SAP: Negative read across from Workday's Q1 FY16 resultsNEUTRAL, Fair Value EUR68 (+1%)
Yesterday Workday, one of SAP’s main competitors in cloud-based applications (HR, Payroll, Finance), released Q1 FY16 results (FYE 31st January) above expectations and Q2 FY16 guidance in line with the consensus’ average. The momentum is still strong for Workday, which continues to grow at a faster pace than SAP on a lfl basis. While the share price was down 7% yesterday after market, we consider this is a negative read-across for SAP.
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