01.03.

2013

Company Analysis - Overview

Ticker:

SAP AG

SAP GY

Currency:
Sector: Information Technology

Industry: Software

Year:

Telephone
49-6227-74-7474
Revenue (M)
Website
www.sap.com
No of Employees
Address
Dietmar-Hopp Allee 16 Walldorf, 69190 Germany
Share Price Performance in EUR
Price
60.59
1M Return
52 Week High
62.79
6M Return
52 Week Low
43.62
52 Wk Return
52 Wk Beta
0.80
YTD Return
Credit Ratings
Bloomberg
S&P
Moody's
Fitch

SAP AG is a multinational software company. The Company develops business

software, including e-business and enterprise management software, consults on
organizational usage of its applications software, and provides training services. SAP
markets its products and services worldwide.

Benchmark:
DAX INDEX (DAX)

Xetra: SAP, Currency: EUR

16'222
64'422
-0.5%
15.6%
21.4%
-0.2%

IG1
-

Date
Date
Date

12/09
22.4x
13.9x
11.8x
3.7x
4.8x
1.5%

12/10
25.1x
12.9x
11.2x
3.6x
4.6x
1.6%

12/11
14.1x
11.3x
9.6x
3.4x
3.8x
1.8%

12/12
25.6x
19.0x
15.6x
4.5x
5.3x
-

12/13E
17.3x
12.1x
4.1x
4.4x
1.6%

12/14E
15.3x
10.6x
3.7x
3.7x
1.8%

12/15E
13.5x
9.6x
3.4x
3.1x
2.1%

12/09
Gross Margin
66.6
EBITDA Margin
30.9
Operating Margin
26.3
Profit Margin
16.4
Return on Assets
12.8
Return on Equity
22.3
Leverage and Coverage Ratios
12/09
Current Ratio
1.4
Quick Ratio
1.3
EBIT/Interest
27.7
Tot Debt/Capital
0.1
Tot Debt/Equity
0.1
Eff Tax Rate %
28.1

12/10
68.8
33.1
28.8
14.5
10.6
19.8

12/11
69.4
34.5
29.4
24.2
15.6
30.6

12/12
69.2
30.4
25.1
17.4
11.3
21.0

12/13E
72.2
35.3
31.0
22.5
17.5
24.8

12/14E
72.6
36.3
32.2
23.2
19.2
24.1

12/15E
72.8
37.0
32.6
24.4
21.2
22.8

12/10
1.3
1.2
25.7
0.3
0.5
22.5

12/11
1.4
1.4
26.0
0.3
0.3
27.9

12/12
1.0
0.9
23.3
0.3
0.4
26.1

Outlook
Outlook
Outlook

Business Segments in EUR

ERP Software (Product)
IT-Consulting
Sybase
Software-Training
Unallocated

Sales (M)
1

Geographic Segments in EUR

Europe, Middle East, and Africa
Americas
Asia Pacific

Sales (M)
7485
6100
2637

16%

Valuation Ratios
P/E
EV/EBIT
EV/EBITDA
P/S
P/B
Div Yield
Profitability Ratios %

46%

38%
100%

Europe, Middle East, and Africa

ERP Software (Product)

Americas

Asia Pacific

Current Capitalization in EUR

Common Shares Outstanding (M)
Market Capitalization (M)
Cash and ST Investments (M)
Total Debt (M)
Preferred Equity (M)
LT Investments in Affiliate Companies (M)
Investments (M)
Enterprise Value (M)

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

1228.5
74435.1
2629.0
5247.0
0.0
0.0
8.0
77061.1

Company Analysis - Analysts Ratings

SAP AG

100%

70
9%

7%

7%

7%

9%

7%

7%

7%

7%

9%

9%

7%

60
80%
44%

44%

40%

39%

33%

36%

37%

36%

38%

36%

31%

30%

60%

40
30

40%

20%

50

47%

49%

53%

55%

58%

58%

57%

58%

56%

56%

60%

64%

20
10

0%

0
mars.12

avr.12

mai.12

juin.12

juil.12

Buy

aot.12

Hold

sept.12

Sell

Date

Buy

Hold

Sell

28-Feb-13
31-Jan-13
31-Dec-12
30-Nov-12
31-Oct-12
28-Sep-12
31-Aug-12
31-Jul-12
29-Jun-12
31-May-12
30-Apr-12
30-Mar-12

