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.
  • TickerSAP
  • ISINDE0007164600
  • SectorSoftware & Computer Services
  • CountryGermany
Oscar Rodriguez

SAP: PREPUBLICACIÓN RDOS. 2T'20 Y CAMBIO DE P.O. A BAJO REVISIÓN (ANÁLISIS BANCO SABADELL)

Rdos. 2T'20 vs 2T'19: Ventas: 6.740 M euros (+1,3% vs n/a BS(e)), EBIT: 1.960 M euros (+7,9% vs -1,3% BS(e)). Rdos. 1S'20 vs 1S'19: Ventas: 13.260 M euros (+3,8% vs n/a BS(e)), EBIT: 3.440 M euros (+4,8% vs -0,3% BS(e)). Ha prepublicado Rdos. 2T’20 (publicará Rdos. Completos el 27/07) por encima de lo esperado en EBIT (+8% vs -1,3% BS(e)) gracias a una sólida mejora en margen (+180 pbs vs 2T’19 y frente a la mala evolución vista en 1T cuando empeoró en -130 pbs), principalmente por menores costes de marketing y ventas. Por divisiones, el crecimiento de ventas en Cloud está en línea con lo esp...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Marc Lavaud
  • Nicolas David
  • Olfa Taamallah
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/09/2020

The increase in Fortum’s stake in Uniper to 73.4% upends the two groups’ strategic priorities. In seeking to maintain an investment grade credit rating, Uniper might have to scale back its ambitions in terms of growth investments. In an environment where rivals are looking ahead to the future, Fortum and Uniper are uniting in adversity. We initiate coverage of Uniper with a Reduce rating and a target price of € 24.30. - Cf. company report published last evening. - ...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Marc Lavaud
  • Nicolas David
  • Olfa Taamallah
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/07/2020

La montée de Fortum au capital d’Uniper à 73.4% rebat les cartes des priorités stratégiques des deux groupes. La volonté de maintenir la note de crédit en catégorie « investment grade » pourrait se traduire par une réduction des ambitions d’Uniper en matière d’investissements de croissance. Dans un environnement où les concurrents se projettent dans l’avenir, Fortum et Uniper sont en train de s’unir dans l’adversité. Nous initions le suivi d’Uniper avec une opinion Alléger et un OC de...

Gregory Ramirez

SAP: Preliminary Q2 2020 results above expectations | BUY | EUR137 vs. EUR136 (+6%)

SAP - BUY | EUR137 vs. EUR136 (+6%) Preliminary Q2 2020 results above expectations Licence sales were way better ahead of expectations Operating cost management was solid in Q2 We raise our Fair Value to EUR137, while outlook is confirmed

Charles Lepetitpas ...
  • Nicolas David

SAP : Q2 2020 results far better than expected

>Solid growth in Q2. Licence activity weaker than expected - Yesterday after close, SAP announced the key elements of its Q2 2020 results. The announced revealed a +3% increase in non-IFRS Cloud & software revenues, which beat expectations (ODDO BHF: +1%e, Vara Research consensus: -0.4%). This performance stems from the relative resilience of the licences activity, which was down -18% y-o-y, i.e. a less negative performance than in Q1 (-31%) and better than our f...

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 23 TO 30 OCTOBER 2019 (ANÁLISIS BANCO SABADELL)

European Portfolio We lower Volkswagen’s weight and raise that of Airbus. European High Yield Portfolio Air Liquide, Allianz, Daimler, SAP & Vivendi No changes this week. Spanish Recommended Portfolio No changes this week. 5-Stock Recommended Portfolio ACS, Caixabank, Cellnex, Ferrovial & Telefónica No changes this week. 5 High-Yield Stock Portfolio Iberdrola, Merlin, Repsol, Santander & Telefónica No changes this week. Mid&Small Recommended Portfolio Applus, CAF, Dominion, Enagás, Ence, Indra, Logista, Másmóvil, Sacyr & Unicaja No changes this week.

