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

Analyst, Consumer and TMT

Key Management

Hans-Joachim Watzke

CEO
Thomas Treß

CFO

Balance Sheet

Forecast net debt (€m)

34.4

Forecast gearing ratio (%)

11

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(13.8)	5.2	(18.1)
Relative	(11.3)	6.6	(28.7)
52 week high/low	€4.7/€3.3

Financials

Borussia Dortmund’s Q324 results demonstrated some phasing but it has made good progress year to date. Progress to the Champions League final for the first time since 2013, having beaten more favoured (by the bookmakers) and higher-funded teams along the way, led to a further upgrade to profit guidance for FY24. Despite being less successful than usual in the Bundesliga, the club will take part in the Champions League next season, as well as the revamped FIFA Club World Cup in the summer of 2025, which are all helpful in increasing the club’s global exposure and appeal.

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	5.9	4.8
2023A	418.2	123.2	104.1	63.4	5.7	3.4
2024E	482.2	137.7	127.5	77.6	4.6	2.8
2025E	456.8	121.3	111.5	67.9	5.3	3.2

Research

Outlook

Consumer

28.10.22

Borussia Dortmund — Wind beneath the wings of the team

Update

Consumer

17.05.22

Borussia Dortmund — Looking forward to a better FY22/23

Consumer

Update

Borussia Dortmund — Encouraging start to FY23

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

Further insights

insight

TMT

21.11.23

Borussia Dortmund: EKF 2023 QuickView

insight

12.02.21

7 things every investor should know about Borussia Dortmund

insight

Consumer

14.10.19

Investing in sports

thematic

Consumer

26.07.23

ConsumerWatch – Making the most of the summer

thematic

Consumer

21.04.23

ConsumerWatch – A Spring in the step

thematic

Consumer

23.01.23

ConsumerWatch – January sales

thematic

Consumer

13.10.22

ConsumerWatch – Bargains galore

thematic

Consumer

05.10.22

IPO apocalypse

thematic

Consumer

03.10.22

Food tech – At the forefront of food innovation

thematic

TMT

10.08.22

ESG, moving beyond the box tick

thematic

Consumer

18.07.22

ConsumerWatch – Value emerging

thematic

Consumer

24.03.22

Circular economy business models

thematic

Consumer

04.02.22

Moving from a vegan January to a sustainable one

thematic

Consumer

10.01.22

Cultivated meat – Engineering the growth of alternative meats

thematic

Consumer

06.09.21

The future of fish – The investment case for sustainable fishing

thematic

Consumer

29.10.20

Meating Demand – The lean, green money-making machine

thematic

Consumer

14.08.19

Illuminator: August Update

thematic

Consumer

11.11.14

Deutsche Börse Eigenkapitalforum 2014 Research Guide