SAP : Another major disappointment on FCF. Neutral recommendation vs Buy
>Q4 2018 performance not as good as it seems - At first glance, the group’s Q4 top-line performance looks good: revenues up +13% at constant currency and 3% ahead of expectations, buoyed by licences up +8% and the Cloud, up 40% at constant currency. In fact, services were a major driver of this acceleration (+19% org. y-o-y) and underlying organic growth for licences was -5% (i.e. -5% org. over the full year) restated for inflation in LatAm and IFRS 15, which encourag...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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