64%
60%
56%
58%
56%
57%
58%
58%
55%
53%
49%
47%

30%
31%
36%
36%
38%
37%
36%
33%
39%
40%
44%
44%

7%
9%
9%
7%
7%
7%
7%
9%
7%
7%
7%
9%

oct.12

Price

nov.12

dc.12

janv.13

fvr.13

Target Price

Date
1-Mar-13
28-Feb-13
27-Feb-13
26-Feb-13
25-Feb-13
22-Feb-13
21-Feb-13
20-Feb-13
19-Feb-13
18-Feb-13
15-Feb-13
14-Feb-13
13-Feb-13
12-Feb-13
11-Feb-13
8-Feb-13
7-Feb-13
6-Feb-13
5-Feb-13
4-Feb-13
1-Feb-13
31-Jan-13
30-Jan-13
29-Jan-13
28-Jan-13
25-Jan-13
24-Jan-13
23-Jan-13
22-Jan-13
21-Jan-13

Price Target Price

60.59
59.85
59.49
59.01
60.52
59.55
59.09
59.97
59.80
59.37
59.78
59.77
59.95
59.90
58.99
59.53
59.20
59.16
60.20
60.05
60.91
60.34
60.28
60.29
59.98
60.04
58.90
59.20
57.82
58.40

65.15
65.15
65.15
65.15
65.15
65.15
65.15
65.15
65.15
65.15
65.15
65.09
65.09
65.09
65.09
65.09
65.09
65.09
65.09
65.09
65.09
65.09
65.09
64.99
64.81
64.81
64.82
63.79
63.29
63.29

Brokers' Target Price

100
90
80
70
60
50
40
30
20
10
0
AlphaValue
Pacific Crest Securities
Nomura
Banco Sabadell
Morgan Stanley
Baader Bank
Commerzbank Corporates &
Bryan Garnier & Cie
Redburn Partners
EVA Dimensions
Exane BNP Paribas
Societe Generale
Nord/LB
Credit Suisse
JPMorgan
Macquarie
Hamburger Sparkasse
Bankhaus Metzler
Berenberg Bank
Ahorro Corporacion
Barclays
Grupo Santander
Goldman Sachs
Jefferies
William Blair & Co
Landesbank BadenIndependent Research GmbH
National Bank AG
Kepler Capital Markets
S&P Capital IQ
DZ Bank AG
Wells Fargo Securities, LLC
M.M. Warburg Investment
Natixis
Cross Research
Sanford C. Bernstein & Co
Jyske Bank
Day by Day
Deutsche Bank
HSBC
Evercore Partners
CA Cheuvreux
FBR Capital Markets

Buy and Sell Recommendations vs Price and Target Price

Price

Broker Recommendation

Target price in EUR

Broker

Analyst

AlphaValue
Pacific Crest Securities
Nomura
Banco Sabadell
Morgan Stanley
Baader Bank
Commerzbank Corporates & Markets
Bryan Garnier & Cie
Redburn Partners
EVA Dimensions
Exane BNP Paribas
Societe Generale
Nord/LB
Credit Suisse
JPMorgan
Macquarie
Hamburger Sparkasse
Bankhaus Metzler
Berenberg Bank
Ahorro Corporacion Financiera SA
Barclays
Grupo Santander
Goldman Sachs
Jefferies
William Blair & Co
Landesbank Baden-Wuerttemberg
Independent Research GmbH
National Bank AG
Kepler Capital Markets
S&P Capital IQ

HEINZ STEFFEN
BRENDAN BARNICLE
RICHARD G SHERLUND
ANDRES BOLUMBURU
ADAM WOOD
KNUT WOLLER
THOMAS M BECKER
GREGORY RAMIREZ
NEIL STEER
ANDREW S ZAMFOTIS
JOSEP BORI
RICHARD NGUYEN
WOLFGANG DONIE
PHILIP WINSLOW
STACY E POLLARD
BRAD A ZELNICK
MARCO GUENTHER
ULRICH TRABERT
DAUD KHAN
VIRGINIA PEREZ REPES
GERARDUS VOS
CARLOS JAVIER TREVINO
MOHAMMED MOAWALLA
ROSS MACMILLAN
LAURA J LEDERMAN
MIRKO MAIER
MARKUS FRIEBEL
STEFFEN MANSKE
LAURENT DAURE
JAMES CRAWSHAW

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Recommendation
add
outperform
buy
buy
Overwt/In-Line
hold
add
buy
buy
underweight
neutral
buy
buy
outperform
overweight
outperform
buy
buy
buy
buy
equalweight
underweight
buy/attractive
hold
outperform
hold
hold
buy
buy
buy

Target

Date

71.90
70.00
68.00
67.10
67.00
63.00
65.00
70.00

28-Feb-13
24-Feb-13
22-Feb-13
15-Feb-13
14-Feb-13
11-Feb-13
4-Feb-13
1-Feb-13
1-Feb-13
29-Jan-13
28-Jan-13
24-Jan-13
24-Jan-13
24-Jan-13
24-Jan-13
24-Jan-13
24-Jan-13
24-Jan-13
24-Jan-13
24-Jan-13
24-Jan-13
23-Jan-13
23-Jan-13
23-Jan-13
23-Jan-13
23-Jan-13
23-Jan-13
23-Jan-13
23-Jan-13
23-Jan-13

