BVB-share: Silvia Quandt Research GmbH recommends anew 'buy'

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

16.11.2012 / 11:27

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The Silvia Quandt Research GmbH, Frankfurt a.M. ('Silvia Quandt'), has
published a research update dated November 15th, 2012, with an anew 'buy'
recommendation (previous: 'buy') and an unchanged target price of 2.95 EUR.

The figures of the first quarter Q1 2012/2013, which were disclosed on
November 14th, 2012, lay in the expected range. Group revenues increased by
one fifth, mainly driven by TV marketing and advertising. The result was
lower than in the previous comparable report period mainly influenced by
higher personal and other operating expenses. Silvia Quandt did not change
its model assumptions for the fiscal year 2012/2013 and therefore
reiterates its 'buy' recommendation with an unchanged target price.

Moreover, Borussia Dortmund held a convincing company presentation at the
Eigenkapitalforum on November 14th, 2012 in Frankfurt a.M.

For further information please see the column 'capital markets view' under
www.bvb.de/aktie.

Dortmund, November 16th, 2012

Borussia Dortmund GmbH & Co. KGaA
Borussia Dortmund Geschäftsführungs-GmbH


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Language:    English                                               
Company:     Borussia Dortmund GmbH & Co. KGaA                     
             Rheinlanddamm 207 - 209                               
             44139 Dortmund                                        
             Germany                                               
Phone:       0231/ 90 20 - 746                                     
Fax:         0231/ 90 20 - 85746                                   
E-mail:      [email protected]                                          
Internet:    www.bvb.de/aktie // www.aktie.bvb.de                  
ISIN:        DE0005493092                                          
WKN:         549309                                                
Listed:      Regulierter Markt in Frankfurt (General Standard);    
             Freiverkehr in Berlin, Düsseldorf, Hamburg, München,  
             Stuttgart                                             
 
 
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