EMEA Drives Strong Cloud Results in SAP’s 1Q; Raising FVE, but Shares Look Rich
SAP delivered solid first-quarter results, buoyed by strong cloud growth and better-than-expected new license sales. The company continues to deliver strong S/4HANA customer metrics, though we have long-term concerns over SAP’s insistence on selling on-premises licenses rather than pursuing a more aggressive cloud migration strategy for its flagship business application business. Still, the company remains a powerful vendor in application software, and we will maintain our narrow moat rating. Af...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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