Borussia Dortmund - A full recovery
Borussia Dortmund is a leading football club with a strong track record of success in its domestic league, making it a relatively consistent competitor in Europe’s top club competitions. This success has been achieved with a level of player investment that should be the envy of its peers. The first team, backed by a full stadium of fans (thanks to lifted COVID-19 restrictions), came as close to winning the Bundesliga in the 2022/23 season as is possible without actually winning it. This first season without COVID-19 restrictions led to the expected full recovery in financial results to pre-COVID-19 levels. Despite the recovery in profitability, the share price continues to trade at a significant discount to pre-COVID-19 levels, its quoted peers and our asset-backed valuation of €10.63 per share, suggesting significant upside to the current share price.Borussia Dortmund has two reportable segments, which are responsible for the main activites of the overall Group. The first segment consists of Borussia Dortmund GmbH & Co. KGaA, which operates a professional football club including professional football squad and leverages the associated revenue potential arising from the the transfer of players, catering, TV marketing, sponsorship and ticketing. The second segment consists of the separate merchandising business, which is carried out by BVB Merchandising GmbH. In addition, Co. assumes all the marketing activities for the stadium, including the event areas, on non-match days and includes activities such as stadium tours.
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