SAP: Q2 results and FY22 guidance negatively impacted by the war in Ukraine | BUY | EUR134
SAP - BUY | EUR134Q2 results and FY22 guidance negatively impacted by the war in Ukraine
Non-IFRS operating margin was 1.6ppt below consensus
Cloud metrics remains solid
Continued markdown in licence sales leads to a 3-4% cut in FY22 non-IFRS operating margin guidance
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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