SAP: UBS maintains buy rating after results

(CercleFinance.com) - UBS reiterates its Buy recommendation on the SAP stock, leaving its target price unchanged at E283 following the announcement of 2024 results.


Q4 KPIs were strong, and the 40% growth in order book for the year was remarkable. EBIT forecasts are 4%-7% above consensus, UBS says.

Forecasting a slowdown in CCB (current cloud backup) growth in 2025 while highlighting the conservative nature of value growth in 2026/27 is a very mixed message. However, SAP is a buy stock, the broker adds.

For FY 2025, SAP expects non-IFRS operating income of E10.3bn to E10.6bn, as well as cloud and software sales of E33.1bn to E33.6bn, with a slight slowdown in current cloud backlog growth.


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