SAP: Bryan Garnier still a buyer, but cuts target price.
(CercleFinance.com) - Bryan Garnier has reiterated its "buy" rating on SAP, while trimming its fair value from 110 euros to 108 euros, as part of the group's clarification in response to a press article about new recruitment at the company.
It reports that the software publisher has denied WirtschaftsWoche, which reported a total freeze on recruitment until early 2018 so the group could achieve its 2017 financial targets: the group SAP has only reiterated restrictions on recruitment in certain areas.
“We are convinced that SAP can raise non-IFRS operating profit in 2017 and operating margin in 2018 without a real freeze,” deems the broker, which has nevertheless reduced its adjusted EPS estimates (-1% for 2017 and -2% for 2018-20), due to FX factors.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
It reports that the software publisher has denied WirtschaftsWoche, which reported a total freeze on recruitment until early 2018 so the group could achieve its 2017 financial targets: the group SAP has only reiterated restrictions on recruitment in certain areas.
“We are convinced that SAP can raise non-IFRS operating profit in 2017 and operating margin in 2018 without a real freeze,” deems the broker, which has nevertheless reduced its adjusted EPS estimates (-1% for 2017 and -2% for 2018-20), due to FX factors.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.