Adam Crocker presented his in-depth investment thesis on Borussia Dortmund (Germany: BVB) at European Investing Summit 2017.

Borussia Dortmund has a unique franchise in German and European soccer, with recognized commitment to building a competitive, financially sustainable operation. Management has developed Dortmund into a key destination for top young talent to develop and compete at the highest level. The company has significant optionality from geographic expansion, growing popularity of the sport, the sale of emerging stars (such as Dembele), and from further monetizing the BVB brand. The shares recently traded at 10x trailing EV/EBITDA, an attractive valuation for a company with a clean balance sheet, a 100+ year history, a passionate and growing fan base, improving fundamentals, high-quality management, and multiple sources of near-term optionality.

About the instructor:

Adam Crocker, CFA is Founder and Chief Investment Officer of Logbook Investments, a process-focused hedge fund founded in 2016 and seeded by his prior employer. Prior to Logbook, Adam was a co-manager at Metropolitan Capital Advisors, a long/short equity fund founded in 1992. Prior to joining Metropolitan, he was an analyst at Morgan Stanley Investment Management conducting research on behalf of growth and value investment teams. He began his professional career in Leveraged Finance investment banking at JPMorgan. Adam is a 2005 graduate of the Value Investing Program at Columbia Business School and has an undergraduate degree in Economics from Columbia University.

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