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SAP.N

ISIN: US8030542042
SEDOL: 2775135

Rating:

HOLD

Target Price:

48.57 USD

Investment Horizon:

6 to 24 months
27th Jan 2010 View Report   Download

4Q 09 News Alert

SAP AG (SAP) reported a sequential improvement in revenues reflecting more than the usual seasonal movement, with software product revenues in particular performing more strongly. Despite citing ongoing uncertainty among customers, the company has guided for a return to revenue growth in FY 2010. In addition, we are positive about the company's plan to expand its product reach through takeovers. Although not intending to take any further…

27th Nov 2009 View Report   Download

3Q 09 Update Report

SAP reported a decline in revenues, while for its cost cutting initiatives, net income reported a sharp increase. SAP expects the operating environment to remain challenging in FY 2009, and therefore has given conservative guidance for the year. SAP's potential customers are still cautious on software spending. Hence outlook the for the company's Business software products is still gloomy despite signs of economic recovery worldwide....

28th Oct 2009 View Report   Download

3Q 09 News Alert

SAP AG (SAP) reported sluggish revenue growth in 3Q 09, below our estimates due to a fall in Product and Professional services revenues. Despite signs of a global economic recovery, SAP's results indicate that the macroeconomic environment continued to depress demand for its software products and services. Going forward, even though an economic recovery may infuse organic growth in other segments of the company, we continue…

18th Aug 2009 View Report   Download

2Q 09 Update Report

SAP expects the operating environment to remain challenging in FY 2009, and is therefore intensifying efforts to manage costs in order to mitigate the impact on margins. The company expects restructuring expenses of approximately €200 mn in FY 2009, which is expected to result in a reduction in personnel expenses in FY 2010. On account of prevailing economic conditions, SAP is finding it difficult to increase its customer base....

29th Jul 2009 View Report   Download

2Q 09 News Alert

SAP AG (SAP) reported a y-o-y decline in 2Q 09 top-line, led by a fall in Product and Professional services revenues on account of a weak macroeconomic environment which continued to impact demand for software products and services across all geographies. Profitability however improved due to strong efficiency and restructuring measures. However although we expect the weak demand scenario to continue to affect top-line growth, we are optimistic regarding the…