Dave Nicoski ...
  • Ross LaDuke

Int'l Macro Vision: Sector Synopsis

Int'l Equity Strategy Global equities were on a tear in early January, continuing the trend that began in 4Q2019. As global equities started to get extended, the coronavirus outbreak hit in mid-January, leading to some market setbacks and deterioration in market indicators as global growth expectations were dialed-in. Despite this deterioration, what was important to us was that there were not any breakdowns. Even the areas of the market most-directly affected by the outbreak -- China (MSCI China) and EM (MSCI EM) -- were not breaking down. To us, this was a reassuring sign of underlying stre...

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.

SAP Se: 1 director bought

A director at SAP Se bought 450 shares at 111.939EUR and the significance rating of the trade was 55/100. 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 members...

Oscar Rodriguez

SAP: PREPUBLICACIÓN RDOS. 2T'20 Y CAMBIO DE P.O. A BAJO REVISIÓN (ANÁLISIS BANCO SABADELL)

Rdos. 2T'20 vs 2T'19: Ventas: 6.740 M euros (+1,3% vs n/a BS(e)), EBIT: 1.960 M euros (+7,9% vs -1,3% BS(e)). Rdos. 1S'20 vs 1S'19: Ventas: 13.260 M euros (+3,8% vs n/a BS(e)), EBIT: 3.440 M euros (+4,8% vs -0,3% BS(e)). Ha prepublicado Rdos. 2T’20 (publicará Rdos. Completos el 27/07) por encima de lo esperado en EBIT (+8% vs -1,3% BS(e)) gracias a una sólida mejora en margen (+180 pbs vs 2T’19 y frente a la mala evolución vista en 1T cuando empeoró en -130 pbs), principalmente por menores costes de marketing y ventas. Por divisiones, el crecimiento de ventas en Cloud está en línea con lo esp...

Gregory Ramirez

SAP: Preliminary Q2 2020 results above expectations | BUY | EUR137 vs. EUR136 (+6%)

SAP - BUY | EUR137 vs. EUR136 (+6%) Preliminary Q2 2020 results above expectations Licence sales were way better ahead of expectations Operating cost management was solid in Q2 We raise our Fair Value to EUR137, while outlook is confirmed

Charles Lepetitpas ...
  • Nicolas David

SAP : Q2 2020 results far better than expected

>Solid growth in Q2. Licence activity weaker than expected - Yesterday after close, SAP announced the key elements of its Q2 2020 results. The announced revealed a +3% increase in non-IFRS Cloud & software revenues, which beat expectations (ODDO BHF: +1%e, Vara Research consensus: -0.4%). This performance stems from the relative resilience of the licences activity, which was down -18% y-o-y, i.e. a less negative performance than in Q1 (-31%) and better than our f...

Charles Lepetitpas ...
  • Nicolas David

SAP : Résultats T2 2020 nettement meilleurs qu’attendu

>Croissance solide au T2. Licences nettement moins faibles qu’attendu - SAP a annoncé hier soir après Bourse les principaux éléments de ses résultats T2 2020. Cette annonce fait ressortir des revenus Cloud & Software non-IFRS en hausse de 3% supérieurs aux attentes (Oddo BHF : +1% ; Consensus Vara Research : -0.4%). Cette performance tient à une relative bonne tenue des ventes de licences, qui sont en baisse de 18% y/y soit un chiffre moins négatif qu’au T1 (-31%...

Research Department

INFORME DIARIO 09 JULIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACS, BANKINTER, COLONIAL, REPSOL. EUROPA: AIRBUS, DAIMLER, SAP Continúa la toma de beneficios Caídas en las principales bolsas europeas de alrededor del -1% ante el incremento del número de contagios de Covid-19 en el mundo. Asia, liderada por China, sigue con el rebote de los últimos días alentada por la recuperación macro y la ausencia de consecuencias notables a la aplicación de la ley de seguridad nacional en Hong Kong. En el Euro STOXX, todos los sectores menos Utilities cerraron en negativo, con Bancos y Construcción mostrando el peor compo...

Moody's announces completion of a periodic review of ratings of SAP SE

Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of SAP SE. Global Credit Research- 29 Jun 2020. Frankfurt am Main, June 29, 2020-- Moody's Investors Service has completed a periodic review of the ratings of SAP SE and other ratings that are associated with the same analytical unit.

