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Borussia Dortmund (FRA: BVB)

Last close As at 22/04/2024

EUR3.74

▲ −0.05 (−1.19%)

Market capitalisation

EUR418m

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

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Consumer | Update

Borussia Dortmund — Helping itself

Consumer | Update

Borussia Dortmund — Progressing nicely

Consumer | Update

Borussia Dortmund — A more normal schedule

Consumer | Outlook

Borussia Dortmund — A full recovery
Borussia-Dortmund_resized
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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 debt (€m)

41.5

Forecast gearing ratio (%)

13

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 10.0 (1.6) (7.7)
Relative 12.1 (8.1) (17.9)
52 week high/low €5.9/€3.3

Financials

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

Research

Update

Consumer

Borussia Dortmund — Progressing nicely

Update

Consumer

Borussia Dortmund — A more normal schedule

Consumer

Update

Borussia Dortmund — Helping itself
View All

Further insights

insight

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

ConsumerWatch – At least someone loves me

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

Consumer

ConsumerWatch – Falling into the fall

thematic

Consumer

ConsumerWatch – Making the most of the summer
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