SAP A.G. Message Board - Msg: 10968301

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Technology Stocks : SAP A.G.

SAP 233.70

-0.9%

3:59 PM EST

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To: P.M.Freedman who wrote (3291)	8/16/1999 9:34:00 AM
From: deeno	Read Replies (1) of 3424

New opinion on SAP Merrill Lynch Price - Local / ADR: EUR314.5 / $30 5/16 Estimates (Dec) 1998A 1999E 2000E Revenue 4316.0 5012.0 6299.0 Yr/yr Growth 40.3% 16.1% 25.7% EPS 5.0 4.9 7.0 Yr/yr growth n/a -3.7% 44.2% P/E 62.4 64.8 44.9 ADR EPS $0.44 $0.42 $0.60 Cash Flow/Share 6.37 6.66 9.16 Price/Cash Flow 49.4x 47.2x 34.3x Gross Dividend 1.60 1.64 1.80 Gross Yield 1%1%1% Opinion & Financial Data Investment Opinion ? Local: C-3-1-7 Investment Opinion ? ADR: C-3-1-7 Mkt. Value / Shares Outstanding (mn): 33023 / 105 Book Value/Share (Dec-98): 17.38 Price/Book Ratio: 18.1 Est. 5 Year EPS Growth: 25% 1999E P/E Rel. to Mkt: 280 Stock Data 52-Week Range ? Local: 570.09-236.00 52-Week Range ? ADR: $48 - $20 Symbol / Exchange ? Local: SAPHF / Frankfurt Symbol / Exchange ? ADR: SAP / New York Bloomberg / Reuters: SAPG GR / SAPG.F Shares/ADR: 0.08 Exchange Rate: EUR0.94/USD For full investment opinion definitions, see footnotes. All figures are in Euro except where otherwise noted. Note: Due to currency factors, the investment opinion of the ADR may differ from the underlying share. Investment Highlights: ú We believe there is risk that 1999 expectations are too high if ERP market conditions do not significantly improve before December. ú However, SAP looks extremely well-positioned to take advantage of post-2000 opportunities in the CRM, SCM and business portal markets. ú If successful in its new initiatives, particularly mySAP.com, we believe revenues could more than double by 2003. ú SAP is currently trading at a 25% premium to the other ERP vendors ?00?s P/E, which looks justified since it is the market leader. Fundamental Highlights: ú SAP?s competitive strength is its large installed base, particularly in Europe. This base positions SAP to do well in the nascent business portal market. ú MySAP.com should increase SAP?s penetration within its customer base from the current 10 million users to the potential 100 million users. Bulletin Germany

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