Report
Gregory Ramirez

SAP: Off to a good start in 2021 | BUY | EUR133(+19%)

SAP - BUY | EUR133(+19%)
Off to a good start in 2021

We reiterate our Buy rating with a target price of EUR133
Outperformance in Q1 stemmed from licence sales and operating costs
FY21 revenue guidance is slightly raised, but not operating profit
Core business refocus is confirmed with a JV on Financial Services
Underlying
SAP AG

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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