SAP A.G. Message Board - Msg: 13062146

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Technology Stocks : SAP A.G.

SAP 246.56

+0.4%

Dec 26 9:30 AM EST

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To: singletree who wrote (3363)	3/6/2000 9:38:00 AM
From: deeno	Read Replies (1) of 3424

anyone still around? merrill comment Price - Local / ADR: EUR904.5 / $72 3/8 12 Month Price Objective: EUR1350 / $110 Estimates (Dec) 1999A 2000E 2001E Revenue (EUR) 5110 6607 8495 Yr/Yr Growth % 18 29 29 Net Income 601 741 1102 Yr/Yr Growth % 14 23 49 EPS 5.7 7.1 10.5 P/E 157.4 128.2 86.2 ADR EPS $0.48 $0.57 $0.84 Opinion & Financial Data Investment Opinion ? Local: C-1-1-7 Investment Opinion ? ADR: C-1-1-7 Mkt. Value / Shares Outstanding (mn): 94973 / 105 Book Value/Share (Dec-99): 24.464 Price/Book Ratio: 36.97 ROE 2000E Average: 26.2% Net Debt/Net Equity: NA Est. 5 Year EPS Growth: 30% 2000E P/E Rel. to Mkt: 468% Stock Data 52-Week Range ? Local: 904.50-269.00 52-Week Range ? ADR: $73 5/16 - $23 13/16 Symbol / Exchange ? Local: SAPPF / Frankfurt Symbol / Exchange ? ADR: SAP / New York Bloomberg / Reuters: SAP3 GR / SAPG.F Shares/ADR: 0.08 Exchange Rate: EUR1.04/USD Free Float: 40% *Intermediate term opinion last changed on 25-Jan-00. 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: We are raising our price objective to 1350 euros ($110 per ADR) from 1000 euros ($87) based on increased acceptance of the mysap.com strategy and product. Over 130 companies have bought mysap.com, which has grown from approximately 20 at the end of December. The large number of mysap.com partners and positive feedback at CEBIT further supports our belief that SAP will be a major player in the B2B market. Fundamental Highlights: There are over 4,000 companies that have registered on the mysap.com marketplace over the last four months, making it one of the most accessed B2B portals. There are now over 10,000 users renting SAP applications through the ASP partners in the United States alone. More partners are expected to be announced soon as well as SAP will be offering its own ASP offering.

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