3.4
2019A 369.3 116.0 101.5 87.95 7.3 4.0
2020E 379.1 65.4 51.5 44.63 14.3 35.1
2021E 424.8 125.5 110.4 95.70 6.7 17.0
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 03/06/2020
Share price graph
Balance sheet
Forecast net debt (€m) 62.1
Forecast gearing ratio (%) 20
Price performance
Actual (1.4) (18.9) (24.8)
Relative* (10.9) (20.0) (26.2)
52-week high/low €9.9/€4.6
*% relative to local index
Key management
Thomas Treß CFO

Content on Borussia Dortmund