(News Bulletin 247) – The group will publish its results for the second quarter of 2023 on July 20.
Oddo BHF expects a solid performance from SAP, with sales of 7,546 ME up 6.8% y/y cc (Consensus: 7,583 ME up 6.9% cc).
‘ While license sales should return to their downward pace linked to the transition to the Cloud (Oddo BHF: -35% cc vs an exceptional performance at -13% cc in Q1), Support revenues should once again show very resilient (Oddo BHF: -1.6% cc; Consensus: -1.7% cc)’ indicates the analyst office.
Oddo BHF confirms its Neutral opinion and raised its target price to E122 (vs. E118).
‘The resilience of Support revenues leads us to revise our forecast for org growth for 2023 and 2024 upwards to 7.7% (vs 7% previous for both years) and operating leverage (c. +15 bp)’ explains the analyst.
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