Aarti Magan ...
  • Anil Passi
  • Reid Usher

DBRS Morningstar Assigns Rating of BBB (high), Stable Trend, to Saputo Inc.'s New Debt Issuance

Please refer to PDF document for more detail about our research: DBRS Morningstar Assigns Rating of BBB (high), Stable Trend, to Saputo Inc.'s New Debt Issuance

SAP SE - March 2020 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

SAP SE: Key Facts and Statistics - FYE December 2019

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

SAP SE - December 2019 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Marc Lavaud
  • Nicolas David
  • Olfa Taamallah
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/09/2020

The increase in Fortum’s stake in Uniper to 73.4% upends the two groups’ strategic priorities. In seeking to maintain an investment grade credit rating, Uniper might have to scale back its ambitions in terms of growth investments. In an environment where rivals are looking ahead to the future, Fortum and Uniper are uniting in adversity. We initiate coverage of Uniper with a Reduce rating and a target price of € 24.30. - Cf. company report published last evening. - ...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Marc Lavaud
  • Nicolas David
  • Olfa Taamallah
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/07/2020

La montée de Fortum au capital d’Uniper à 73.4% rebat les cartes des priorités stratégiques des deux groupes. La volonté de maintenir la note de crédit en catégorie « investment grade » pourrait se traduire par une réduction des ambitions d’Uniper en matière d’investissements de croissance. Dans un environnement où les concurrents se projettent dans l’avenir, Fortum et Uniper sont en train de s’unir dans l’adversité. Nous initions le suivi d’Uniper avec une opinion Alléger et un OC de...

Alain William ...
  • Alexandre Iatrides
  • Charles Lepetitpas
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Nicolas David

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/16/2020

We reiterate our Buy recommendation on Bolloré, with a revised target price of € 3.8, reflecting upside of 38%. Despite poor visibility, we expect EBITA for Bolloré Transport & Logistics' EBITA to grow solidly as a result of robust growth in the ports business and also tight control of costs (fall in investments). A simplification operation, to increase the stake in Vivendi in the coming quarters, still seems plausible, in our view. - Cf. company report published today. - ...

Alain William ...
  • Alexandre Iatrides
  • Charles Lepetitpas
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Nicolas David

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/06/2020

Nous réitérons notre opinion Achat sur Bolloré avec un nouvel objectif de cours de 3.8 € faisant ressortir un potentiel de 38%. Malgré une faible visibilité, nous tablons sur une progression solide de l’EBITA de Bolloré Transport & Logistics sous l’effet d’une croissance solide de l’activité portuaire et aussi d’un strict contrôle des coûts (baisse des investissements). Une opération de simplification, pour accroitre la participation dans Vivendi, nous semble toujours crédible ces pro...

Alain William ...
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Jean Danjou
  • Jerôme Bodin
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Stephane Houri
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/22/2020

The rise in share prices from the low points raises questions. The arguments in favour, an unprecedented response from states and central banks, the probable reaching of the pandemic peak and the beginning of the lifting of lockdown measures, are known. But a slew of unknown elements (the profits mass post-normalisation, possible epidemic rebound) persist and the macro low point has not yet been reached. A modelling of the time to reach the trough carried out on the last 5 bear marke...

SAP AG sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of SAP AG (DE), a company active in the Software industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date June 16, 2020, the closing price was EUR 118.16 and its potential was estimated at EUR 127.21.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

SAP – AGM 20 May 2020

WARNING: The AGM is to be held in the form of a virtual AGM in accordance with the German Act to Mitigate the Consequences of the COVID-19 Pandemic. The physical presence of shareholders or their authorised proxies is not possible. The voting rights may therefore be exercised solely by way of postal voting or by granting authority to the proxies designated by the Company.   Item 4: We note a high number of changes at Management Board level during 2019 and 2020, especially regarding the CEO position. This new hire-and-fire mentality at SAP leads us to question whether the Supervisory Board op...

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...

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