reports
SAP SE: 2 directors
Two Directors at SAP SE sold 1,517 shares at between 226.312EUR and 226.900EUR. The significance rating of the trade was 75/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two...
- Jan Frederik Slijkerman
A-rated TMT credit investments/Better credits at similar spreads
In this report we evaluate the single-A TMT space. We argue that the notes of Wolters Kluwer, Relx, Swisscom and ASML look attractive. The notes of SAP and Telenor look to trade at fair value. As spread curves trade rather flat, we prefer notes in the belly of the curves. In this note we provide a summary of our general findings, followed by company descriptions.
- Delphine Brault
- Quentin Borie
- Delphine Brault
- Quentin Borie
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Nicolas David
SAP : Strong Q3 earnings at all levels. FY 2024 guidance logically upg...
>Strong top-line growth driven both by better Cloud and on-premise revenue at cc - SAP released its Q3 2024 earnings yesterday evening. At first glance, sales look just in line, at € 8.47bn (VA cons.: € 8.44bn) due to higher-than-expected negative forex and lower Services revenues. But Cloud & Software revenue growth at cc reached a record level of 12% cc (css: 10.5% cc) driven both by a higher Cloud growth (+27% cc or +26% cc excl. Walkme) accelerating vs previous q...
- Nicolas David
SAP : Strong Q3 earnings at all levels. FY 2024 guidance logically upg...
>Strong top-line growth driven both by better Cloud and on-premise revenue at cc - SAP released its Q3 2024 earnings yesterday evening. At first glance, sales look just in line, at € 8.47bn (VA cons.: € 8.44bn) due to higher-than-expected negative forex and lower Services revenues. But Cloud & Software revenue growth at cc reached a record level of 12% cc (css: 10.5% cc) driven both by a higher Cloud growth (+27% cc or +26% cc excl. Walkme) accelerating vs previous q...
- Research Department
INFORME DIARIO 22 0CTUBRE + RDOS. ESPAÑA Y EUROPA 3T’24. IDEAS DESTACA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AENA, ENAGÁS, SACYR, SECTOR BANCOS ESPAÑA. EUROPA: SAP. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 3T’24 que se publicarán en España y Europa en los próximos días. La campaña de resultados toma protagonismo Mal comienzo para una semana marcada por el aluvión de resultados empresariales en Europa y EE.UU...
- Ahmed Ben Salem
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 04/10/2024
Le lock-up de Wendel sur ses titres BVI expire le 6 octobre. Une cession d’actions BVI serait bénéfique à tous, selon nous : i/ pour BVI (Surperformance, OC 33 €), il augmenterait le flottant et la liquidité pour se rapprocher du CAC 40 (2025e) ; ii/ pour Wendel (Surperformance, OC relevé à 110 € vs 100 €), il lui donnerait les moyens de ses ambitions (AM pour tiers, mais aussi investissement direct et soutien M&A au portefeuille) et iii/ pour Wendel-Participations, il permettrait d’e...
- Ahmed Ben Salem
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/04/2024
Wendel's lock-up period for BVI expires on October 6th. As we see it, disposing a block of BVI shares would be a win-win deal. i/ For BVI (Outperform, TP € 33), it would increase the free float and push liquidity closer to the CAC 40 (2025 est.); ii/ for Wendel (Outperform, TP raised to € 110 vs € 100), it would give it the means to meet its ambitions (third-party AM platform, direct investment, and M&A support to its portfolio) and iii/ for Wendel-Participations, it would enable it t...
- Nicolas David
SAP : SAP should prove resilient again but less flamboyant in Q3
>Set for a less flamboyant Q3 than H1 due to the macroeconomy… - SAP is set to report its Q3 2024 results on 21 October after the close of trading. As in previous quarters, the group should be resilient in the face of macroeconomic headwinds as its clients are obliged to carry out the transition towards S/4 Hana in anticipation of the deadline for the end of ECC support (without additional costs) at end-2027. Nevertheless, macroeconomic trends are likely to have an im...
- Nicolas David
SAP : SAP devrait à nouveau se montrer résilient mais moins flamboyant...
>Vers un Q3 moins flamboyant que le S1 en raison de la macro… - SAP publiera ses résultats T3 2024 le 21 octobre après bourse. A l’image des précédents trimestres, le groupe devrait se montrer résilient face aux vents contraires macroéconomiques, notamment car ses clients sont contraints de mener leur transition vers S/4 Hana en anticipation de la deadline de fin de support d’ECC (sans surcoût) fin 2027. Néanmoins, la macro a tout de même un impact sur les revenus dis...
- Research Department
INFORME DIARIO 03 0CTUBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: LAR ESPAÑA, OHLA, ROVI. EUROPA: INFORME ANUAL EURO STOXX 50, SAP, TOTAL ENERGIES. A la espera de novedades en Oriente Medio Las bolsas europeas cerraron muy planas, ya que la depreciación del euro ayudó a capear la mayor prima por riesgo geopolítico. Con todo lo anterior, en el STOXX 600 Energía repitió como el mejor sector (gracias al avance del Brent) seguido por Tecnología mientras que Utilities y Viajes&Ocio terminaron con las mayores correccion...
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Research Department
INFORME DIARIO 25 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: OHLA, SACYR, SANTANDER, TALGO. EUROPA: DHL, PROSUS, SAP. China anima a parte del mercado Los sectores cíclicos de Europa reaccionaron con fuertes subidas al anuncio de estímulos por parte de la Autoridad Monetaria china (PBoC). Así, en el STOXX 600 los mejores sectores fueron R. Básicos y B. Consumo (lujo) frente a Inmobiliario y S. Financieros que sufrieron las mayores caídas. Por el lado macro, en Alemania el IFO de septiembre descendió algo más d...
- Baptiste Salaville
- Chaima Ferrandon
- Jean-Baptiste Rouphael
- Marc Lavaud
- Oddo Sustainability Team
- Sven Edelfelt
GALP GALP ENERGIA SGPS SA CLASS B
CA CARREFOUR SA
HO THALES SA
LISN CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG
FGR EIFFAGE SA
RAND RANDSTAD NV
ENI ENI S.P.A.
RY4C RYANAIR HOLDINGS PLC
VACN VAT GROUP AG
SAP SAP SE
AKZA AKZO NOBEL N.V.
JDEP JDE PEET'S NV
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
- Baptiste Salaville
- Chaima Ferrandon
- Jean-Baptiste Rouphael
- Marc Lavaud
- Oddo Sustainability Team
- Sven Edelfelt
GALP GALP ENERGIA SGPS SA CLASS B
CA CARREFOUR SA
HO THALES SA
LISN CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG
FGR EIFFAGE SA
RAND RANDSTAD NV
ENI ENI S.P.A.
RY4C RYANAIR HOLDINGS PLC
VACN VAT GROUP AG
SAP SAP SE
AKZA AKZO NOBEL N.V.
JDEP JDE PEET'S NV
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
- Nicolas David
SAP : Strong Q2 earnings at almost all levels but no FY 2024 guidance ...
>Q2 revenue in line but strong and reassuring CCB in the current context - SAP released its Q2 2024 earnings yesterday evening. Sales were just in line, at € 8.29bn up 9.8% cc (VA cons.: € 8.26bn up 9.7% cc) with Cloud & software growth of 10.4% cc marginally below expectations (10.7% cc) offset by better growth at the services activity. Cloud growth was roughly in line at 25.2% cc (VA cons.: 25.4%), still penalised by the weak performance from transactional revenues,...
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