During the reporting period for the 2022/2023 financial year (1 July 2022 to 30 June 2023), the performance of BVB shares was influenced by mixed news, both on and off the pitch. There were by all means encouraging developments, such as the relaxing of COVID restrictions, with spectators free to return to the stands with hardly any conditions attached, and also sporting success, such as the closest Bundesliga title race in years. Nevertheless, the long shadow was cast by global economic woes, such as the war in Ukraine, the energy crisis, rising inflation and the changes in European monetary policy, and the championship being snatched from the club’s grasp on the last match day, prevented any sharper rise in the share price.
(Unless indicated otherwise, the following data is based on the closing price of shares in XETRA trading in BVB shares; where necessary, figures have been rounded up to the nearest hundredth.)
Share price performance (in EUR)
The shares in Borussia Dortmund GmbH & Co. KGaA kicked off the new 2022/2023 financial year at EUR 3.56 on 1 July 2022 (previous year: EUR 6.24), where they remained until halfway through the month. On 7 July 2022, BVB shares were listed at EUR 3.62 and on 19 July 2022 at EUR 3.60. During the remainder of July 2022, the price of BVB shares fluctuated between EUR 3.60 and EUR 3.80. BVB shares traded at EUR 3.84 at the start of the season on 1 August 2022. On 19 August 2022, the Company announced the preliminary figures for the 2021/2022 financial year (see ad hoc disclosure from the same date), with consolidated total operating proceeds up EUR 98.3 million to EUR 456.9 million and consolidated revenue up EUR 17.4 million to EUR 351.6 million. Consolidated earnings before taxes (EBT) amounted to EUR -33.4 million (previous year: EUR -73.2 million); consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to EUR 80.8 million (previous year: EUR 39.0 million). On that date, BVB shares closed the trading day at EUR 4.30. BVB shares traded at EUR 3.91 on 31 August 2022. The share price slipped to EUR 3.69 on 15 September 2022 following two consecutive losses, and this trend continued during the international break through to the end of September 2022, with the other contributing factors being the general market downturn due to the war in Ukraine, the onset of the economic changes referred to above and the ensuing expectations of a recession. BVB shares traded at EUR 3.67 on 20 September 2022, EUR 3.53 on 22 September 2022, EUR 3.03 on 23 September 2022, EUR 3.20 on 26 September 2022 and EUR 3.33 on 30 September 2022.
On 3 October 2022, BVB shares were listed at EUR 3.27 and on 6 October 2022 at EUR 3.37. The share price rose in October on the back of one victory and a draw in the UEFA Champions League, an exciting 2:2 draw against FC Bayern Munich and the team advancing to the third round of the DFB Cup. BVB shares traded at EUR 3.45 on 10 October 2022, EUR 3.59 on 13 October 2022, EUR 3.57 on 20 October 2022, EUR 3.73 on 26 October 2022 and EUR 3.75 on 31 October 2022. On 1 November 2022, BVB shares were listed at EUR 3.78 and on 3 November 2022 at EUR 3.64. On 4 November 2022, Borussia Dortmund GmbH & Co. KGaA released the preliminary first quarter figures for financial year 2022/2023 (see ad hoc disclosure from the same date). The capital market reacted positively to the news. On that day, BVB shares closed at EUR 3.69 and on the next trading day, 7 November 2022, at EUR 3.74. A patchy performance in the Bundesliga and the earlier winter break due to the FIFA World Cup in Qatar saw the share price languish over the rest of November and beyond, despite the fact that BVB was set to remain in the running in all competitions going into the winter break, in particular to reach the round of 16 in the UEFA Champions League. BVB shares traded at EUR 3.68 on 14 November 2022, EUR 3.60 on 15 November 2022, EUR 3.53 on 16 November 2022 and EUR 3.51 on 18 November 2022. BVB shares traded at EUR 3.50 on 21 November 2022, the date of the Annual General Meeting. The subsequent and at times volatile movements in the share price seen in December were due to general trends on the capital markets. BVB shares traded at EUR 3.58 on 1 December 2022, EUR 3.53 on 7 December 2022, EUR 3.60 on 13 December 2022, EUR 3.66 on 21 December 2022, EUR 3.68 on 23 December 2022, and EUR 3.78 on 29 December 2022. The BVB shares ultimately closed out the 2022 calendar year at EUR 3.70 on 30 December 2022.
