Borussia Dortmund (FRA: BVB)

Currency in EUR

Last close As at 26/05/2023


−0.20 (−3.40%)

Market capitalisation


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.



Equity Analyst

Russell Pointon

Russell Pointon

Director, Consumer

Key Management

  • Thomas Treß


Balance Sheet

Forecast net debt (€m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 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

Further insights



ConsumerWatch – April 2023


ConsumerWatch – January 2023


ConsumerWatch – October 2022


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