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Technology Stocks : SAP A.G. -- Ignore unavailable to you. Want to Upgrade?

To: Ray Rueb who wrote (449)	2/12/1998 6:21:00 AM
From: Holger Johannsen	Respond to of 3424

Ray, the German Mark is under pressure due to high unemployment, all time low interest rates and most importantly the Euro. The German Mark will be gone in about a year and being in bed with the so called Club Med countries (Spain, Italy, Portugal) makes investors very nervous. Dollar, Pound and Swiss Franken are safe havens for many German investors who try to flee from the Mark. My feeling is that the higher the chances are for a Euro start on time, the more pressure will be on the Mark. Of course, if inflation starts to be a topic in the US again and there is a higher probability of a rate hike this will put even more pressure on the Mark. The question will be how strong will the Euro be and how does it affect the business of SAP. Another question is if there are any unlocked values in the balance sheet of SAP. I'm looking forward to see how the change to US GAAP will modify their balance sheet. Holger