SAP Reports Middling 2Q Results; Increased 2020 Cloud Targets; Raising FVE Slightly to EUR 91
Narrow-moat SAP reported run-of-the-mill second-quarter results, with both revenue and net income modestly below our expectations. However, we are raising our fair value estimate to EUR 91, based on increased long-term cloud targets. Management attributed the weakness in the quarter to a tough foreign exchange environment as well as the push-out of a number of large deals into the third and fourth quarters, giving them confidence to raise full-year guidance. On top of this, the prevailing news o...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.
We have operations in 27 countries.
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