63.00
71.00
70.00
65.00
65.00
64.00
69.00
71.00
70.00
55.00
56.80
86.00
62.00
56.50
63.00
64.00
66.00
70.00

01.03.2013

SAP AG

Company Analysis - Ownership

Ownership Type

Ownership Statistics
1228.5
74.3%

17%
30%

29.91%
52.64%
17.45%
53%

Institutional Ownership

Retail Ownership

Insider Ownership

Pricing data is in EUR

Top 20 Owners:
Holder Name
PLATTNER HASSO
TSCHIRA KLAUS
BLACKROCK
HOPP DIETMAR
SAP AG
FMR LLC
VANGUARD GROUP INC
DEUTSCHE BANK AG
ALLIANZ ASSET MANAGE
HARBOR CAPITAL ADVIS
CAPITAL GROUP COMPAN
UNION INVESTMENT GMB
DEKA INVESTMENT GMBH
THORNBURG INVESTMENT
OPPENHEIMERFUNDS INC
DB PLATINUM ADVISORS
MORGAN STANLEY
CREDIT SUISSE AG
BNP PARIBAS INV PART
ADIG INVESTMENT

Unknown Country
United States
Germany
Luxembourg
Britain
France
Ireland
Others

40.90%
25.89%
15.45%
6.91%
2.62%
2.07%
1.26%
4.90%

Institutional Ownership Distribution

Investment Advisor
Individual
Mutual Fund Manager
Corporation
Others

45.30%
40.90%
7.75%
5.36%
0.68%

PLATTNER HASSO
TSCHIRA KLAUS

3%

2% 1% 5%

7%

41%

15%

26%

Unknown Country

United States

Germany

Luxembourg

Britain

France

Ireland

Others

TOP 20 ALL

Position
121'324'707
93'079'595
66'743'066
65'273'200
36'642'744
19'051'555
18'879'878
11'353'053
11'254'903
11'235'667
8'459'500
8'277'322
7'820'713
7'542'813
6'399'479
5'671'301
5'601'418
4'582'686
4'026'820
3'610'373

Position Change
0
0
0
0
0
-1'795'675
35'104
-421'458
-411'873
0
972'000
-339'827
-171'398
0
0
1'699'948
547'634
0
993'621
375'300

Position

Position Change

Market Value
7'351'063'997
5'639'692'661
4'043'962'369
3'954'903'188
2'220'183'859
1'154'333'717
1'143'931'808
687'881'481
681'934'573
680'769'064
512'561'105
501'522'940
473'857'001
457'019'040
387'744'433
343'624'128
339'389'917
277'664'945
243'985'024
218'752'500

% of Ownership
9.88%
7.58%
5.43%
5.31%
2.98%
1.55%
1.54%
0.92%
0.92%
0.91%
0.69%
0.67%
0.64%
0.61%
0.52%
0.46%
0.46%
0.37%
0.33%
0.29%

Report Date

Market Value

% of Ownership

Report Date

7'351'063'997
5'639'692'661

9.88%
7.58%
17.45%

31.12.2012
08.03.2012
27.02.2013
31.12.2012
12.06.2012
31.12.2012
31.12.2012
31.01.2013
31.01.2013
31.12.2012
31.12.2012
28.09.2012
28.12.2012
31.12.2012
30.12.2012
31.01.2013
31.12.2012
06.06.2012
31.12.2012
31.10.2012

Source
13G
Co File
ULT-AGG
13G
Research
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Research
ULT-AGG
MF-AGG

Top 5 Insiders:
Holder Name

Geographic Ownership

Geographic Ownership Distribution

Shares Outstanding (M)

Float
Short Interest (M)
Short Interest as % of Float
Days to Cover Shorts
Institutional Ownership
Retail Ownership
Insider Ownership

121'324'707
93'079'595

Source
31.12.2012
08.03.2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

13G
Co File

Country
n/a
n/a
UNITED STATES
n/a
GERMANY
UNITED STATES
UNITED STATES
GERMANY
GERMANY
UNITED STATES
UNITED STATES
GERMANY
GERMANY
UNITED STATES
UNITED STATES
LUXEMBOURG
UNITED STATES
SWITZERLAND
FRANCE
GERMANY

Institutional Ownership
5%

1%

8%
45%

41%

Investment Advisor

Individual

Corporation

Others

Mutual Fund Manager

Company Analysis - Financials I/IV

SAP AG
Financial information is in EUR (M)
Periodicity:

