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19 Jul 2019
SAP: Q2 2019 call feedback: the route is traced out | BUY - Top Picks | EUR153
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SAP: Q2 2019 call feedback: the route is traced out | BUY - Top Picks | EUR153
SAP SE (SAP:WBO) | 0 0 0.2% | Mkt Cap: 103,244m
- Published:
19 Jul 2019 -
Author:
Gregory Ramirez -
Pages:
5
SAP - BUY - Top Picks | EUR153
Q2 2019 call feedback: the route is traced out
Asia is not a real concern, while a rebound is expected in Q3
All engines are there for a 5ppt operating margin increase by 2023
Higher-than-expected non-recurring items are justified
No change to our Top Pick investment case