SAP : Une publication difficile qui nous conforte dans notre opinion négative
>Activité commerciale affectée par l’Asie et le IaaS - SAP a publié hier matin un CA T2 2019 de 6.66 Md€ en croissance de +8.0% à cc. Hors Qualtrics la croissance org. Ressort, selon nos estimations, à c. +6%, soit une performance sensiblement inférieure à nos attentes (ODDO BHF : +8% org.) et marquant un net ralentissement par rapport au T1 (+9.4% y/y org.). Cette contreperformance est principalement liée aux ventes de licences, qui sont en baisse de 6% y/y org. (ODD...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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