Fiscal Year

Equivalent Estimates
12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

12/12

12/13E

12/14E

12/15E

Revenue
- Cost of Goods Sold

7'413
2'816

7'025
2'533

7'514
2'588

8'512
2'918

9'393
3'164

10'256
3'441

11'575
4'028

10'672
3'565

12'464
3'894

14'233
4'355

16'222
4'998

18'062

19'913

21'704

Gross Income
- Selling, General & Admin Expenses
(Research & Dev Costs)

4'597
2'942
909

4'492
2'782
996

4'927
2'916
1'020

5'595
3'276
1'089

6'229
3'664
1'335

6'815
4'130
1'461

7'547
4'807
1'627

7'107
4'313
1'591

8'570
4'985
1'729

9'878
5'713
1'939

11'224
7'152
2'268

13'040

14'455

15'794

Operating Income
- Interest Expense
- Foreign Exchange Losses (Gains)
- Net Non-Operating Losses (Gains)

1'672
14
-35
580

1'727
4
-29
-25

2'025
8
294
-349

2'332
4
39
-27

2'579
4
4
-117

2'700
7
-6
-125

2'761
123
-2
16

2'802
101
73
193

3'591
140
175
938

4'184
161
58
-803

4'072
175

5'593

6'416

7'075

Pretax Income
- Income Tax Expense

1'113
599

1'777
693

2'073
757

2'316
817

2'688
805

2'824
916

2'624
776

2'435
685

2'338
525

4'768
1'329

3'822
996

5'476

6'314

7'274

515

1'084
7

1'499
0
3

1'883
10
2

1'908
0
2

1'848
0
1

1'750
0
2

1'813
0
2

3'439
0
1

2'826

1'315
0
5
1.05

1.20

1.53

1.58

1.55

1.47

1.52

2.89

2.37
4'065
3.50
0.96
0.27

4'629
3.97
1.11
0.28

5'296
4.48
1.25
0.28

6'385

7'234

8'032

Income Statement

Income Before XO Items

- Extraordinary Loss Net of Tax
- Minority Interests
Diluted EPS Before XO Items

75

Net Income Adjusted*

EPS Adjusted
Dividends Per Share
Payout Ratio %

509
0.41
0.15
36.7

1'077
0.87
0.20
23.1

1'311
1.06
0.28
26.1

1'496
1.21
0.36
30.0

1'965
1.60
0.46
29.6

1'937
1.60
0.50
31.2

2'266
1.90
0.50
32.2

1'931
1.63
0.50
34.0

2'694
2.27
0.60
39.4

3'371
2.83
0.75
37.8

3'607
3.03

Total Shares Outstanding

Diluted Shares Outstanding

1'260
1'256

1'262
1'246

1'243
1'249

1'239
1'243

1'219
1'231

1'221
1'210

1'212
1'191

1'226
1'189

1'188
1'189

1'190
1'190

1'229
1'191

EBITDA

1'893

1'943

2'235

2'536

2'793

2'962

3'300

3'301

4'125

4'908

4'935

*Net income excludes extraordinary gains and losses and one-time charges.

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Company Analysis - Financials II/IV

Periodicity:

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

12/12

3598.95801 3912.36597
1'122
984
28
590
1'953
1'761
11
10
486
567

3942.866
1'513
10
1'929
12
479

6251.968
2'064
1'359
2'249
19
560

6324
2'399
931
2'440
4
550

6184
1'608
680
2'895
0
1'001

5571
1'277
588
3'128
0
578

5255
1'884
486
2'546

7143
3'518
158
3'167

9669
4'965
817
3'555

7033
2'475
154
3'915

339

300

332

489

12/13E

12/14E

12/15E

13.92

16.59

19.76

Balance Sheet
Total Current Assets
+ Cash & Near Cash Items
+ Short Term Investments
+ Accounts & Notes Receivable
+ Inventories
+ Other Current Assets
Total Long-Term Assets
+ Long Term Investments
Gross Fixed Assets
Accumulated Depreciation
+ Net Fixed Assets
+ Other Long Term Assets

2'011
178
1'786
752
1'034
799

2'413
624
1'828
809
1'020
769

3'643
1'783
1'862
863
999
861

2'811
534
2'045
950
1'095
1'182

3'179
80
2'183
977
1'206
1'893

3'977
409
2'353
1'037
1'316
2'252

8'329
243
2'501
1'096
1'405
6'681

8'119
336
2'562
1'191
1'371
6'412

13'698
553
2'739
1'290
1'449
11'696

13'556
538
2'918
1'367
1'551
11'467

19'837
633

Total Current Liabilities

+ Accounts Payable
+ Short Term Borrowings
+ Other Short Term Liabilities

2'508
329
23
2'157

2'313
287
19
2'007

2'672
340
26
2'306

2'839
383
22
2'434

2'840
610
25
2'205

3'274
715
82
2'477

6'090
539
2'563
2'988

3'655
638
146
2'871

5'617
922
142
4'553

6'674
937
1'331
4'406

7'079
911
802
5'366

173
11
162

245
13
233

304
9
295

434
9
425

517
26
491

409
6
403

627
40
587

1'228
729
499

5'400
4'449
951

3'844
2'925
919

5'617
4'445
1'172

Total Liabilities
+ Long Preferred Equity
+ Minority Interest
+ Share Capital & APIC
+ Retained Earnings & Other Equity

