Report
Gregory Ramirez

SAP | BUY | EUR162 vs. EUR137 Accelerating the cloud strategy without sacrificing margins

SAP | BUY | EUR162 vs. EUR137
Accelerating the cloud strategy without sacrificing margins
We raise our Fair value to EUR162 on improved risk profile
Qualtrics can accelerate its growth potential through an IPO
Future strategy will be focused on Industry cloud solutions
Free cash flow resists better than expected as of April
Underlying
SAP SE

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.

Provider
Bryan Garnier
Bryan Garnier

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.

Analysts
Gregory Ramirez

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