DAX analysis: These European Championship sponsors benefited the most from the 2024 European Championships
The 2024 European Championships not only made football fans’ hearts beat faster, but also boosted the share prices of some sponsors. Companies such as Atos, Deutsche Telekom and BYD recorded noticeable share price gains during the tournament, impressively underlining the immense economic impact and global reach of this major sporting event.
At the Berlin School of Business and Innovation (BSBI), we analysed how the share prices of the ten official listed European Championship sponsors developed over the course of UEFA EURO 2024. To do so, we analysed the percentage change on the day after the tournament compared to the opening match day as well as the price fluctuations of the sponsors’ securities over the course of the entire championship.
Four of the ten sponsors set daily records after a Germany match
The increase in the value of some companies on the day after a Germany match is particularly striking: Adidas, BYD, Deutsche Telekom and Ergo each recorded their highest daily gain on the day after a match involving the ‘Nagelsmann squad’. Adidas, which is still a DFB outfitter, recorded its biggest daily gain (2.88 per cent) after the German national team’s 2:0 win against Hungary on 20 June. BYD set its own record with a daily gain of 1.99 per cent on Monday after the German team’s 5:1 victory in the opening match; Deutsche Telekom’s biggest daily gain followed the national team’s draw against Switzerland (1.18 per cent). The insurance company Ergo recorded its biggest daily gain (3.03 per cent) following the DFB team’s elimination in the quarter-finals.
Non-match days for all teams have a conspicuously poor effect on the performance of sponsor securities. The companies BYD, Hisense and Lidl suffered their biggest daily losses on football-free days. Booking.com, Coca-Cola Zero and Deutsche Telekom recorded their highest daily losses on the day after a match-free period.
IT service provider Atos is the stock market winner
With an overall increase of 79.47 per cent, the French company Atos is the biggest beneficiary of the European Championships in first place in the ranking. The company recorded its highest daily percentage gain six days after the start of the European Championships (19 June 2024), on the day of the German national team’s 2:0 victory over Hungary, with an increase of 42.11 per cent. Deutsche Telekom was in second place with an increase in value of 5.53 per cent, followed by Chinese car manufacturer BYD (4.47 per cent). The telecommunications company Deutsche Telekom achieved the most positive daily results: the Group recorded an increase in share value on 9 out of 22 match days.
Chinese electronics group Hisense emerges from EM24 as the loser
Compared to the opening match day, Hisense’s share price fell the most at the end of the tournament (- 30.04 per cent). Lidl suffered the second-largest loss (- 3.28 per cent), followed by beverage manufacturer Coca-Cola Zero (- 0.05 per cent). Coca-Cola Zero and Hisense recorded the most negative daily results: on 11 out of 22 match days, the stock market value of the companies was below the previous day’s value. Atos not only recorded the biggest daily gain in percentage terms, but also the biggest daily loss — on match day 8 of the European Championship, the Group’s share value on the stock exchange fell by a full 30.98 per cent.
Overall, seven of the ten companies (Adidas, AliExpress and Alipay+, Atos, Booking.com, BYD, Deutsche Telekom, Ergo) can draw a positive balance from their involvement in the 2024 European Championships. Only three companies (Coca-Cola Zero, Hisense, Lidl) did not achieve an increase in the value of their shares.
About the investigation
Google Finance was used to analyse the share prices of the listed UEFA EURO 2024 sponsors on the Frankfurt Stock Exchange in the period between 14 June 2024 and 15 July 2024. The share prices of AliExpress and Alipay+ were analysed together, as they are both represented on the stock exchange by the Alibaba Group. Lidl and Ergo are not independently listed on the stock exchange, which is why the share prices of their respective parent companies Lang & Schwarz and Münchener Rück were analysed. Atos’ large gain is explained by the company’s low share value and the resulting large percentage changes with small absolute changes. Some of the football matches took place on weekends when there is no trading on the stock exchange. In these cases, the following Monday was analysed to gain insight.