(News Bulletin 247) – UBS reiterates its advice to buy the stock with a target of 130 E after the announcement of its results and a solid increase in the order book.
“The first quarter was very strong, highlighting the headwinds SAP is benefiting from through the S/4 HANA upgrade cycle and multi-year cloud transformation contracts,” the analysts said.
“Results were strong with backlog growth of 25% (Q4 24%). Changes in forecasts are purely mechanical for Qualtrics’ adds UBS.
Due to the scheduled sale of Qualtrics, its survey platform subsidiary, the European leader in software has revised its annual forecasts downwards.
Its non-IFRS operating profit target thus increases to 8.6-8.9 billion euros, against 8.8-9.1 billion so far, while its annual cash flow is now expected around 4 .9 billion euros, against five billion previously.
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