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.
Consumer |
Update
Consumer |
Update
Consumer |
Update
Consumer |
Outlook
Hans-Joachim Watzke
CEO
Thomas Treß
CFO
Forecast net debt (€m)
41.5
Forecast gearing ratio (%)
13
% | 1M | 3M | 12M |
---|---|---|---|
Actual | 10.5 | (0.1) | (13.6) |
Relative | 11.2 | (6.8) | (24.2) |
52 week high/low | €5.9/€3.3 |
Borussia Dortmund’s progress to the semi-final of the Champions League brings a further upgrade to profit guidance for FY24. In addition to helping the financial results of the current year, the relative success of German teams against those of other nations in European competitions this season may ensure the club qualifies for the Champions League next season despite currently being outside the top four of the Bundesliga.
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 | 6.1 | 5.0 |
2023A | 418.2 | 123.2 | 104.1 | 63.4 | 5.9 | 3.5 |
2024E | 466.7 | 130.6 | 120.5 | 73.4 | 5.1 | 3.1 |
2025E | 456.8 | 121.3 | 111.5 | 67.9 | 5.5 | 3.3 |