Analyst Research Report Snapshot

Title:

BORUSSIA DORTMUND - BRAND APPEAL

Price:

$10.00

Provider:

Edison Investment Research

Date:

10 Jul 2014

Pages:

3

Type:

AcrobatPDF

Companies referenced:

BVB.DE

Available for Immediate Download
Summary:

Evonik’s consolidation of its partnership with Borussia Dortmund is a strong endorsement of management’s development of the BVB brand. Long-term extension of its leading sponsorship agreement enhances Dortmund’s revenue security while c €26m proceeds from Evonik’s new 9% stake will address a current spike in net player spend. The prospect of further partnerships, secured by capital increases, is welcome in terms of cash and the scope for a step-change in profit even if a stated readiness to extend ownership in quick order risks looking opportunistic.

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