SAP SE 2Q 2016 -- Forecast

FRANKFURT--The following is a summary of analysts' forecasts for SAP SE (SAP) second-quarter results, based on a poll of 11 analysts conducted by Dow Jones Newswires (figures in million euros, EPS, dividend and target price in euro,

according to IFRS). Earnings figures are based on Non-IFRS and scheduled to be released July 20.

=== 
                        Revenue            Revenue 
                 Total    C & S  Software      CSS 
2nd Quarter    revenue      (a)  licenses      (b) 
AVERAGE          5,241    4,322       983      723 
Prev. Year       4,972    4,065       979      555 
+/- in %          +5.4     +6.3      +0.4      +30 
 
MEDIAN           5,265    4,313       979      722 
Maximum          5,317    4,391     1,057      738 
Minimum          5,109    4,236       941      713 
Amount              10       11        11       11 
 
Baader-Helvea    5,317    4,391     1,057      722 
Bernstein        5,302    4,379       994      738 
Bryan Garnier    5,137    4,236       941      713 
Commerzbank         --    4,270       965      723 
Deutsche Bank    5,109    4,236       975      718 
DZ Bank          5,221    4,313     1,020      714 
Haitong Research 5,294    4,359       979      722 
Jefferies        5,297    4,362     1,008      721 
Morgan Stanley   5,202    4,312       944      733 
Pacific Crest    5,235    4,308       942      722 
Warburg Research 5,299    4,376       991      730 
 
                                       Net 
               Operating      Net   attrib. 
2nd Quarter       profit   income   profit    EPS 
AVERAGE            1,443    1,051    1,046   0.87 
Prev. Year         1,394      960      963   0.80 
+/- in %            +3.5     +9.5     +8.6   +8.9 
 
MEDIAN             1,448    1,062    1,050   0.86 
Maximum            1,538    1,070    1,070   0.91 
Minimum            1,378    1,012    1,014   0.85 
Amount                11        7        4     10 
 
Baader-Helvea      1,463       --       --   0.91 
Bernstein          1,451    1,038    1,038   0.86 
Bryan Garnier      1,397    1,062    1,062   0.86 
Commerzbank        1,378       --       --     -- 
Deutsche Bank      1,421       --       --   0.86 
DZ Bank            1,400    1,070    1,070   0.86 
Haitong Research   1,538    1,070       --   0.89 
Jefferies          1,479    1,012    1,014   0.85 
Morgan Stanley     1,448    1,067       --   0.89 
Pacific Crest      1,450    1,039       --   0.87 
Warburg Research   1,445       --       --   0.86 
 
           Target price  Rating              DPS 2016 
AVERAGE           81.83  positive 7   AVERAGE    1.24 
Prev. Quarter     82.00  neutral  1   Prev. Year 1.15 
+/- in %          -0.2   negative 1   +/- in %   +7.8 
 
MEDIAN            85.00               MEDIAN     1.20 
Maximum           94.00               Maximum    1.40 
Minimum           63.50               Minimum    1.10 
Amount                9               Amount        5 
 
Baader-Helvea     85.00  Buy                     1.30 
Bernstein         94.00  Outperform              1.10 
Bryan Garnier     74.00  Neutral                 1.20 
Commerzbank       90.00  Buy                     1.20 
Credit Suisse     90.00  Outperform                -- 
Deutsche Bank     80.00  Buy                       -- 
DZ Bank           74.00  Buy                       -- 
Jefferies         63.50  Underperform              -- 
Warburg Research  86.00  Buy                     1.40 
===

Year-earlier figures are as reported by the company.

(a) Cloud & Software

(b) Cloud-subscriptions and -support