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SAP

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SAP SE : Profit Lifted by Cloud Subscriptions

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10/20/2015 | 01:29am EDT
By Christopher Alessi 

FRANKFURT--German business software provider SAP SE on Tuesday said it had posted a 2% rise in net profit for the third quarter, helped by new subscriptions for its Internet cloud-based products.

Net profit for the period ended Sept. 30 was EUR898 million, compared with EUR880 million during the same period last year.

The company also provided a net profit figure of EUR1.17 billion based on calculations that aren't recognized under international financial reporting standards. Analysts had predicted a non-IFRS net profit of EUR1.09 billion for the quarter, according to a recent poll conducted by The Wall Street Journal.

"Clearly the third quarter is a beat," said Chief Executive Bill McDermott, suggesting that the company had a chance to "outrun" its guidance for the full year.

SAP last week reiterated its outlook for fiscal year 2015, saying its expects full-year non-IFRS cloud subscriptions and support revenue to be in a range of EUR1.95 billion to EUR2.05 billion at constant currencies. Full year non-IFRS operating profit should be in a range of EUR5.6 billion to EUR5.9 billion at constant currencies.

SAP pre-released some of its third quarter figures last week, reporting a 5% increase in the company's closely watched operating profit, to EUR1.21 billion. Total revenue rose by 17% to EUR4.98 billion, buoyed by strong growth in the cloud and a solid uptake of new on-premise software licenses. Cloud subscriptions and support revenue increased by over 100% to EUR599 million year-over-year.

Write to Christopher Alessi at christopher.alessi@wsj.com

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EBIT 2019 7 751 M
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P/E ratio 2019 32,54
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EV / Sales 2020 5,09x
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Average target price 121 €
Spread / Average Target 3,0%
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William R. McDermott Chief Executive Officer
Hasso Plattner Chairman-Supervisory Board
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