SAP Individual Analyst Estimates for   as of 01/12/2012

The estimates presented below are as of January 12, 2012, which is prior to the January 13, 2012 preannouncement.
Estimates will be updated following the release of SAP's FY 2011 final results on January 25, 2012.

Please note that estimates are based on the new Non-IFRS definition (see below 1))


Key Performance Indicators
(€ millions, unless otherwise stated) 		Last Update Price Target (in €) Recommendation Software revenue Software growth rate Non-IFRS support revenue Non-IFRS subscription revenue Non-IFRS1) software and software-related service revenue (SSRS) Non-IFRS1) SSRS growth rate Non-IFRS1) SSRS growth rate at constant currencies Non-IFRS1) total revenue Non-IFRS1) total revenue growth rate IFRS total revenue Non-IFRS1) operating profit Non-IFRS1) operating margin Non-IFRS1) operating profit at constant currencies Non-IFRS1) operating margin at constant currencies IFRS operating profit Non-IFRS profit after income taxes (attributable to owners of parent) IFRS profit after income taxes (attributable to owners of parent) Non-IFRS1) earnings per share (in €) IFRS earnings per share (in €) Currency assumption USD/EUR
 
Bryan Garnier
Grégory Ramirez		 1/9/2012 47.00 Buy 3,816 16.9% 6,955 376 11,147 13.0% 14.0% 14,088 12.4% 14,062 4,674 33.2% 4,728 33.2% 4,821 3,338 3,353 2.77 2.79 1.39
UBS
Michael J. Briest		 1/9/2012 45.00 Neutral 3,862 18.3% 6,978 371 11,211 13.6% 14.5% 14,169 13.0% 14,143 4,700 33.2% - -% 4,839 3,306 3,363 2.78 2.82 1.39
Bank of America Merrill Lynch
Chandramouli Sriraman		 1/5/2012 46.00 Neutral 3,837 17.5% 6,961 397 11,194 13.4% -% 14,130 12.7% 14,103 4,633 32.8% - -% 4,824 3,293 3,378 2.76 2.84 1.38
Redburn Partners
Neil E. Steer		 12/19/2011 - Buy 3,926 20.2% 6,939 374 11,239 13.9% -% 14,230 13.5% - 4,701 33.0% - -% - 3,346 - 2.81 - -
Commerzbank Corporates & Markets
Thomas M. Becker		 12/14/2011 47.00 Add 3,933 20.5% 6,889 376 11,198 13.5% -% 14,113 12.6% 14,113 4,778 33.9% - -% 4,878 3,389 3,430 2.84 2.88 -
Societe Generale
Richard Nguyen		 12/14/2011 38.00 Hold 3,793 16.2% 6,980 388 11,161 13.1% -% 14,082 12.3% 14,017 4,593 32.6% - -% 4,601 3,280 3,251 2.75 2.73 -
Jefferies & Co.
Ross MacMillan		 12/13/2011 44.00 Hold 3,813 16.8% 6,957 373 11,143 12.9% 14.6% 14,089 12.4% 14,063 4,664 33.1% - -% 4,805 3,302 3,348 2.77 2.81 1.39
Oddo Securities
Sébastien Thévoux-Chabuel		 12/13/2011 46.00 Neutral 3,847 17.8% 6,912 383 11,142 12.9% 14.0% 14,130 12.7% - 4,730 33.5% - -% - - - 2.84 - -
Sanford Bernstein
Mark Moerdler		 12/12/2011 - Marketperform 3,891 19.2% 6,999 393 11,283 14.3% -% 14,211 13.3% - 4,622 32.5% - -% - 3,278 - 2.75 - -
DZ Bank
Oliver Finger		 12/5/2011 49.00 Buy 3,836 17.5% 6,909 383 11,128 12.8% -% 14,079 12.3% 14,053 4,650 33.0% - -% 4,804 3,330 3,338 2.80 2.81 -
Warburg Research
Andreas Wolf		 12/5/2011 50.00 Buy 3,900 19.4% 6,865 378 11,143 12.9% -% 14,096 12.4% 14,050 4,709 33.4% - -% 4,834 3,342 3,383 2.77 2.84 -
Pacific Crest Securities
Brendan J. Barnicle		 12/5/2011 53.00 Outperform 3,876 18.7% 6,979 403 11,258 14.1% -% 14,172 13.0% - 4,730 33.4% - -% - 3,359 - 2.82 - -
CA Cheuvreux
Michaël Beucher		 11/24/2011 44.00 Underperform 3,724 14.1% 6,880 403 11,007 11.5% 14.0% 13,924 11.1% 13,898 4,614 33.1% - -% 4,764 3,301 3,355 2.77 2.82 1.42
MainFirst Bank AG
Marc Rode		 11/17/2011 45.00 Neutral 3,750 14.9% 6,950 375 11,075 12.2% 14.3% 14,014 11.8% 13,988 4,648 33.2% 4,676 33.4% 4,732 3,365 3,348 2.83 2.82 1.40
Barclays Capital
Gerardus Vos		 11/9/2011 52.00 Overweight 3,832 17.4% 6,937 376 11,145 12.9% -% 14,091 12.4% 14,065 4,648 33.0% - -% 4,824 - 3,400 2.78 2.85 -
HSBC
Antonin Baudry		 11/8/2011 50.00 Overweight 3,800 16.4% 6,926 376 11,102 12.5% 15.0% 14,015 11.8% 13,989 4,652 33.2% - -% 4,801 3,347 3,410 2.81 2.86 1.40
Citigroup
Gunnar Plagge		 11/2/2011 50.00 Buy 3,817 16.9% 6,992 390 11,200 13.5% 14.8% 14,152 12.9% - 4,720 33.4% - -% - 3,386 - 2.84 - 1.43
Evercore Partners
Kirk Materne		 11/2/2011 - Equalweight 3,881 18.9% 6,980 378 11,238 13.9% -% 14,194 13.2% - 4,607 32.5% - -% - 3,247 - 2.72 - 1.40
Credit Suisse
Philip Winslow		 11/1/2011 52.00 Outperform 3,845 17.8% 6,934 383 11,162 13.1% 14.7% 14,103 12.5% 14,077 4,666 33.1% 4,733 33.1% 4,818 3,297 3,268 2.77 2.75 1.40
Morgan Keegan
Michael Nemeroff		 10/27/2011 44.00 Marketperform 3,875 18.7% 6,904 377 11,156 13.1% 14.0% 14,163 13.0% 14,137 4,663 32.9% 4,718 32.9% 4,854 3,271 3,364 2.75 2.83 -
Deutsche Bank
Marc Geall		 10/26/2011 55.00 Buy 3,896 19.3% 6,978 374 11,248 14.0% 15.4% 14,182 13.1% 14,156 4,718 33.3% - -% 4,869 3,337 3,410 2.80 2.86 1.40
Exane BNP Paribas
Josip Bori		 10/26/2011 40.00 Underperform 3,796 16.3% 6,922 398 11,116 12.7% 13.0% 13,993 11.6% 13,967 4,562 32.6% 4,563 32.5% 4,685 3,225 3,275 2.71 2.75 1.39
Goldman Sachs
Mohammed Moawalla		 10/26/2011 61.00 Buy 3,842 17.7% 6,928 388 11,158 13.1% 16.6% 14,141 12.8% 14,115 4,663 33.0% - -% 4,797 3,326 3,357 2.78 2.82 1.41
Natixis Securities
Gwénaël Giard		 10/26/2011 40.20 Neutral 3,776 15.7% 6,948 380 11,104 12.5% 14.7% 14,045 12.0% 14,019 4,594 32.7% - -% 4,731 3,249 3,327 2.73 2.79 1.40
Stifel Nicolaus
Tom Roderick		 10/26/2011 - Hold 3,804 16.5% 6,909 383 11,096 12.4% 14.0% 14,073 12.2% - 4,587 32.6% - -% - 3,355 - 2.81 - -
Wells Fargo
Jason Maynard		 10/26/2011 49.00 Outperform 3,824 17.1% 6,916 374 11,114 12.6% -% 14,118 12.6% - 4,705 33.3% - -% 4,819 3,338 3,366 2.81 2.83 -
 
