Borussia Dortmund (FRA: BVB)

Last close As at 13/04/2024

EUR3.45

−0.06 (−1.71%)

Market capitalisation

EUR381m

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 | Update

Borussia Dortmund — Progressing nicely

Consumer | Update

Borussia Dortmund — A more normal schedule

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)

48.8

Forecast gearing ratio (%)

16

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (0.1) (5.0) (13.9)
Relative (1.3) (12.4) (24.9)
52 week high/low €5.9/€3.3

Financials

Borussia Dortmund’s Q224 results reflect the positive effects of a more normal football season versus the disruption from the FIFA World Cup in the comparative Q223 period. At the time, management reiterated its financial guidance for FY24 but subsequently upgraded guidance as the first team progressed through to the quarter finals of the Champions League. This followed confirmation the first team will compete in the revamped FIFA Club World Cup to be played in the summer of 2025, which is likely to be significant for financial results and very helpful in the long-term development of the brand and fanbase.

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 5.6 4.6
2023A 418.2 123.2 104.1 63.4 5.4 3.2
2024E 449.7 123.3 113.1 68.9 5.0 3.0
2025E 456.8 121.3 111.5 67.9 5.1 3.0

Further insights

insight

TMT

Borussia Dortmund: EKF 2023 QuickView

insight

Consumer

Investing in sports

Thematics

thematic

Consumer

ConsumerWatch – At least someone loves me

thematic

Consumer

ConsumerWatch – Falling into the fall

thematic

Consumer

ConsumerWatch – Making the most of the summer

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