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

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

12.09.2012 / 15:38

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The Silvia Quandt Research GmbH, Frankfurt a.M. ('Silvia Quandt'), has
published a research update dated September 12th, 2012, with - for the
first time - a 'buy' recommendation (previous: 'neutral') and a target
price of 2.95 EUR.

The basic assumption of Silvia Quandt is that Borussia Dortmund will
proceed to UEFA Europa League in its challenging UEFA Champions League
('UCL') group 2012/13. For the current Bundesliga season it is expected
that Borussia Dortmund will secure a rank between 1 and 3, which enables
participation in 2013/14 UCL group stage. Even if the dividend proposal of
0.06 EUR per share was found slightly disappointing, it is further expected
that group sales will increase in the season and fiscal year 2012/2013 by
5.9% to 228.0m EUR, driven by growth in all segments.

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

Dortmund, September 12th, 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                                     
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