- PartnerCap Securities initiates coverage on Brera Holdings, noting the company’s strong investment potential.
- Brera operates a first-of-its-kind multi-club ownership model as the only publicly traded football group of its kind.
- Shares trade at a discount to peers, suggesting upside potential.
- Portfolio includes men’s and women’s clubs in Italy, North Macedonia, Mozambique, and Mongolia.
- FY2026 revenues projected at $15.2 million, supported by acquisitions such as S.S. Juve Stabia, with insider ownership of 26% providing alignment between management and investors.
Brera Holdings (NASDAQ: BREA), an Ireland-based international holding company focused on expanding its global portfolio of men’s and women’s sports clubs through a multi-club ownership (“MCO”) strategy, has received an Outperform rating from PartnerCap Securities. The firm assigned a price target of $11.50 in a new report, “Kicking off a Global Value Play: Early Entry into the World’s First Public MCO Platform” (https://ibn.fm/zrb0H).
The coverage initiation highlights Brera’s role as the first publicly listed multi-club ownership company, positioning it within an expanding asset class where football franchises are increasingly treated as financial investments. PartnerCap argues that Brera’s current valuation fails to reflect either its recent acquisitions or the broader synergies expected from its portfolio strategy.
PartnerCap estimates Brera will generate $15.2 million in revenue in fiscal year 2026. Based on current trading levels, the company is valued at roughly 1.0x EV/revenue, well below the 2.7x peer average. The $11.50 target reflects a multiple of 2.25x on those projections.
The brokerage firm points to football’s resilience as an asset class. The Ross-Arctos Sports Franchise Index, which tracks franchise valuations across major sports, has returned around 13% annually since 1960, outpacing equities and other traditional benchmarks. Despite downturns such as the early 2000s technology correction and the 2008 financial crisis, football revenues from broadcasting and sponsorships held steady.
Since its NASDAQ listing in 2023, Brera has grown a portfolio of men’s and women’s teams in Italy, North Macedonia, Mozambique, and Mongolia. The strategy emphasizes acquiring undervalued clubs with strong community ties and youth systems, while using centralized oversight to improve efficiency and commercial returns, PartnerCap notes.
In June 2025, Brera completed its largest deal to date, acquiring a 52% stake in Italian Serie B club S.S. Juve Stabia. The EUR 10 million transaction, financed through a mix of cash, shares, and incentives, marked Brera as one of only two MCO operators in Italy’s second division. Juve Stabia’s valuation rose 245 percent, to US$ 32.3 million, after its semifinal run into the Serie A promotion playoffs following a fifth place finish in the 2024/25 regular season, supporting the investment case for Brera’s turnaround model.
Brera also owns Brera Strumica in North Macedonia, a club with access to UEFA Europa and Conference League qualification rounds, and Brera Tchumene in Mozambique, promoted to the top division in 2024. In Asia, Brera manages Brera Ilch FC in Mongolia, providing entry to a fast-growing football ecosystem.
Revenue comes from media rights distributions, tournament prize money, sponsorships, player transfers, and consulting services. The company also invests in academies and grassroots programs, aiming to strengthen talent pipelines and expand fan bases. This model, PartnerCap notes, offers both operating synergies and longer-term monetization opportunities. Player development across clubs can feed into higher-value transfers, while shared branding and sponsorship activation allow scale efficiencies.
A notable feature of Brera is its insider ownership. Around 26% of shares are held by management and core investors, creating a strong alignment of incentives with outside shareholders. PartnerCap cites this as a factor underpinning confidence in the company’s execution.
Football’s broader market context also supports the thesis. Global sports franchise ownership is estimated at $417 billion and projected to grow at more than 8% annually through 2030. Within that, multi-club ownership has gained traction, with nearly 200 clubs worldwide now part of MCO structures.
Brera has raised about $5 million since late 2024, including a preferred share offering and a registered direct sale of Class B shares. Proceeds have funded acquisitions and working capital. The company also executed a 10-for-1 reverse share split in June 2025, restoring compliance with Nasdaq’s minimum bid rule. PartnerCap suggests that as Brera matures, institutional awareness and liquidity could increase.
The investment case for Brera, according to PartnerCap, rests on its ability to expand its club portfolio, integrate operations, and monetize assets over time. Execution on these points could drive both revenue growth and a market re-rating of its shares.
“BREA represents a pioneering effort to professionalize and democratize global soccer ownership, as its unique combination of a scalable MCO model, socially driven mission, and disciplined financial execution positions the company to become a leading architect in the next phase of global sports development,” PartnerCap Securities notes in its coverage report. “With a diversified portfolio, strong regulatory backing, and clear growth roadmap, we believe BREA offers a compelling opportunity for investors seeking exposure to soccer’s expanding global ecosystem and the next wave of asset appreciation in professional sports.”
For more information, visit the company’s website at www.BreraHoldings.com.
NOTE TO INVESTORS: The latest news and updates relating to BREA are available in the company’s newsroom at https://ibn.fm/BREA
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