The letters are 'SLA' which denote this as a bavarian sports achievement badge (Bayerisches Sport-Leistungs-Abzeichen). It has 'Jugend' at the bottom so clearly this is a badge awarded in the youth section of the organisation. The organisation that awards the SLA is the BAYERISCHER LANDES-SPORTVERBAND E.V., MÜNCHEN which was founded on the 18. July 1945. So, this must be a post-war badge.
Admin Edit: a stickpin version of this badge was posted by Michael in 2015 here.