SAP: Sapphire Now 2013 feedback: time to boost HANA, Cloud and Mobile adoption
BUY, Fair Value EUR73 vs. EUR70 (+14%)
We reiterate our Buy rating and up our DCF-derived fair value to EUR73 from EUR70 on updated risk-free rate assumptions (3% vs. 3.3%). On 14th-16th May SAP is holding its Sapphire Now 2013 users’ conference and Investors Day in Orlando. There we had meetings with CFO Werner Brandt, CTO Vishal Sikka, and Accenture and Capgemini. Management remained committed to deliver EUR20bn+ of revenues and a 35% op. margin in 2015. The time to present product roadmaps has gone and now SAP puts clear emphasis on business cases in order to boost adoption on HANA, Cloud and Mobile.
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