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SAP has issued a gloomy set of lower than expected Q1 results, particularly in the Asia-Pacific region (after rising for four quarters). SAP’s performance is in line with the latest published results in the sector: IBM, Wipro, Infosys and Oracle have all posted somewhat disappointing results, indicative of a real slowdown in IT spending, particularly in Europe. The success of SAP’s new technologies (HANA, cloud and mobile) is looking increasingly assured, and the group has maintained its 2013 guidance. PLUS rating maintained.
The global leader in business software has produced a set of Q4 and FY 2012 results at the upper end of its guidance, though on the whole in line with the consensus, as already confirmed in its preliminary results announced on 15 January. By geographical region, Europe remains solid, unlike the Americas region (which has slowed after two quarters of strong growth), while Asia continues to be the global growth driver. Although the 2013 outlook is cautious, strong growth in new solutions is set to continue throughout the year.
The world’s No.1 business software company delivered Q3 2012 results that came in slightly ahead of consensus expectations, making up for a modest setback on the margin front (dilution caused by its cloud-computing strategy with the SuccessFactors acquisition and by increased marketing spending). Sales of the new HANA solution, coupled with its Mobile and Cloud Computing solutions, continued on their trajectory of sustained growth. Management upgraded its 2012 outlook to make allowance for the acquisition of Ariba, a profitable company.
The global leader in enterprise software has produced a set of Q2 2012 results in line with its preliminary results announced on 12 July. After a disappointing Q1, sales of new HANA solutions took off during Q2. Note also improved performance in new growth offerings (mobility and cloud computing). One minor disappointment: the operating margin was lower than expected (due to the impact of the acquisition of SuccessFactors). The group has reiterated its 2012 outlook.
The world market leader in enterprise software posted Q1 2012 results in line with the pre-announcement made on 13 April. Slightly disappointing: sales of new HANA solutions were somewhat lower than expected (reorganisation of sales forces in the USA). By geographical area, excluding the Americas, the UK and France were lagging behind slightly. Asia remains the growth driver. Prospects for 2012 have been revised upwards and remain unchanged. SAP is still a leader offering innovative solutions.
With robust and better than expected Q4 and FY 2011 results, and despite relatively cautious 2012 forecasts, SAP can look to the future with confidence thanks to its technological development in three fields: Cloud Computing, Mobile and real time data management. These three specializations will enable the German software publisher to double its addressable market within 5 years. Traditional applications (BI/Analytics, Middleware, ERP suites) will experience more modest but nevertheless resilient growth. With the recent acquisitions of Sybase and SuccessFactors, SAP has strengthened its position in enterprise mobility management and data management (including non-structured), two strategic areas for the successful operation of a 21st century business.
SAP posted excellent results for Q4 2011 and for its last financial year as a whole, markedly ahead of expectations. By geographical area, Europe finally outperformed the Americas while Asia remains the global growth driver. 2012 guidance is cautiously optimistic with the first contributions by SuccessFactors, which was acquired at end 2011. The share valuation is correct in the short-term.
SAP, the market leader in enterprise software, posted excellent results for Q4 2011 and for the year as a whole, markedly ahead of expectations, as already pre-announced on 13 January. By geographical area, Europe finally performed better than the Americas. Asia remains the global growth driver. 2012 guidance is cautiously optimistic with the first contributions by SuccessFactors, which was acquired at end 2011. The share is fairly valued.
As market leader in enterprise software, SAP has posted excellent Q3 2011 results, markedly ahead of expectations, as already pre-announced on 13 October. Every geographical area reported robust performance in Q3. The group was not affected by contract deferrals. However, 2011 guidance remains cautious in a more difficult economic environment, even if SAP has its sights set on the upper end of its target range. Q4 is not at risk; questions will now turn increasingly to 2012. PLUS code unchanged.
After announcing much better than expected H1 2011 results, SAP stressed the fact that it has now reached the upper end of its forecast performance range for 2011. The numbers are encouraging and the tone is resolutely optimistic for the next quarters, which will benefit from the surge in SaaS solution sales and the growth of mobile applications. Reasonable valuation.
The worldwide No. 1 in business software produced excellent results for its Q2 2011, significantly ahead of expectations. The performances by geographical zone were excellent and very well-balanced. The group, which has not suffered from any postponement of contracts, is profiting from the first synergies with Sybase. The very good results of SAP are based above all on classic solutions, whereas the new products will be excellent catalysts for 2012 and 2013. Code PLUS unchanged.
Following the publication of solid 2010 results which were ahead of expectations, SAP has presented its new guidance, revised upwards and including Sybase over a 12 months period. The numbers are encouraging and the resolutely optimistic tone points to a good financial year 2011, which will benefit from the surge in SaaS solutions sales and the growth of mobile applications. The share valuation is still reasonable and is benefiting from the recovery of corporate IT budgets.
This morning, the world leader in business software published slightly better Q4 results than the figures pre-announced on 13 January and well above original expectations overall. Two important points stand out in this publication: the first elements of guidance for 2011 and the amount of the provision set aside for the TomorrowNow (Oracle) litigation. With the publication of encouraging objectives and because of its attractive valuation, SAP is likely to be re-rated in 2011. PLUS code confirmed.
Following the publication of solid H1 results which were fairly well ahead of expectations, but supported by currency exchange effects, SAP presented its new guidance, which includes Sybase. The numbers are reassuring (above consensus expectations), although the operating margin remains unchanged. The share, which still has a reasonable valuation, is benefiting from the recovery of corporate IT budgets. PLUS code unchanged.
The world leader in business software published good Q1 2010 results on the whole, well ahead of expectations, but supported by currency exchange effects (at constant exchange rates, the growth of license royalties is somewhat disappointing, marked by the relapse in Europe). The new guidance, which integrates Sybase, is reassuring (above consensus expectations), while still maintaining the same operating margin level. The share, which continues to offer a reasonable valuation, benefits from the recovery of corporate IT budgets. PLUS code unchanged.
The world No. 1 in business software published much better than expected Q1 results for 2010, strengthening its current dynamic (sales of new licences above forecasts). The group has the best risk/benefit ratio available at present to participate in the recovery of business IT expenditure across the world. The share valuation is still reasonable, with sales momentum that has become positive again and substantial potential for margin recovery. PLUS code maintained.
Following a period of recession, companies are expected to gradually start investing in IT again in 2010 and 2011, notably in the field of applications software. This demand recovery is very favourable to the SAP group which has just launched new products. Technological advances and SMEs also militate in favour of the current SAP strategy. New PLUS code.
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