BVB-share: Bankhaus Lampe and GSC Research recommend unchanged 'Hold'Borussia Dortmund GmbH & Co. KGaA:
Borussia Dortmund GmbH & Co. KGaA / Key word(s): Research Update
The Bankhaus Lampe KG, Düsseldorf, and the GSC Research GmbH, Düsseldorf, have published respectively new research studies dated September 23rd and October 21st,2009, and issued again an unchanged 'Hold' recommendation.
The business policy to reconcile economic rationality with sportive competiveness is sustainable. The market value of some licence players increased due to the positive sportive development. Missing the qualification for the UEFA Europa League 2009/2010 however denies access to further revenues. Moreover the financial crisis and the worse market environment impinge on sponsoring revenues.
Therefore a significant chart-development can only be expected in the event of a sustainable qualification for an international UEFA competition.
For further information please see the column 'capital markets view' under www.borussia-aktie.de.
Dortmund, October 21st, 2009
Borussia Dortmund GmbH & Co. KGaA Borussia Dortmund Geschäftsführungs-GmbH
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