Thread,
To follow up on the previous post, the following are excerpts from this week's Barron's (for the benefits of those who have no easy access to B*):
..SAP Ueber Microsoft..
"Will any software company ever pass Microsoft in market capitalization? Brian Skiba, software analyst at Lehman brothers, thinks it could happen in the next five years. The company he considers capable of that Herculean feat is SAP, the German company that dominates the market for enterprise resource planning software."
"SAP's stock has been on fire of late, up 245% over the past 12 months, measured in deutschmarks. US investors, though, have had to jump through some hoops to buy the stock.....As Skiba noted, SAP is no bargain. Trading at about 76 times expected 1999 earnings (not bad--a lot better than PSFT--Ibexx notes) the stock has benefited from a recent German mania for tech shares. Indeed, Skiba figures the valuation might be half its current level were it a US company (not true, see PSFT for example--Ibexx notes). Nonetheless, the already buoyant stock could get a further lift from its coming US NYSE listing. And before you know it, Bill Gates could lose his place in the investing public's heart to SAP Dietmar Hopp."
.....
Ibexx |
