Borussia Dortmund (FRA: BVB)

Currency in EUR

Last close As at 09/12/2023

EUR3.60

−0.12 (−3.23%)

Market capitalisation

EUR397m

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 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.

Latest Insights

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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

  • Thomas Treß

    CFO

Balance Sheet

Forecast net cash (€m)

37.6

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (7.6) (13.5) 2.2
Relative (15.8) (18.2) (12.3)
52 week high/low €5.9/€3.5

Financials

Borussia Dortmund’s Q124 results primarily reflected the change of phasing of games versus the prior season, which had to accommodate the December 2022 FIFA World Cup (ie there were more games earlier in the comparative period). Revenue declined by c 2% to c €102m while EBITDA increased by c 8% to c €79m, which included the significant gain made from the sale of Jude Bellingham. Our forecasts are under review.

Y/E Jun Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 351.6 83.8 66.4 66.5 5.4 5.0
2023A 418.2 123.2 103.9 63.0 5.7 7.2
2024E 420.5 165.2 150.9 125.8 2.9 2.4
2025E N/A N/A N/A N/A N/A N/A

Further insights

insight

TMT

Borussia Dortmund: EKF 2023 QuickView

insight

Consumer

Investing in sports

Thematics

thematic

Consumer

ConsumerWatch – October 2023

thematic

Consumer

ConsumerWatch – July 2023

thematic

Consumer

ConsumerWatch – April 2023

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