Borussia Dortmund GmbH & Co. KGaA / Key word(s): Research Update
The GSC Research GmbH, Düsseldorf, has published a research update dated January 29th, 2010, and has issued again an 'Hold' recommendation.
Borussia Dortmund appears to be weathering the recession comparatively well. The attendance of the home matches is still high and the centennial celebrations had a positive impact on the merchandising business. The economic basis is relatively stable. The business policy of economic rationality and the rejuvenescence of the team in this context has led to a remarkable sporting success as well as a team with sporting prospects. From a capital market view the latter may promise transfer revenues in the future.
For further information please see the column 'capital markets view' under www.borussia-aktie.de.
Dortmund, February 1st, 2010
Borussia Dortmund GmbH & Co. KGaA Borussia Dortmund Geschäftsführungs-GmbH
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