SAP: Berenberg still bullish after results

(CercleFinance.com) - Berenberg has reiterated its "buy" rating on SAP, even though the German corporate software publisher ended the year falling slightly short of Q4 consensus numbers.


The broker thinks its bull case is still intact, on the back of S/4 Hana as the adoption of the business suite continues to be strong.

"We believe that the accelerated implementations will result in stronger bookings growth in full-year 2018," Berenberg says.

Regarding the Callidus, the broker says SAP had been lacking this type of front-office presence within their current HCM (Human Capital Management) and ERP (Enterprise Resource Planning) suites.



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