Update to forecasts following disposal of Qualtrics
Following the announcement of an agreement for the acquisition of Qualtrics (in which SAP has a 71% stake) by Silver Lake and CPPIB for an equity value of USD12.5bn on a fully diluted basis, we have raised our DCF-derived PT to EUR136 from EUR134 and reiterate our Buy rating. We estimate the deal wSAP 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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