Borussia Dortmund - Edison Group

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 competitions, fines and a cap on wages and squad size.

Latest Insights

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Consumer |
Update

21.05.24

Borussia Dortmund — London calling

Consumer |
Update

22.04.24

Borussia Dortmund — Helping itself

Consumer |
Update

18.03.24

Borussia Dortmund — Progressing nicely

Consumer |
Update

05.03.24

Borussia Dortmund — A more normal schedule

Borussia-Dortmund_resized

Sector

Consumer

Equity Analyst

Russell Pointon

Russell Pointon

Director of Content, Consumer and Media

Richard Finch

Analyst, Consumer

Key Management

Hans-Joachim Watzke

CEO
Thomas Treß

CFO

Balance Sheet

Forecast net debt (€m)

0.8

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(10.1)	(17.0)	(12.5)
Relative	(7.1)	(19.9)	(26.8)
52 week high/low	€4.2/€3.1

Financials

Borussia Dortmund’s headline FY24 figures showed the highest revenue in its history, primarily due to the success of reaching the final of the Champions League, which translated to a significant increase in net profit to €44.3m in FY24 from €9.6m in FY23.

Y/E Jun	Revenue (€m)	EBITDA (€m)	PBT (€m)	EPS (fd) (c)	P/E (x)	P/CF (x)
2023A	418.2	123.2	104.1	63.4	5.0	3.0
2024A	509.1	143.3	132.4	82.0	3.9	2.5
2025E	456.8	121.3	111.5	67.9	4.7	2.8
2026E	N/A	N/A	N/A	N/A	N/A	N/A

Update

Consumer

05.04.22

Borussia Dortmund — A brief revival before more restrictions

Outlook

Consumer

01.11.21

Borussia Dortmund — The roar of the fans

Flash note

Consumer

17.08.21

Borussia Dortmund — Managing the costs

Update

Consumer

01.06.21

Borussia Dortmund — Nice finish

edison tv

Consumer

16.02.21

Borussia Dortmund – executive interview

Update

Consumer

10.02.21

Borussia Dortmund — Passing the financial fitness test

Update

Consumer

16.11.20

Borussia Dortmund — Uncertain times continue

edison tv

Consumer

02.11.20

Borussia Dortmund – EKF interview

QuickView

Consumer

15.10.20

Borussia Dortmund — Leading global football brand

Outlook

Consumer

14.10.20

Borussia Dortmund — Another brick in the yellow wall

Update

Consumer

26.05.20

Borussia Dortmund — Good to see you again

Update

Consumer

15.11.19

Borussia Dortmund — Exciting viewing ahead

Update

Consumer

08.10.19

Borussia Dortmund — Fine margins

Outlook

Consumer

17.06.19

Borussia Dortmund — It’s not over till it’s over!

Update

Consumer

08.03.19

Borussia Dortmund — Das Wunder von Dortmund is still alive

QuickView

Consumer

19.11.18

Borussia Dortmund — Quick off the mark

Update

Consumer

29.10.18

Borussia Dortmund — Scoring for fun

Update

Consumer

04.10.18

Borussia Dortmund — Asset value growth to the fore

Update

Consumer

11.06.18

Borussia Dortmund — “We’re absolutely not satisfied”

Outlook

Consumer

10.04.18

Borussia Dortmund — Bumps in the road

Update

Consumer

06.03.18

Borussia Dortmund — Finding its feet

Update

Consumer

19.12.17

Borussia Dortmund — Christmas comes early

Update

Consumer

16.03.17

Borussia Dortmund — Update 16 March 2017

Update

Consumer

05.10.16

Borussia Dortmund — Update 5 October 2016

Update

Consumer

15.07.16

Borussia Dortmund — Update 15 July 2016

Update

Consumer

11.03.16

Borussia Dortmund — Update 10 March 2016