Contacter Bordier
Disclaimer
Informations Légales
Plan du site
Rechercher ...
...........................
DE
ES
Following the publication of solid H1 results which were fairly well ahead of expectations, but supported by currency exchange effects, SAP presented its new guidance, which includes Sybase. The numbers are reassuring (above consensus expectations), although the operating margin remains unchanged. The share, which still has a reasonable valuation, is benefiting from the recovery of corporate IT budgets. PLUS code unchanged.
The world leader in business software published good Q1 2010 results on the whole, well ahead of expectations, but supported by currency exchange effects (at constant exchange rates, the growth of license royalties is somewhat disappointing, marked by the relapse in Europe). The new guidance, which integrates Sybase, is reassuring (above consensus expectations), while still maintaining the same operating margin level. The share, which continues to offer a reasonable valuation, benefits from the recovery of corporate IT budgets. PLUS code unchanged.
The world No. 1 in business software published much better than expected Q1 results for 2010, strengthening its current dynamic (sales of new licences above forecasts). The group has the best risk/benefit ratio available at present to participate in the recovery of business IT expenditure across the world. The share valuation is still reasonable, with sales momentum that has become positive again and substantial potential for margin recovery. PLUS code maintained.
Following a period of recession, companies are expected to gradually start investing in IT again in 2010 and 2011, notably in the field of applications software. This demand recovery is very favourable to the SAP group which has just launched new products. Technological advances and SMEs also militate in favour of the current SAP strategy. New PLUS code.
version française