We reiterate our Neutral rating and our DCF-derived fair value of EUR75 following the conference call held on last Friday , during which SAP released final FY15 results and confirmed FY16 guidance while updating its FY17 objectives. We are changing our adj. EPS ests. by +1% for 2016e, -2% for 2017 and -3% for 2018 and shave our mid-term op. margin assumption to 32% from 33% (-EUR2/share) given the non-IFRS op. profit outlook for FY17 which shows that SAP still has to in cloud infrastructure. On the other hand, we are increasing our mid-term lfl sales growth rate to 7% from 6.5% (+EUR2/share).
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