the disappointment was heavily burdened on Monday initially but could evaporate over the day somewhat. In the course of trading the shares of Europe’s largest software company gave temporarily after more than two and a half percent. About noon, stocks struggled though up to half percent into positive territory but ended the day ultimately a loss of 0.13 per cent to 67.42 euros as one of the worst results in friendly Dax.
Mohammed Moawalla Goldman Sachs said like other analysts also by disappointing sales of software licenses in the first quarter. This is particularly serious because just’ve made in the past six months for an overall positive mood in the SAP shares this division. Christian Riemann, a fund manager at Veritas Investment, however, said that the tee in the morning had been exaggerated. On second glance, the figures are not so bad down. Among other things, the Hana database grow faster than competing products.
FOCUS LIES ON OUTLOOK
Most analysts set their sights appear more on the future of the software group. UBS analyst Michael Briest called the first quarter even weak. He referred to the public view, the notes in a “strong” second quarter. Even Analyst Richard Nguyen of the French bank Societe Generale, which saw almost all indicators come in below expectations, listed as a positive point that Walldorfer had confirmed its annual targets.
The Group is since a few years, be convert business model: Instead of licenses for sale, are to customers increasingly offered programs for rent. This brings the Wall villages steadier and more independent from the economic revenue, but stressed short term gains. In December, the paper was also increased to a record high of 75.75 euro, with the general market weakness earlier this year but also had the SAP share must not escape unscathed.
EXPERT relativize CUT
SAP have in the last decade of often disappointed predictions in the first quarter, but then comes the full year, relativized Goldman analyst Moawalla cutting. In the analysts’ forecasts, he expected only small downward adjustments.
The British investment bank Barclays remained the same as the German bank in their buying recommendation on the stock. The weaker than imaginary cutting in business with software licenses in the first quarter should not be overstated, wrote Barclays analyst Gerardus Vos. Overall, the business of the software giant seemed to be going well. Alex Tout by Deutsche Bank made the same statement and warned against jumping to conclusions about the full year 2016th The first quarter of play a subordinate role and the last quarter of 2015 had also been exceptionally strong.
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