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MarketScreener Homepage  >  Equities  >  Xetra  >  SAP AG    SAP   DE0007164600


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SAP SE : Profit Lifted by Cloud Subscriptions -- Update

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10/20/2015 | 04:52am EDT
By Christopher Alessi 

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

Net profit for the period ended Sept. 30 rose to EUR898 million from EUR880 million in 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 forecast 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 it 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.

Mr. McDermott has moved in recent years to focus the company more squarely on cloud technology, rather than on-premise software. The strategy shift has included a series of acquisitions, such as last year's $8.2 billion purchase of U.S.-based cloud expense management software provider, Concur Technologies Inc.

SAP earlier this year launched a redesign of its core Business Suite software, S/4HANA, which operates on the company's real-time, in-memory database--either in the cloud, on hardware or as part of a hybrid solution. SAP said it had more than 1,300 S/4HANA customers at the end of the third quarter.

SAP's final third quarter results were largely in line with analysts' expectations. Analysts at DZ Bank noted Tuesday that the figures did "not surprise" and that SAP was making progress relative to its cloud competitors.

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

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Stocks mentioned in the article
ChangeLast1st jan.
E.ON SE 0.52% 8.923 Delayed Quote.2.90%
SAP AG -0.87% 118.46 Delayed Quote.37.47%
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Financials (EUR)
Sales 2019 27 641 M
EBIT 2019 8 183 M
Net income 2019 3 405 M
Debt 2019 9 192 M
Yield 2019 1,29%
P/E ratio 2019 39,2x
P/E ratio 2020 28,0x
EV / Sales2019 5,45x
EV / Sales2020 4,98x
Capitalization 141 B
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Technical analysis trends SAP AG
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Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 37
Average target price 131,11  €
Last Close Price 118,46  €
Spread / Highest target 31,7%
Spread / Average Target 10,7%
Spread / Lowest Target -26,6%
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Hasso Plattner Chairman-Supervisory Board
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Luka Mucic Chief Financial Officer
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