SAP is engaged in selling licenses for software solutions and related support services. Co. derives its revenue from fees charged to its customers for the use of its cloud solutions and for licensing of on-premise software products and solutions. Additional sources of revenue are support, professional services, development, training, and other services. Co. has more than 300,000 customers in over 180 countries. Co.'s SAP HANA platform holds the ability to simplify both the user experience and the overall IT landscape, creating a smaller data footprint, increased system throughput, and easier data processing and operation.
  • Ticker716460
  • ISINDE0007164600
  • SectorSoftware & Computer Services
  • CountryGermany

Analysts

Alain William ...
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olivier Lebrun
  • Roland Pfaender
  • Sylvain Goyon

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/07/2019

A plus de 3 écarts types de la moyenne 10 ans, l’écart de PE value-growth n’a jamais été aussi important. La rotation est-elle imminente ? Non si l’on parle d’une rotation « classique » car les moteurs de la surperformance de la croissance (érosion croissance BPA, taux faibles, ralentissement macro) sont encore allumés. Oui si l’on change de perspective en favorisant le segment « value » de l’univers croissance/ qualité. Notre scoring met en avant Personal & Household goods, Healthcar...

Alain William ...
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olivier Lebrun
  • Sylvain Goyon

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/19/2019

At over three standard deviations from the 10-year average, the P/E value-growth gap has never been so great. Is rotation imminent? Not if we speak about a “classic” rotation since the drivers causing growth to outperform (erosion in EPS growth, low rates and a macroeconomic slowdown) are still running. But the answer is yes if we change perspective by favouring the “value” segment of the growth-quality universe. Our scoring highlights personal & household goods, healthcare, oil, util...

Gregory Ramirez

SAP: Q2 2019 call feedback: the route is traced out | BUY - Top Picks | EUR153

SAP - BUY - Top Picks | EUR153 Q2 2019 call feedback: the route is traced out Asia is not a real concern, while a rebound is expected in Q3 All engines are there for a 5ppt operating margin increase by 2023 Higher-than-expected non-recurring items are justified No change to our Top Pick investment case

Charles Lepetitpas ...
  • Nicolas David

SAP : A poor set of earnings, lending weight to our negative stance

>Commercial activity undermined by Asia and IaaS - SAP yesterday morning reported Q2 2019 sales of € 6.66bn, up +8.0% on constant currencies. Excluding Qualtrics, organic growth came in, by our estimates, at around +6%, i.e. well short of our expectations (ODDO BHF: +8% in organic terms) and a much slower pace than Q1 (+9.4% y-o-y in organic terms). This poor performance was mainly driven by licensing sales, which came in -6% y-o-y organically (ODDO BHF: -2%). Managem...

Charles Lepetitpas ...
  • Nicolas David

SAP : Une publication difficile qui nous conforte dans notre opinion négative

>Activité commerciale affectée par l’Asie et le IaaS - SAP a publié hier matin un CA T2 2019 de 6.66 Md€ en croissance de +8.0% à cc. Hors Qualtrics la croissance org. Ressort, selon nos estimations, à c. +6%, soit une performance sensiblement inférieure à nos attentes (ODDO BHF : +8% org.) et marquant un net ralentissement par rapport au T1 (+9.4% y/y org.). Cette contreperformance est principalement liée aux ventes de licences, qui sont en baisse de 6% y/y org. (ODD...

SAP SE: Key Facts and Statistics - FYE December 2018

A summary company profile detailing SAP SE’s business operations and financial highlights

SAP SE - March 2019 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

SAP SE - December 2018 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

SAP SE: Restructuring program delays deleveraging to 2020 following Qualtrics acquisition

This report comments on how higher restructuring and other charges in 2019 will weigh on Moody's-adjusted debt/EBITDA for the year.