Mean 3,83817.6%6,93938311,16013.1%14.5%14,10812.5%14,0564,66333.1%4,68433.0%4,7953,3173,3542.782.821.40
Median 3,83717.5%6,93837911,15213.0%14.5%14,10812.5%14,0634,66333.1%4,71833.1%4,8183,3283,3572.782.821.40
Lowest 3,72414.1%6,86537111,00711.5%13.0%13,92411.1%13,8984,56232.5%4,56332.5%4,6013,2253,2512.712.731.38
Highest 3,93320.5%6,99940311,28314.3%16.6%14,23013.5%14,1564,77833.9%4,73333.4%4,8783,3893,4302.842.881.43

> download data



Note:click on arrows to sort by corresponding column

1) Non-IFRS Adjustments:
• Adjustments in the revenue line items are for the support revenue that an entity acquired by SAP would have recognized had it remained a standalone entity but that SAP is not permitted to recognize as revenue under IFRS as a result of business combination accounting rules.
• Acquisition-related charges:
     •  Amortization expense/impairment charges of intangibles acquired in business combinations and certain standalone acquisitions of intellectual property (including purchased in-process    research and development)
     •  Restructuring expense and settlement of pre-existing relationships incurred in connection with a business combination
     •  Acquisition related third-party costs
• Discontinued Activities:
    • Results of the discontinued operations that qualify as such under IFRS in all respects except that they do not represent a major line of business

New Non-IFRS Definition Adjustments:
The operating profit and operating margin outlook provided for 2011 and the comparable 2010 operating profit and operating margin numbers are based on an updated Non-IFRS definition which additionally excludes the following:
     •  Expenses relating to share-based compensation
     •  Restructuring expenses

Please note that all estimates are in accordance with IFRS/non-IFRS accounting. For further information and historical figures please click on following link:
http://www.sap.com/about/investor/reports/ifrs/index.epx



Disclaimer
This document has been issued by Vara Research GmbH for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business developments of the relevant company. The company did not participate in the compilation of the estimates and it does not endorse them. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.