Borussia Dortmund

Overview
Price performance
Financials
Research
Sector insights
Thematics

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

Consumer |
Update

18.03.24

Borussia Dortmund — Progressing nicely

Consumer |
Update

05.03.24

Borussia Dortmund — A more normal schedule

Consumer |
Outlook

11.12.23

Borussia Dortmund — A full recovery

Consumer |
Update

23.08.23

Borussia Dortmund — Exceeded FY23 guidance and our estimates

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Sector

Consumer

Equity Analyst

Russell Pointon

Director, Consumer

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 (%)

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	2.1	(1.6)	(11.9)
Relative	3.1	(9.0)	(21.7)
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.