2'681

2'558
59
612
3'097

3'273
0
8
689
5'093

3'357
0
10
1'600
4'536

3'683
0
1
1'593
4'884

6'717
0
2
1'546
5'635

4'883

56
500
2'372

2'977
0
22
639
3'948

14
1'543
6'934

11'017
0
17
1'564
8'243

10'518
0
8
1'647
11'052

12'696
0
8
1'721
12'445

Total Shareholders Equity

2'928

3'768

4'609

5'790

6'146

6'478

7'183

8'491

9'824

12'707

14'174

Total Liabilities & Equity

5'610

6'326

7'585

9'063

9'503

10'161

13'900

13'374

20'841

23'225

26'870

2.28

2.94

3.69
3.27

4.67
4.05

5.04
4.01

5.30
3.71

5.93
0.77

6.91
2.11

8.26
-0.84

10.67
1.65

11.53
-1.91

Total Long Term Liabilities

+ Long Term Borrowings
+ Other Long Term Borrowings

Book Value Per Share

Tangible Book Value Per Share

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

1'710
17'494

Company Analysis - Financials III/IV

Periodicity:

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

12/12

12/13E

12/14E

12/15E

509
221
769
187

1'077
216
193
19

1'311
210
20
287

1'496
204
194
-286

1'871
214
-117
-113

1'906
262
-214
-22

1'847
539
36
-264

1'748
499
243
525

1'811
534
-472
1'059

3'438
724
298
-685

2'826
863
-100
63

3'703

4'366

5'093

1'687
38
-309
-44

1'505
35
-275
-29

1'827
117
-212

1'608
31
-262
-458

3'775
55
-445

3'652
39
-543

-578

-626

-633

-749

105

2'158
44
-339
-16
16
-3'474

2'932
44
-334

-642

1'932
27
-400
-20
15
-1'013

3'015
45
-225

91

1'855
29
-365
-17
15
206

-119

-3'704

-836

-5'292

-223
-182

-911
-186

-844
-249

-583
-340

-132
-447

-1'391
-556

-3'769
-594

-299
-594

-3'994
-594

-1'226
-713

-5'796
-1'310

2
-429
7
-290
-204

1
-4
13
-88
-110

23
-0
5
-108
-82

0
-1
248
-454
81

44
-44
214
-1'149
-6

47
-48
200
-1'005
30

3'859
-1'571
98
-487
-25

697
-2'303
30
0
58

5'380
-2'196
150
-220
176

519
-1'005
297
-246
46

5'778
-4'714
105
-53
-152

-1'096

-375

-412

-466

-1'388

-1'332

1'280

-2'112

2'696

-1'102

-346

367

219

571

558

335

-791

-331

604

1'634

1'447

-2'490

Free Cash Flow (CFO-CAPEX)

1'378

1'230

1'615

1'346

1'490

1'532

1'819

2'790

2'598

3'330

3'109

4'201

4'813

5'572

Free Cash Flow To Firm

Free Cash Flow To Equity
Free Cash Flow per Share

1'384

1'232

1'620
1.30

1'537
1'558
1.27

1'906
4'151
1.53

2'707

0.99

1'493
1'519
1.22

2'863

1.10

1'349
1'377
1.09

2.35

2.19

3'446
2'899
2.80

3'238
4'212
2.61

Cash Flows
Net Income
+ Depreciation & Amortization
+ Other Non-Cash Adjustments
+ Changes in Non-Cash Capital
Cash From Operating Activities
+ Disposal of Fixed Assets
+ Capital Expenditures
+ Increase in Investments
+ Decrease in Investments
+ Other Investing Activities
Cash From Investing Activities
+ Dividends Paid
+ Change in Short Term Borrowings
+ Increase in Long Term Borrowings
+ Decrease in Long Term Borrowings
+ Increase in Capital Stocks
+ Decrease in Capital Stocks
+ Other Financing Activities
Cash From Financing Activities
Net Changes in Cash

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Company Analysis - Financials IV/IV

Periodicity:

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

12/12

12/13E

12/14E

12/15E

Valuation Ratios
Price Earnings
EV to EBIT
EV to EBITDA
Price to Sales
Price to Book
Dividend Yield

