Borussia Dortmund - Nice finish

Borussia Dortmund’s Q321 results reflected ongoing cost control, while COVID continued to affect attendance-related revenues. The team’s late surge to finish third in the Bundesliga, and more silverware by winning the DFB-Pokal ensured a pleasing end to a challenging year. We increase our FY22 EBITDA forecast by 33% to reflect a more positive outlook for attendance at matches given the roll-out of COVID vaccines. There will be much speculation about the futures of a number of key players during the summer transfer window, but the improving financial outlook means the company can remain firm on player valuations, with a number of open managerial roles at the major European teams following ‘poor’ seasons.