SAP: Acquisition of Qualtrics successfully closed | BUY | EUR121 vs. EUR115
SAP - BUY | EUR121 vs. EUR115 (+32%)Acquisition of Qualtrics successfully closed
Qualtrics projected a forward sales growth rate above 40%
The high EV/sales multiple is justified by revenue synergies
We expect the deal to be EPS-neutral in 2020, then accretive
We raise our DCF-derived fair value to EUR121 from EUR115
ResApp Health is engaged in developing, manufacturing and marketing health related diagnostics and developing Co.'s intellectual property. Through its subsidiary, Co. is engaged in manufacturing and selling test kit for monitoring HIV viral load and the response of HIV infection to drug therapies (HIV viral load assays and HIV drug resistance assays).
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.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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