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25 Oct 2022
SAP - BUY | EUR134 Solid execution in Q3 and conservative consensus offsetting reduced FCF guidance
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SAP - BUY | EUR134 Solid execution in Q3 and conservative consensus offsetting reduced FCF guidance
Q3 results were slightly ahead of consensus, denoting solid execution
Cloud metrics keep improving
FCF guidance is lowered for 2022, but the consensus seems to be conservative