Moody's assigns A2 ratings to SAP's new notes

Moody's Investors Service has today assigned A2 ratings to the new notes issued by SAP SE (SAP). A full list of affected ratings can be found at the end of this press release. SAP is issuing a mix of floating and fixed rate notes with varying maturities with a total expected volum...

Alain William ...
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olivier Lebrun
  • Roland Pfaender
  • Sylvain Goyon

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/07/2019

A plus de 3 écarts types de la moyenne 10 ans, l’écart de PE value-growth n’a jamais été aussi important. La rotation est-elle imminente ? Non si l’on parle d’une rotation « classique » car les moteurs de la surperformance de la croissance (érosion croissance BPA, taux faibles, ralentissement macro) sont encore allumés. Oui si l’on change de perspective en favorisant le segment « value » de l’univers croissance/ qualité. Notre scoring met en avant Personal & Household goods, Healthcar...

Alain William ...
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olivier Lebrun
  • Sylvain Goyon

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/19/2019

At over three standard deviations from the 10-year average, the P/E value-growth gap has never been so great. Is rotation imminent? Not if we speak about a “classic” rotation since the drivers causing growth to outperform (erosion in EPS growth, low rates and a macroeconomic slowdown) are still running. But the answer is yes if we change perspective by favouring the “value” segment of the growth-quality universe. Our scoring highlights personal & household goods, healthcare, oil, util...

Gregory Ramirez

SAP: Q2 2019 call feedback: the route is traced out | BUY - Top Picks | EUR153

SAP - BUY - Top Picks | EUR153 Q2 2019 call feedback: the route is traced out Asia is not a real concern, while a rebound is expected in Q3 All engines are there for a 5ppt operating margin increase by 2023 Higher-than-expected non-recurring items are justified No change to our Top Pick investment case

Charles Lepetitpas ...
  • Nicolas David

SAP : A poor set of earnings, lending weight to our negative stance

>Commercial activity undermined by Asia and IaaS - SAP yesterday morning reported Q2 2019 sales of € 6.66bn, up +8.0% on constant currencies. Excluding Qualtrics, organic growth came in, by our estimates, at around +6%, i.e. well short of our expectations (ODDO BHF: +8% in organic terms) and a much slower pace than Q1 (+9.4% y-o-y in organic terms). This poor performance was mainly driven by licensing sales, which came in -6% y-o-y organically (ODDO BHF: -2%). Managem...

Charles Lepetitpas ...
  • Nicolas David

SAP : Une publication difficile qui nous conforte dans notre opinion négative

>Activité commerciale affectée par l’Asie et le IaaS - SAP a publié hier matin un CA T2 2019 de 6.66 Md€ en croissance de +8.0% à cc. Hors Qualtrics la croissance org. Ressort, selon nos estimations, à c. +6%, soit une performance sensiblement inférieure à nos attentes (ODDO BHF : +8% org.) et marquant un net ralentissement par rapport au T1 (+9.4% y/y org.). Cette contreperformance est principalement liée aux ventes de licences, qui sont en baisse de 6% y/y org. (ODD...

1 director sold

A director at SAP Se sold 61,137 shares at 113.798EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board membe...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Bruno Cavalier
  • Charles Lepetitpas
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Nicolas David
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/15/2019

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Bruno Cavalier
  • Charles Lepetitpas
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Nicolas David
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/07/2019

...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Louis Boujard
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Roland Pfaender
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/16/2019

...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Louis Boujard
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Roland Pfaender
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/05/2019

...

Alain William ...
  • Alexandre Iatrides
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Harald Eggeling
  • Jean Sassus
  • Johanna Jourdain
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Nicolas David
  • Olivier Lebrun
  • Philippe Ourpatian
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/09/2019

...

