SAP: Feedback from Sapphire Now 2018: will the Suite win again in CRM? (
SAP: (BUY, Fair Value EUR114 vs. EUR112 (+15%))Feedback from Sapphire Now 2018: will the Suite win again in CRM?
We reiterate our Buy rating and uptick our DCF-derived fair value to EUR114 from EUR112 on recent fx moves. From 5th to 7th June, SAP is holding its Sapphire Now 2018 users’ conference in Orlando. The key takeaways from the analysts’ meeting and discussions with SAP and key members of the ecosystem were that: 1) the launch of C/4HANA is much more than simple CRM rebranding; 2) there is room for sustainable strong cloud revenue growth; 3) margin turnaround is confirmed.
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.
Sapec engages in a variety of activities, including the following: Crop Protection, which consists of the post synthesis, the solid and liquid formulation, the packaging and the distribution; Crop Nutrition, which involved in the production and sale of products providing integral solutions; Chemicals Products and Environment, which involved in the production, the packaging and distribution of chemical products; Agro Commodities Distribution, which importing and distributing raw materials; Logistics, which includes two port terminals and the multipurpose land-based terminals; and Renewable Energy, which produces renewable energy from Hydro, wind and sun sources.
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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