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Borussia Dortmund (FRA: BVB)

Currency in EUR

Last close As at 08/12/2023

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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Consumer | Update

Borussia Dortmund — Exceeded FY23 guidance and our estimates

Consumer | Update

Borussia Dortmund — Nail-biting finish to the 2022/23 season

Consumer | Update

Borussia Dortmund — FIFA World Cup affects Bundesliga schedule

Consumer | Update

Borussia Dortmund — Encouraging start to FY23
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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

  • Hans-Joachim Watzke

    CEO

  • 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

Research

Update

Consumer

Borussia Dortmund — Nail-biting finish to the 2022/23 season

Update

Consumer

Borussia Dortmund — FIFA World Cup affects Bundesliga schedule

Consumer

Update

Borussia Dortmund — Exceeded FY23 guidance and our estimates

Update

Consumer

Borussia Dortmund — Encouraging start to FY23

Outlook

Consumer

Borussia Dortmund — Wind beneath the wings of the team

Update

Consumer

Borussia Dortmund — Looking forward to a better FY22/23

Update

Consumer

Borussia Dortmund — A brief revival before more restrictions

Outlook

Consumer

Borussia Dortmund — The roar of the fans

Flash note

Consumer

Borussia Dortmund — Managing the costs

Update

Consumer

Borussia Dortmund — Nice finish

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Consumer

Borussia Dortmund – executive interview
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Further insights

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TMT

Borussia Dortmund: EKF 2023 QuickView

insight

7 things every investor should know about Borussia Dortmund

insight

Consumer

Investing in sports

Analyst of the week

Russell Pointon

Russell Pointon

Director, Consumer

rpointon@edisongroup.com 020 3077 5700
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Thematics

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

Consumer

ConsumerWatch – October 2023

thematic

Consumer

ConsumerWatch – July 2023

thematic

Consumer

ConsumerWatch – April 2023
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