SAP: FY12 conference call feedback: positive catalysts on margins
BUY, Fair Value EUR70 (+18%)
We reiterate our Buy rating following yesterday’s FY12 results conference call. While 2012 was a year of construction for SAP amidst the acquisitions of SuccessFactors and Ariba and the success of HANA, we deem 2012 will offer the opportunity for both revenue and margin expansion, thus providing more credibility to achieve 2015 targets (revenues above EUR20bn, op. margin 35%).