Borussia Dortmund (FRA: BVB)

Currency in EUR

Last close As at 25/03/2023


0.06 (1.51%)

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 (6.4) 12.7 1.9
Relative (5.3) 3.1 (3.1)
52 week high/low €4.4/€3.1


Q123 results demonstrated the expected recovery in its more variable revenue streams as the club welcomed the return of more fans to the stadium versus the COVID-19 affected Q122. The return to normality was also reflected in a relatively busy transfer window in the summer with five player additions and three sales, involving a transfer fee. The team’s performance on the pitch is consistent with our existing financial estimates, therefore we make no changes to our forecasts. Our asset-backed sum-of the-parts valuation is unchanged at €10.50 per share.

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 15.2 9.7
2022A 351.6 80.8 63.2 63.0 6.3 5.5
2023E 395.0 105.9 91.6 76.3 5.2 4.2
2024E 420.5 120.2 105.9 88.3 4.5 3.7

Further insights



ConsumerWatch – January 2023


ConsumerWatch – October 2022


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