The group operates Borussia Dortmund, a leading football club, placed second in the Bundesliga in 2021/22, DFB Super Cup winners in 2019/20 and DFB-Pokal winners in 2020/21. The club has qualified to play in the Champions League in nine of the last 10 seasons.
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.
Thomas Treß
CFO
Forecast net debt (€m)
3.4
Forecast gearing ratio (%)
1
% | 1M | 3M | 12M |
---|---|---|---|
Actual | 30.8 | 32.9 | 48.3 |
Relative | 31.5 | 27.9 | 31.5 |
52 week high/low | €5.9/€3.1 |
Borussia Dortmund’s Q323 results demonstrate the ongoing recovery of its financial results against a COVID-affected comparative period, with year-on-year growth from all its revenue streams and higher profitability. With two games to play, the Bundesliga is finely balanced. Our asset-backed sum-of the-parts valuation increases to €12/share from €11.3/share, highlighting the attractiveness of the current share price.
Y/E Jun | Revenue (€m) | EBITDA (€m) | PBT (€m) | EPS (fd) (c) | P/E (x) | P/CF (x) |
---|---|---|---|---|---|---|
2021A | 334.2 | 39.0 | 24.3 | 26.3 | 21.9 | 14.0 |
2022A | 351.6 | 80.8 | 63.2 | 63.0 | 9.1 | 7.9 |
2023E | 395.0 | 105.9 | 91.6 | 76.3 | 7.5 | 6.0 |
2024E | 420.5 | 120.2 | 105.9 | 88.3 | 6.5 | 5.3 |
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