SAP: More growth and investment…and more profit from 2023 as planned | BUY | EUR145 VS. EUR139 (+17%)
SAP - BUY | EUR145 VS. EUR139 (+17%)More growth and investment…and more profit from 2023 as planned
We reiterate our Buy rating and raise our TP to EUR145 from 139
Cloud revenue growth acceleration is confirmed quarter after quarter
We are confident in Cloud & Software sales slightly exceeding guidance
Despite investments, we consider 2025 profit goals will be exceeded
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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