SAP : Un levier opérationnel obtenu au prix d’un FCF une nouvelle fois faible à court terme
>SAP est au rendez-vous des attentes sur sa topline - Certes l’exercice 2023 a surtout été porté par la très bonne résilience du On premise (-3% à cc sur l’année vs -7% à -8% attendu en début d’année) alors que la croissance du Cloud (+23% cc) est finalement inférieure au milieu de fourchette de guidance initiale (22% à 25% cc). Mais il faut bien avouer que la bonne performance du Cloud au T4 (+25% cc) donne des gages concernant la capacité du groupe à mener à bien l...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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