SAP : Uncertain risk/reward profile after sharp upward revision of consensus and multiples
>Q1 preview: solid on the top line. More mixed on margins and FCF - SAP is due to report its Q1 2024 results on Monday, 22 April after the market close, with a conference call scheduled for 11 p.m. CET. The key takeaways from our most recent discussions with the company are: 1/ revenue growth is set to be solid, driven by robust Cloud growth excluding transactional revenues, converging towards Current Cloud Backlog (current cloud backlog i.e. CCB) growth (+27% in Q4 2...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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