The BVB shares kicked off calendar year 2023 at EUR 3.83 on 2 January 2023 before hitting EUR 4.14 on 9 January 2023. The shares traded at EUR 4.17 on 20 January 2023, EUR 4.10 on 27 January 2023 and EUR 4.09 on 31 January 2023. Buoyed by an unbeaten streak in the Bundesliga, DFB Cup and the first leg of the round of 16 of the UEFA Champions League, the share price continued a steady rise in February 2023. On 2 February 2023, the shares traded at EUR 4.17, and rose to EUR 4.20 on 8 February 2023 and EUR 4.27 on 17 February 2023, the publication day for the preliminary semi-annual figures (see ad hoc disclosure from the same date). The capital markets welcomed the fact that Borussia Dortmund had managed to increase its consolidated revenue and earnings year on year. The shares traded at EUR 4.38 on 20 February 2023. Thanks to a victory in the first leg of the round of 16 in the UEFA Champions League, this price level was sustained in the period that followed. BVB shares traded at EUR 4.40 on 6 March 2023. They were then knocked back following the team’s defeat in the return leg for the round of 16 and elimination from the UEFA Champions League. On the following day, 8 March 2023, the shares traded at EUR 4.03 before dropping to EUR 3.80 on 17 March 2023. BVB shares traded at EUR 3.87 on 20 March 2023, EUR 4.13 on 23 March 2023, EUR 4.04 on 27 March 2023 and EUR 4.11 on 31 March 2023.
Revenue (shares)
Losses to FC Bayern Munich and RB Leipzig initially saw the shares lose ground in April 2023. On 3 April 2023, BVB shares were listed at EUR 3.91 and on 6 April 2023 at EUR 3.88. However, two victories and a draw in April 2023 opened up the chance for BVB to win the Bundesliga, with a positive knock-on effect on the share price. BVB shares traded at EUR 4.09 on 17 April 2023, EUR 4.32 on 24 April 2023 and EUR 4.53 on 28 April 2023. On 5 May 2023, the Company announced its preliminary figures for the third quarter (see ad hoc disclosure from the same date). On that day, BVB shares were listed at EUR 4.39 and on the following day at EUR 4.54. Three further wins in the Bundesliga kept BVB in the running, and a victory on the final match day would have seen Borussia Dortmund crowned champions. This expectation caused the share price to rally in the week preceding the season finale on match day 34. The BVB shares traded at EUR 4.48 on 19 May 2023, EUR 5.20 on 22 May 2023, EUR 5.76 on 24 May 2023 and EUR 5.88 on 26 May 2023, which also marked the high for the reporting period. Regrettably, Borussia Dortmund was unable to muster more than a draw on the final match day and the silverware once again made its way to Munich. This caused the share price to lose significant ground. On 29 May 2023, the BVB shares closed the trading day at EUR 4.29 before sliding to EUR 4.13 on 31 May 2023. On 7 June 2023, the Company announced the imminent transfer of Jude Bellingham to Real Madrid (see ad hoc disclosure from the same date). On that day, BVB shares were listed at EUR 4.34 and on the following day at EUR 4.42. The share price experienced further short-term gains in the period that followed. On 9 June 2023, BVB shares were listed at EUR 4.52 and on 14 June 2023 at EUR 4.65. However, it was not possible to maintain this price level until the end of the reporting period. BVB shares traded at EUR 4.46 on 19 June 2023, EUR 4.41 on 22 June 2023 and EUR 4.36 on 28 June 2023. The reporting period ended with the BVB shares trading at EUR 4.37 on 30 June 2023 (previous year: EUR 3.58).