Borussia Dortmund’s Q121 results were affected, as expected, by the delayed start to the 2020/21 season, and the severe restrictions on fan attendance at games as experienced towards the end of the prior season. The recent decision by federal and state governments to further restrict attendance at games, in response to the resurgence of COVID-19 in November, highlights the uncertain operating environment for the club. We currently retain our prior forecasts but our SOTP valuation reduces by 8% to €11.96/share.
