BVB-share: Close Brothers Seydler Research AG recommends 'buy'

Borussia Dortmund GmbH & Co. KGaA / Key word(s): Research Update

23.05.2013 / 16:54

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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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Language:    English                                               
Company:     Borussia Dortmund GmbH & Co. KGaA                     
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             44139 Dortmund                                        
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Phone:       0231/ 90 20 - 746                                     
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