BVB-share: Bankhaus Lampe and GSC Research recommend unchanged 'Hold'
Borussia Dortmund GmbH & Co. KGaA / Key word(s): Research Update
The Bankhaus Lampe KG, Düsseldorf, and the GSC Research GmbH, Düsseldorf, have published respectively new research studies dated January 28th and 30th ,2009, and issued again an unchanged 'Hold' recommendation. The profit in the first quarter of the financial year 2008/2009 can be deemed as a basis for sustainable growth. Due to long-term sponsorship agreements and a clarification of the future marketing of TV-rights the company possesses stable revenue streams. With regard to the sportive perspectives the Borussia football team improved its stability compared to the previous season. Nevertheless the BUNDESLIGA is facing a severe competition so that a qualification for an international cup competition can not be easily forecasted. The current financial crisis and the worse market environment would finally cause a decrease of the share price target.
For further information please see the column 'capital markets view' under www.borussia-aktie.de.
Dortmund, January 30th, 2009
Borussia Dortmund GmbH & Co. KGaA Borussia Dortmund Geschäftsführungs-GmbH
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