SAP : Operational leverage obtained once again at the price of weak short term FCF
>SAP does not disappoint on top line expectations - Granted, 2023 was primarily buoyed by the very strong resilience of the on-premises activity (-3% at cc y-o-y vs -7% to -8% anticipated at the beginning of the year) whereas growth of the cloud business (+23% cc) actually came in below the middle of the initial guidance range (22% to 25% cc). However, it should be acknowledged that the good performance delivered by Cloud in Q4 (+25% cc) provides guarantees on the gro...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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