Borussia Dortmund (FRA: BVB)

Last close As at 01/03/2024

EUR3.36

−0.03 (−0.89%)

Market capitalisation

EUR374m

The group operates Borussia Dortmund, a leading football club, placed second in the Bundesliga in 2022/23, DFB Super Cup winners in 2019/20 and DFB-Pokal winners in 2020/21. The club has qualified for the Champions League in 12 of the last 13 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.

Latest Insights

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Consumer | Outlook

Borussia Dortmund — A full recovery

Borussia-Dortmund_resized

Sector

Consumer

Equity Analyst

Russell Pointon

Russell Pointon

Director, Consumer

Richard Finch

Richard Finch

Analyst, Consumer

Milo Bussell

Associate Analyst, Consumer and Media

Key Management

  • Hans-Joachim Watzke

    CEO

  • Thomas Treß

    CFO

Balance Sheet

Forecast net debt (€m)

58.5

Forecast gearing ratio (%)

20

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (11.5) (9.9) (21.2)
Relative (15.4) (17.4) (31.5)
52 week high/low €5.9/€3.4

Financials

The publication of our annual Outlook note (11 December 2023) included a change to our FY24 profit estimates to bring us broadly in line with management’s guidance, which was issued at the start of the fiscal year. Management guided to higher revenue in FY24 of €427m (vs c €418m for FY23) but lower EBITDA to €104–114m (vs c €123m for FY23) due to catch-up investment in the first team squad and IT infrastructure. We reduced our FY24 estimates to reflect the higher spend and lower expected net transfer income than we had previously forecast.

Y/E Jun Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 351.6 83.8 66.3 61.2 5.5 4.5
2023A 418.2 123.2 104.1 63.4 5.3 3.2
2024E 433.6 113.6 103.5 63.0 5.3 3.2
2025E 457.0 121.3 111.5 67.9 4.9 3.0

Research

edison tv

Consumer

Borussia Dortmund – executive interview

Update

Consumer

Borussia Dortmund — Uncertain times continue

edison tv

Consumer

Borussia Dortmund – EKF interview

QuickView

Consumer

Borussia Dortmund — Leading global football brand

Outlook

Consumer

Borussia Dortmund — Another brick in the yellow wall

Update

Consumer

Borussia Dortmund — Good to see you again

Update

Consumer

Borussia Dortmund — Exciting viewing ahead

Update

Consumer

Borussia Dortmund — Fine margins

QuickView

Consumer

Borussia Dortmund — Quick off the mark

Update

Consumer

Borussia Dortmund — Scoring for fun

Update

Consumer

Borussia Dortmund — Asset value growth to the fore

Outlook

Consumer

Borussia Dortmund — Bumps in the road

Update

Consumer

Borussia Dortmund — Finding its feet

Update

Consumer

Borussia Dortmund — Christmas comes early

Update

Consumer

Borussia Dortmund — Update 16 March 2017

Update

Consumer

Borussia Dortmund — Update 5 October 2016

Update

Consumer

Borussia Dortmund — Update 15 July 2016

Update

Consumer

Borussia Dortmund — Update 10 March 2016

Further insights

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TMT

Borussia Dortmund: EKF 2023 QuickView

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Consumer

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Illuminator: August Update

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Deutsche Börse Eigenkapitalforum 2014 Research Guide