Oddo BHF - SAP SE (SAP) SAP : Risk/reward incertain après la forte hausse du consensus et des multiples

Report

Oddo BHF

Nicolas David

SAP : Risk/reward incertain après la forte hausse du consensus et des multiples

>Preview T1 : solide sur la topline. Plus mitigé sur les marges et le FCF - SAP publiera ses résultats T1 2024 le lundi 22 avril après Bourse, avec une conf call à 11pm CET. De nos derniers échanges avec la société nous retenons les éléments suivants : 1/ la croissance du CA devrait être solide, portée par une bonne croissance Cloud hors revenus transactionnels, convergeant vers la croissance du Current Cloud Backlog ou CCB (+27% au T4 2023), partiellement compensée p...

15/04/2024 1 FR

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.

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DE0007164600 Germany

Provider

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.

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Analysts

Nicolas David

Other Reports on these Companies

Oddo BHF

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/23/2024

In the run-up to the 2024 Summer Olympic Games and Euro 2024 football tournament, we have identified six stocks to favour: JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield and easyJet. While these two major sporting events are not expected to have a significant impact on the host economies in the medium term, the microeconomic and sectoral impacts should be more marked. The tourism, transport, beverages and consumer goods sectors are expected to be the main winners. Some med...

April 23, 2024 April 23, 2024 1 EN

Oddo BHF

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/04/2024

En amont des Jeux Olympiques d’été et de l’Euro de football 2024, nous identifions 6 valeurs à privilégier : JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield et easyJet. Alors que ces deux évènements sportifs majeurs ne devraient pas avoir d’impact significatif sur les économies hôtes à moyen terme, les impacts microéconomiques et sectoriels devraient être plus marqués. Les secteurs du tourisme, des transports, des boissons et des biens de consommation devraient être les pr...

April 23, 2024 April 23, 2024 1 FR

ING Financial Markets

Coffee, Croissants & Credit/Verizon, SAP, Covivio

Telecom: Verizon reports mixed 1Q24 results

EUR 93.41

April 23, 2024 April 23, 2024 1 EN

Capgemini : Q1 cc growth of -3.3%, in line with expectations. FY 2024 guidance reiterated, confirming the growth trough is in the rear view mirror

>Q1 y-o-y cc growth of -3.3% in line with expectations. Decent bookings - Q1 2024 sales came to € 5,527m down -3.3% at cc. This figure is just in line with expectations in reported terms and +20bp above at cc (vs ODDO BHF: € 5,518m, down -3.6% y-o-y cc; Css: € 5,527m down -3.5% y-o-y cc). Organic growth came to -3.6%, +20bp above Css expectations (vs ODDO BHF: -4.0% y-o-y org and Css at -3.8% y-o-y org), a slowdown vs Q4 2023 (-0.9%). This implies q-o-q org. growth of...

3m 3m 1 FR

Gautier Le Bihan

Gautier Le Bihan

WAGA ENERGY : Results in line with forecasts, underpinned by robust commercial momentum

>2023 results in line with our expectations - Yesterday evening, Waga Energy published its FY 2023 results. As a reminder, 2023 sales were € 33.3m, i.e. a 74% increase vs 2022 (2022 sales at € 19.2m). EBITDA was down by € 1.6m to -€ 4.8m (vs -€ 3.2m in 2022) in line with our forecasts. H2 2023 EBITDA was -€ 1.7m, up sharply vs H1 2023 (-€ 3.1m). EBIT fell to -€ 14.5m (vs -€ 8.2m in 2022), a shade below our forecast. Lastly, the group reported a net loss of -€ 16m (...

9m 9m 1 EN

Delphine Brault ... (+2)

Delphine Brault
Quentin Borie

Rexel : Q1 sales a shade below forecasts, which should mark a low point in 2024, guidance confirmed

>Q1 2024 sales: -4.6% on a same-day basis - This morning, Rexel published Q1 2024 sales of € 4,707m, down 4.5% on a reported basis. On a same-day basis, sales were down 4.6% (consensus at -3.9%), notably penalised by a very marked decline of activity in Europe (-6.9%) due to the Nordic countries (-19.9%), Germany (-10.1%) and Benelux (-10.6%). China saw sales decline by close to 20% over the quarter. France and North America proved more resilient (-1.9% and -1.1% res...

27m 27m 1 EN

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SAP : Risk/reward incertain après la forte hausse du consensus et des multiples

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/23/2024

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/04/2024

Coffee, Croissants & Credit/Verizon, SAP, Covivio

Capgemini : Q1 cc growth of -3.3%, in line with expectations. FY 2024 guidance reiterated, confirming the growth trough is in the rear view mirror

WAGA ENERGY : Results in line with forecasts, underpinned by robust commercial momentum

Rexel : Q1 sales a shade below forecasts, which should mark a low point in 2024, guidance confirmed

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