SAP

SAP

SAP

ValuEngine Toronto Quantitative Stock Report for SAP

ValuEngine Toronto Quantitative Stock Report for SAP

ValuEngine Toronto Quantitative Stock Report for SAP

ValuEngine Toronto Quantitative Stock Report for SAP

David Vignon ...
  • Gregory Ramirez

Software & IT services: Q3 2019 Top Picks: SAP and Sopra Steria Group

Software & IT services Q3 2019 Top Picks: SAP and Sopra Steria Group European IT stocks continued to outperform in Q2 2019 We expect no significant trend changes in Q3 2019 SAP remains a Top Pick on the back of defensive features We add Sopra Steria to our Top Pick list on surprise potential

MarketLine Department

Amdocs Limited - Strategy, SWOT and Corporate Finance Report

Summary Amdocs Limited - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Amdocs Limited (Amdocs or ‘the company’) is a technology company that provides software and services. Its services include software services, and implementation of business support systems and operational support systems (BSS and OSS). Its services are enabled with latest technologies such as...

Gregory Ramirez

Software & IT services: Q2 2019 Top Picks: SAP, for both growth and resilience

Software & IT services Q2 2019 Top Picks: SAP, for both growth and resilience European IT stocks benefited from a sharp rebound in Q1 2019 We expect they will benefit from positive trends in Q2 2019 We raise SAP to a Top Pick status on the back of defensive features

MarketLine Department

PTC Inc. - Strategy, SWOT and Corporate Finance Report

PTC Inc. - Strategy, SWOT and Corporate Finance Report Summary PTC Inc. - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights PTC Inc. (PTC or 'the company') is a global provider of software and services that help companies design, manufacture, operate, and service their products. The company provides technology platforms and solutions for smart and connected systems...

MarketLine Department

Fonterra Co-operative Group Ltd - Strategy, SWOT and Corporate Finance Report

Fonterra Co-operative Group Ltd - Strategy, SWOT and Corporate Finance Report Summary Fonterra Co-operative Group Ltd - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Fonterra Co-operative Group Limited (Fonterra) is a global dairy nutrition company that produces and markets powdered and flavored milks, ready-to-drink milks, yoghurts, iced coffee, cheeses, sprea...

Expert Corporate Governance Service (ECGS)

SAP - AGM 15 May 2019

Item 5: We recommend opposing the re-election of KPMG as auditor. While we have no concerns over the ratio of non-audit/audit fees we note that KPMG has audited the Company since the financial year 2002 which exceeds our maximum acceptable term of office of 10 years in case no audit tender has taken place after the initial engagement period which has not been disclosed by the Company.  Items 6a, 6b, 6e, 6f and 6g: We recommend to oppose the re-election of various Board members due to concerns over aggregate time commitments or independence concerns.

SAP SE – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Dave Nicoski ...
  • Ross LaDuke

Int'l Macro Vision: Global Equity Strategy

Int'l Equity Strategy Global equities staged an impressive rally over the first four months of 2019. The nearly unabated advance allowed the broad major indexes (MSCI ACWI, ACWI ex-US, and EAFE) to break topside critical 14-month downtrends which began in January 2018. Heading into May, YTD uptrends were ubiquitous and market participants were generally of the belief that a US-China trade deal was a foregone conclusion. Then came Trump's May 5th tweets claiming China was attempting to renegotiate, and that tariffs would increase from 10% to 25%. The tariff escalation contributed to uptrend br...

Jérôme VINERIER

Short term view - SAP AG VZ : Falling prices.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €87.70. The bearish trend would be challenged above €108.30.

Jérôme VINERIER

Analyse court terme - SAP AG VZ : Les prix baissent.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 87,70 €. La tendance baissière serait remise en cause au-dessus de 108,30 €.

Jérôme VINERIER

Analyse court terme - SAP AG VZ : Le mouvement se poursuit.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 87,70 €, puis 81,00 €. Le franchissement de 108,30 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Short term view - SAP AG VZ : The movement goes on.

The trend is bearish. The movement goes on. The next target is at €87.70, then €81.00. Passing €108.30 would question the continuation of the fall.

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