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Borussia Dortmund’s Q326 results reflect the typical intra-year seasonality as well as lower relative success in the Champions League compared to the prior season. With the close of the 2025/26 Bundesliga season, the first team has enjoyed a more comfortable qualification for the Champions League in 2026/27, marking the 11th consecutive season of doing so, which reinforces the global appeal of the club. The share price trades at a significant discount to peers and our asset-backed sum-of-the-parts valuation of €11 per share.
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Borussia Dortmund (1BOD.MI)
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