46.6x
13.6x
12.0x
3.2x
8.3x
0.8%

38.4x
23.5x
20.9x
5.9x
11.3x
0.6%

31.1x
19.4x
17.6x
5.4x
8.9x
0.8%

31.7x
18.9x
17.4x
5.6x
8.2x
0.9%

26.4x
17.8x
16.4x
5.3x
8.0x
1.1%

22.5x
15.2x
13.9x
4.2x
6.7x
1.4%

16.3x
11.3x
9.5x
2.6x
4.3x
2.0%

22.4x
13.9x
11.8x
3.7x
4.8x
1.5%

25.1x
12.9x
11.2x
3.6x
4.6x
1.6%

14.1x
11.3x
9.6x
3.4x
3.8x
1.8%

25.6x
19.0x
15.6x
4.5x
5.3x

17.3x

15.3x

13.5x

12.1x
4.1x
4.4x
1.6%

10.6x
3.7x
3.7x
1.8%

9.6x
3.4x
3.1x
2.1%

Profitability Ratios
Gross Margin
EBITDA Margin
Operating Margin
Profit Margin
Return on Assets
Return on Equity

62.0%
25.5%
22.6%
6.9%
8.6%
17.0%

63.9%
27.7%
24.6%
15.3%
18.0%
32.7%

65.6%
29.7%
27.0%
17.4%
18.8%
31.6%

65.7%
29.8%
27.4%
17.6%
18.0%
28.9%

66.3%
29.7%
27.5%
19.9%
20.2%
31.4%

66.4%
28.9%
26.3%
18.6%
19.4%
30.2%

65.2%
28.5%
23.9%
16.0%
15.4%
27.0%

66.6%
30.9%
26.3%
16.4%
12.8%
22.3%

68.8%
33.1%
28.8%
14.5%
10.6%
19.8%

69.4%
34.5%
29.4%
24.2%
15.6%
30.6%

69.2%
30.4%
25.1%
17.4%
11.3%
21.0%

72.2%
35.3%
31.0%
22.5%
17.5%
24.8%

72.6%
36.3%
32.2%
23.2%
19.2%
24.1%

72.8%
37.0%
32.6%
24.4%
21.2%
22.8%

Leverage & Coverage Ratios

Current Ratio
Quick Ratio
Interest Coverage Ratio (EBIT/I)
Tot Debt/Capital
Tot Debt/Equity

1.43
1.24
123.62
0.01
0.01

1.69
1.44
431.96
0.01
0.01

1.48
1.29
249.37
0.01
0.01

2.20
2.00
604.37
0.01
0.01

2.23
2.03
644.75
0.01
0.01

1.89
1.58
385.71
0.01
0.01

0.91
0.82
22.45
0.27
0.36

1.44
1.35
27.74
0.09
0.10

1.27
1.22
25.65
0.32
0.47

1.45
1.40
25.99
0.25
0.33

0.99
0.92
23.27
0.27
0.37

Others
Asset Turnover
Accounts Receivable Turnover
Accounts Payable Turnover
Inventory Turnover

1.26
3.57
7.84
367.60

1.18
3.78
8.23
240.06

1.08
4.07
8.25
234.54

1.02
4.07
8.09
187.84

1.01
4.01
6.34
270.70

1.04
3.84
5.19
1720.50

0.96
3.84
6.42

0.78
3.76

0.73
4.36

0.65
4.23

0.65
4.34

53.8%

39.0%

36.5%

35.3%

29.9%

32.4%

29.6%

28.1%

22.5%

27.9%

26.1%

Ratio Analysis

Effective Tax Rate

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Company Analysis - Peers Comparision

SAP AG
Latest Fiscal Year:
52-Week High
52-Week High Date
52-Week Low
52-Week Low Date
Daily Volume

Current Price (3/dd/yy)

52-Week High % Change
52-Week Low % Change
Total Common Shares (M)

Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents

Enterprise Value
Total Revenue

EV/Total Revenue

EBITDA

EV/EBITDA

EPS

P/E

Revenue Growth
EBITDA Growth
EBITDA Margin

LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
1 Year
5 Year
1 Year
5 Year
LTM
CY+1
CY+2

