Lucius,
A couple of points (which have been discussed on this thread already):
1. Noone knows for sure what the P/Es for SAPHY is, trailing or forward projecting, due to a vastly different accounting method. If anything, the German way is a lot more conservative.
2) You should compare SAPHY's P/E with those of BAANF, SEBL, ARSW--all enterprise sofware developers but of much lesser qauality. Last time I looked, the first two sported P/E well over 120. (I am not saying this is reasonable, but Street is willing to pay for a red-hot sector...)
3) SAP should not be considered an European play; rather is a global company. In fact SAP is more global than Oracle and other US software giants other than Microsoft.
4) IMHO, CA looks very shaking now. Its main business arena, the mainframe, is a dying breed, and the company is spending tons of $$$ pm R&D to establish a client-server market. Past successes do not gurantee future glories.
My 2 cents, as usual.
Ibexx |
