SAP Announces a Hefty Restructuring Plan; Maintain FVE of EUR 88 per Share
The key development from narrow-moat SAP’s fourth quarter earnings call, in our view, was the announcement of a new restructuring plan. We had expected the company would take a restructuring charge north of EUR 500 million in 2019 in conjunction with the closing of the $8 billion Qualtrics deal, closely mirroring a similar charge in 2015 related to the prior year's acquisition of Concur. However, the magnitude of the charge, which will be largely recognized in the first quarter of 2019, was almo...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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