As the pictures show, the differences are more then astonishing.
Where Borussia Dortmund trades 0,8 times Revenues, the big three trade about 4 times Revenues and thus have an unbelievable 5 times as high valuation of Revenues. This notwithstanding Dortmund by far has the best growth and margin profile of the four (i.e. best quality of revenues).. see table below.
A certain discount could only be justified if Dortmund either would be highly indebted (which clearly isn't the case) and/or would have a much worse quality of revenues, in terms of growth and margin, but in fact also here the opposite is true.
This thus leads to an even much bigger discrepancy in valuation of Operating Profit (EBIT), since on this metric the big three currently have a 10 times as high valuation.
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Numbers from “MAB”peergroup clearly show that fair price range for Borussia Dortmund starts at € 13,00. And even at that pps-level Dortmund would (given its much better profitability and growth profile) be moderately valued against it's major German and English competitors.
One may call it a giant market imperfection, one may even call it an enormous anomaly, but one may call it also shear robbery. Also since Dortmund is covered by two analysts. We soon will elaborate on this. It is our purpose to increase transparency, since such a ridicule valuation nor is in the interest of the shareholders nor (for obvious reasons) in the interest of Borussia Dortmund (or any listed company).
der letzte Abschnitt übersetzt:
Man mag es eine gigantische Unperfektheit des Marktes nennen,man mag es eine enorme Anomalie nennen, aber könnte es auch als bloße Räuberei bezeichnen. Auch weil Dortmund(seltsamerweise) von nur zwei Analysten abgedeckt wird. Wir werden bald darüber berichten(elaborate- eine Ausarbeitung liefern) Es ist unsere Aufgabe, die Tranparenz zu erhöhen , da solch eine lachhafte Bewertung weder im Sinne der Aktieneigentümer noch im Sinn von Borussia Dortmund sein kann.( noch im Sinne irgendeiner gelisteten Firma)
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