SAP: Back-end loaded positive catalysts
BUY, Fair Value EUR69 (+21%)
We reiterate our Buy rating following the officialisation of the Hybris acquisition, which provides very modest upside to our adj. EPS ests. (1%) and a leadership position in multi-channel commerce software platforms. While the share price performance has remained sluggish following the modest FY13 product (SSRS) revenue growth guidance revision made after the Q2 13 results, we expect SAP is likely to benefit from better positive momentum from Q4 13 when comps will become easier.
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