Report
Nicolas David

SAP : L’upside sur le FCF compense le flou stratégique lié à Qualtrics

>Une publication sans trop de surprises - SAP a publié hier matin ses résultats T2 2020 définitifs, confirmant les bons chiffres pre-annoncés le 8 juillet dernier. Le rapport financier fait ressortir les détails suivants : i/ dans le Cloud, Qualtrics réalise une bonne performance (+34% y/y à cc). Le Business Network affiche une croissance de +19% à cc, notamment pénalisé par les revenus transactionnels de Concur (dont le CA est en baisse de -5% à cc) et de Ariba ; ii/...
Underlying
SAP SE

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Nicolas David

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