Silvia Quandt initiates research coverage of BVB share with a neutral recommendation and a target price of 2.90 EUR

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

10.02.2012 / 10:09

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Silvia Quandt Research GmbH, Frankfurt a.M., initiates research coverage of
BVB share according to its latest research study dated February 7th, 2012
with a neutral recommendation and a target price of 2.90 EUR.

Borussia Dortmund has learned from mistakes in the past and reported
excellent results for the fiscal year 2010/2011. With a solid strategy in
financial terms Borussia Dortmund is on the way to becoming one of the
dominating clubs of the German Bundesliga. The target price of 2.90 EUR is
based on a combination of a peer group and discounted cash flow (DCF) model
and shows a upside price potential of 7%.

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

Dortmund, February 10th, 2012

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                                        
             Germany                                               
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