SAP: Premiminary FY13 results roughly in line, despite some pluses and minuses
BUY, Fair Value EUR74 (+21%)
On Friday last week, SAP pre-announced FY13 revenues roughly in line with our forecasts and the consensus average, with an op. margin slightly above expectations. The share price declined by 1% as licence sales and HANA-related revenues were a bit light compared to expectations. We reiterate our Buy rating as we contend this does not change the fundamental story on SAP. We are convinced the non-IFRS op. margin will increase in 2014 thanks to growth acceleration in the Cloud business.
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