ORACLE CORP

12/2012
62.79
02.01.2013
43.62
04.06.2012
345'236

05/2012
36.31
01.02.2013
25.33
18.05.2012
23'816'996

60.59
-3.5%
38.9%
1'228.5

MICROSOFT CORP SALESFORCE.COM

IBM

BMC SOFTWARE
INC

SOFTWARE AG

06/2012
32.95
16.03.2012
26.26
05.12.2012
35'840'861

01/2013
178.91
28.01.2013
120.18
02.08.2012
3'710'337

12/2012
211.79
05.10.2012
181.85
12.07.2012
4'689'998

12/2012
35.45
28.01.2013
21.80
12.07.2012
35'787

34.24

27.80

169.22

200.83

30.67

-5.7%
35.2%
4'905.0

-15.6%
5.9%
8'381.0

-5.4%
40.8%
146.4

-5.2%
10.4%
1'117.4

-13.5%
40.7%
86.7

03/2012
45.70
15.05.2012
35.48
01.08.2012
2'814'937

HEWLETTPACKARD

WORKDAY INC-A

10/2012
25.65
01.03.2012
11.35
20.11.2012
27'189'493

01/2012
57.21
17.10.2012
28.00
11.10.2012
320'122

40.11

20.14

-12.2%
13.0%
161.7

-21.5%
77.4%
1'963.0

CA INC

MICROSTRATEGY

ELEC DATA PRCS

DASSAULT
SYSTEME

SAGE GROUP

03/2012
28.00
27.03.2012
21.48
16.11.2012
2'940'196

12/2012
160.00
03.05.2012
83.76
20.11.2012
58'396

09/2012
62.00
24.01.2013
41.50
28.06.2012
0

12/2012
88.25
27.02.2013
61.60
06.03.2012
9'966

09/2012
345.60
20.02.2013
245.30
18.05.2012
175'337

11/2012
39.94
28.02.2013
29.52
12.07.2012
3'637'596

55.29

24.51

101.88

56.50

87.38

340.20

39.31

-3.4%
97.5%
35.9

-12.5%
14.1%
466.2

-36.3%
21.6%
11.3

-8.9%
36.1%
12.5

-1.0%
41.9%
125.1

-1.6%
38.7%
1'329.5

-1.6%
33.2%
494.1

74'435.1

162'102.3

232'859.6

24'781.8

223'827.0

2'665.8

5'731.3

39'235.7

9'187.1

11'174.7

1'155.1

7.1

10'941.0

5'247.0
8.0
2'629.0

16'474.0
399.0
30'676.0

11'944.0
63'040.0

521.3
1'758.3

33'269.0
124.0
11'129.0

277.4
0.7
216.5

821.6
1'583.0

28'436.0
397.0
11'301.0

16.6
171.0
111.2

1'301.0
2'679.0

224.4

5.6

353.9
16.2
1'319.1

77'061.1

148'591.3

178'735.6

23'544.8

246'091.0

2'656.0

5'882.1
Valuation

55'268.7

8'416.8

9'927.7

9'992.0

16'222.0
16'223.0
18'061.8
19'912.7
4.8x
4.8x
4.1x
3.5x
4'935.0
4'575.0
6'384.8
7'233.5
15.6x
16.9x
11.5x
9.7x
2.37
2.37
3.50
3.97
25.6x
25.6x
17.3x
15.3x
14.0%
9.7%
0.6%
10.7%
28.2%
35.3%
36.3%

37'121.0
37'230.0
38'230.7
40'704.0
3.8x
3.7x
3.8x
3.3x
16'973.0
17'302.0
18'613.8
20'217.6
8.2x
8.0x
7.8x
6.6x
2.00
2.13
2.71
2.96
16.1x
16.1x
12.6x
11.6x
4.2%
12.5%
9.3%
18.5%
46.5%
48.7%
49.7%

73'723.0
72'930.0
79'605.0
86'100.8
2.3x
2.3x
2.0x
1.6x
30'923.0
29'120.0
32'414.5
35'504.1
5.5x
5.8x
5.0x
3.9x
2.73
2.56
2.85
3.15
10.9x
10.9x
9.7x
8.8x
5.4%
5.7%
3.3%
9.1%
39.9%
40.7%
41.2%

3'050.2
3'050.2
3'857.6
4'751.3
7.9x
7.9x
6.0x
4.7x
260.9
260.9
682.5
853.2
91.9x
91.9x
33.9x
26.0x
-0.86
-0.91
1.95
2.49
86.6x
68.0x
34.6%
31.0%
13.7%
24.6%
8.6%
17.7%
18.0%

104'507.0
104'507.0
106'271.0
108'975.8
2.3x
2.3x
2.3x
2.2x
25'119.0
25'121.0
28'479.1
29'892.8
9.4x
9.4x
8.6x
8.1x
15.25
15.30
16.77
18.41
13.1x
13.1x
12.0x
10.9x
(2.3%)
0.4%
0.1%
6.1%
24.0%
26.8%
27.4%

1'047.3
1'047.3
1'058.5
1'122.9
2.3x
2.3x
2.4x
2.1x
304.5
289.1
289.4
315.4
8.0x
8.4x
8.6x
7.4x
1.89
1.89
2.08
2.33
16.2x
16.2x
14.7x
13.2x
(4.6%)
9.5%
21.6%
27.2%
27.3%
28.1%

