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.
>Definitive accounts confirm quality of Q1 results - SAP reported its definitive Q1 2021 results this morning. In detail, these figures confirm the good quality of its preliminary results and of its commercial momentum:- Qualtrics posted a sharp improvement in its growth in Q1 2021 (+45% of cloud revenues vs 36% y-o-y in Q4 2020), which also earned it a gain of 23% last night in the US market. - Growth in maintenance (flat on cc) was affected by the weak sho...
RETAIL & E-COMMERCE Food Delivery: Hunger Games Initiation of coverage Delivery Hero | BUY, EUR158 Initiation of coverage Just Eat Takeway.com | SELL, EUR78 In a food industry shaken by the ever-increasing search for practicality and naturalness, the online takeaway/meal delivery market seems to us very attractive. All the more so in a post-Covid environment where the adoption rate of restaurants and consumers to online takeaway/meal delivery platforms gained several years.
CASINO GUICHARD - SELL | EUR22(-24%) H1 top line under pressure with self-help preserving EBITDA Poor Q1 LfL in France, materially below our expectations Q2 LfL will remain under pressure but self-help will drive EBITDA Some asset disposals still needed to meet the Dec 2021 covenant Sell reiterated
Software How have industrial software companies fared since early 2020? Since early 2020: growth has been faster for US Co. than for EU ones Q1 results takeaway: growth is still sluggish but improving Acceleration of growth: generally not observed nor guided thus far Valuation multiples have nonetheless expanded since the beginning of 2020 Are current valuation multiples sustainable? We confirm our Conviction Buy rating on Nemetschek Dassault Systèmes: Buy reiterated Materialise : Buy reiterated
MATERIALISE - BUY | USD45 VS. USD43 (+46%) Turnaround coming faster than planned We reiterate our Buy rating and have raised our target price to USD45 Q1 results were way above expectations Upbeat Q2 revenue guidance more than encouraging for 2021
CAPGEMINI - BUY | EUR202(+33%) Market conditions are improving at a faster pace than expected We reiterate our Buy rating, as market conditions are improving Q1 2021 revenues were 4% ahead of expectations Management confident to exceed the mid-point of FY21 sales guidance
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