SAP reported a mixed set of results. Revenues grew, while margins remained flat (non-IFRS) or were down (IFRS). The street is focused on Cloud and margins, which we fully understand, but what about the gap between IFRS and non-IFRS figures? Once again, share-based compensations and restructuring costs have penalised the FCF development. When will SAP think about its shareholders? Actually, we could accept this kind of fee if the Cloud had clearly taken off. But that is not the case….
18 Jul 2019
Patience has limits
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Patience has limits
SAP SE (SAP:WBO) | 0 0 0.2% | Mkt Cap: 103,244m
- Published:
18 Jul 2019 -
Author:
Luis Pereira -
Pages:
3
SAP reported a mixed set of results. Revenues grew, while margins remained flat (non-IFRS) or were down (IFRS). The street is focused on Cloud and margins, which we fully understand, but what about the gap between IFRS and non-IFRS figures? Once again, share-based compensations and restructuring costs have penalised the FCF development. When will SAP think about its shareholders? Actually, we could accept this kind of fee if the Cloud had clearly taken off. But that is not the case….