37.0%
27.0%
1.147x
0.572x
28.200x

37.7%
27.2%
1.142x
-0.806x
22.158x

18.0%
15.3%
0.487x
-1.859x
81.376x

22.0%
18.0%
1.998x
-4.741x
8.430x

176.4%
63.7%
1.324x
0.881x
52.660x

29.2%
22.6%
0.914x
-0.036x
-

A+
24.04.2012
A1
24.06.2011

AAA
22.09.2008
Aaa
11.05.2009

AA30.05.2012
Aa3
23.11.2010

2'172.0
2'197.5
2'224.0
2'319.7
2.7x
2.6x
2.5x
2.2x
768.5
701.7
831.0
878.7
7.6x
8.3x
6.7x
5.8x
2.36
2.16
3.42
3.84
18.6x
18.6x
11.7x
10.4x
5.2%
4.8%
6.3%
13.2%
31.9%
37.4%
37.9%

ADOBE SYS INC

4'051.3
209.2
(2.1)
61.6

4'196.8

19'607.5
1'508.2
3'538.4

930.8

1.4

120'357.0
118'680.0
113'481.2
112'039.9
0.4x
0.4x
0.5x
0.4x
14'384.0
14'026.0
14'068.9
13'869.9
3.4x
3.4x
3.7x
3.5x
0.31
0.21
3.48
3.58
95.9x
95.9x
5.8x
5.6x
(5.4%)
0.1%
(12.1%)
3.7%
11.8%
12.4%
12.4%

134.4
235.3
270.3
424.7
54.2x
30.9x
33.2x
21.3x
(62.0)
(90.7)
(125.3)
-117.4x
-2.71
(1.30)
(0.85)
(33.6%)
(29.5%)

4'814.0
4'680.0
4'637.0
4'676.8
1.8x
1.9x
2.1x
1.9x
1'805.0
1'836.0
1'733.7
1'777.3
4.8x
4.7x
5.5x
5.0x
1.90
1.99
2.42
2.54
12.3x
12.3x
10.1x
9.7x
8.7%
1.9%
11.1%
14.6%
39.2%
37.4%
38.0%

594.6
594.6
642.4
705.2
1.4x
1.4x
1.4x
1.2x
54.7
54.7
72.5
87.7
15.2x
15.2x
12.1x
9.3x
1.84
1.83
3.02
4.40
55.7x
55.7x
33.8x
23.1x
5.8%
12.1%
62.9%
(10.9%)
9.2%
11.3%
12.4%

5.8
5.8
0.1x
0.1x
1.1
1.1
0.3x
0.3x
0.06
-0.00
8.9x
3.7%
(2.1%)
20.8%
6.0%
18.2%
-

2'028.3
2'028.3
2'152.8
2'348.1
4.7x
4.7x
4.3x
3.8x
594.7
594.7
734.7
839.4
16.1x
16.1x
12.7x
10.6x
2.66
2.71
3.71
4.11
32.2x
32.7x
23.6x
21.2x
13.8%
10.2%
16.3%
12.3%
29.3%
34.1%
35.7%

1'340.2
1'340.2
1'388.5
1'428.0
3.2x
3.2x
3.1x
2.9x
391.2
391.2
397.1
424.3
11.0x
11.0x
10.8x
9.9x
0.19
0.19
0.22
0.24
18.3x
18.1x
15.5x
14.3x
0.5%
4.0%
(0.9%)
5.0%
29.2%
28.6%
29.7%

17'577.3
4'403.7
4'403.7
4'100.4
4'536.1
3.4x
3.4x
4.2x
3.7x
1'477.0
1'477.0
1'182.0
1'426.4
10.2x
10.2x
14.5x
11.7x
1.64
1.64
1.40
1.79
24.0x
24.0x
28.1x
21.9x
4.4%
6.1%
0.7%
4.7%
33.5%
28.8%
31.4%

126.7%
55.5%
2.012x
1.115x
16.420x

139.0%
-63.551x

24.1%
19.4%
0.709x
-0.679x
28.203x

0.0%
0.0%
0.000x
-4.104x
-

0.0%
0.0%
0.000x
-5.333x
-

15.0%
12.9%
0.595x
-1.623x
64.378x

15.2%
13.2%
0.535x
0.377x
29.636x

22.6%
18.5%
1.021x
-1.375x
21.886x

BBB+
30.11.2011
Baa1
28.11.2012

BBB+
11.04.2011
Baa2
13.08.2010

BBB+
25.01.2010
Baa1
25.01.2010

Leverage/Coverage Ratios
Total Debt / Equity %
Total Debt / Capital %
Total Debt / EBITDA
Net Debt / EBITDA
EBITDA / Int. Expense

56.8%
36.2%
1.899x
0.215x
27.252x

Credit Ratings
S&P LT Credit Rating
S&P LT Credit Rating Date
Moody's LT Credit Rating
Moody's LT Credit Rating Date

BBB+
22.07.2010
Baa2
23.07.2010

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |