BVB-share: Close Brothers Seydler Research AG recommends 'buy'
DGAP-News: Borussia Dortmund GmbH & Co. KGaA / Key word(s): Research Update BVB-share: Close Brothers Seydler Research AG recommends 'buy'
23.05.2013 / 16:54
The Close Brothers Seydler Research AG, Frankfurt a.M. ('CBS Research') today has published a initial coverage research study dated May 23rd, 2013 with a 'buy' recommendation and a target price of 5.00 EUR.
Overall, Borussia Dortmund has established an attractive business model around the core product football which is superior in many respects as it enables to remain highly innovative while keeping at the same time operating expenses on a manageable level. In the long-term perspective, CBS Research conservatively forecast the EBIT-margin to be at around 15%. BVB should achieve this through stabilisation of revenues at a much higher level after the establishment of BVB again as a top contender in European football. Hence, BVB is clearly underrated versus its closest peers in the sector 'sports & entertainment'.
For further information please see the column 'capital markets view' under www.bvb.de/aktie.
Dortmund, May 23rd, 2013
Borussia Dortmund GmbH & Co. KGaA Borussia Dortmund Geschäftsführungs-GmbH
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