SAP: Don’t lose sight of revenue seasonality!

BUY, Fair Value EUR73 (+32%)

News published on July Tuesday 2, 2013
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We reiterate our Buy rating and our DCF-derived fair value of EUR73 ahead of Q2 13 results to be reported on 18th July. We are still confident SAP is able to reach FY13 guidance (with or without Hybris), but consider Q2 13 consensus ests. are still bullish compared to the management’s speech heard on revenue seasonality during the Sapphire Now users’ conference in mid-May. As such, we cannot rule out a pre-announcement of the results later this week or next week, which could have a modest negative impact on the share price. However, we contend some positive catalysts will take place in H2 on revenue growth and profitability increase.

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