SAP's Q1 Guidance Seen as Potentially Overly 'Optimistic' on Economy, Tariffs, Oppenheimer Says

MT Newswires Live

Apr 23

SAP's (SAP) guidance in Q1 assumes stable macro conditions and favorable tariff outcomes, which could be overly "optimistic," Oppenheimer said in a note emailed Wednesday.

The company reported Q1 non-IFRS earnings late Tuesday of 1.44 euros ($1.65) per basic share, up from 0.811 euros a year earlier, while revenue rose to 9.01 billion euros from 8.04 billion euros.

According to Oppenheimer, SAP posted strong Q1 results with solid profit trends, with the company seeing a 12% year-over-year revenue growth driven by solid cost management, a significant free cash flow beat, and share repurchases during the April market selloff.

Furthermore, transactional revenue declined in Q1, reversing from the previous quarter, possibly signaling a weakening macroeconomic environment, the report said.

"SAP should prove more resilient to the macro pressures than other software suppliers since it sells business cost optimization solutions, a priority during economic dislocations, and its main growth driver is migrating and upselling its installed base," Oppenheimer said.

Oppenheimer maintained a perform rating on SAP.

Shares of the company were up more than 8% in recent Wednesday trading.

Price: 274.54, Change: +22.14, Percent Change: +8.77

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