SAP : Good operating leverage in the short term but doubts on cloud growth
>Q4 2019 slightly weak at every level - SAP published yesterday morning Q4 2019 sales -1% below expectations (see table in p2). Growth came to +6% on a reported basis, i.e. +4% in organic terms (excluding the contribution from Qualtrics), slightly below our expectations (ODDO BHF: +5% organic;Â no consensus). This mixed performance (the weakest since Q2 2015), is linked to licences down -6% at cc/org. (vs ODDO BHF: -5%) and cloud revenues up +32% at cc (i.e. c. 24...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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