SAP SE 3Q 2016 -- Forecast

FRANKFURT--The following is a summary of analysts' forecasts for SAP SE (SAP) third-quarter results, based on a poll of 13 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 October 21.

=== 
                           Revenue            Revenue 
                    Total    C & S  Software      CSS 
3rd Quarter       revenue      (a)  licenses      (b) 
AVERAGE             5,312    4,433     1,013      781 
Prev. Year          4,987    4,124     1,015      600 
+/- in %             +6.5     +7.5      -0.2      +30 
 
MEDIAN              5,318    4,441     1,013      782 
Maximum             5,399    4,493     1,066      794 
Minimum             5,092    4,272       913      750 
Amount                 12       12        12       13 
 
Baader-Helvea       5,373    4,493     1,066      780 
Barclays            5,399       --     1,053      782 
Bernstein           5,379    4,476     1,034      792 
Bryan Garnier       5,287    4,406     1,009      787 
Commerzbank            --    4,481     1,041      783 
DZ Bank             5,302    4,430     1,000      780 
Haitong Securities  5,092    4,272       913      750 
HSBC                5,349    4,468     1,004      794 
LBBW                5,323    4,447     1,045      780 
Morgan Stanley      5,370    4,483     1,016      791 
Pacific Crest       5,309    4,429       970      774 
UBS                 5,252    4,376        --      770 
Warburg Research    5,313    4,435     1,000      794 
 
                                Net 
                Operating   attrib. 
3rd Quarter        profit    profit     EPS 
AVERAGE             1,689     1,174    0.99 
Prev. Year          1,616     1,176    0.98 
+/- in %             +4.5      -0.2    +0.9 
 
MEDIAN              1,691     1,199    1.00 
Maximum             1,829     1,241    1.09 
Minimum             1,562     1,046    0.87 
Amount                 13         9      12 
 
Baader-Helvea       1,691        --    1.00 
Barclays            1,829        --    1.09 
Bernstein           1,692     1,108    0.92 
Bryan Garnier       1,711     1,211    0.99 
Commerzbank         1,646        --      -- 
DZ Bank             1,683     1,200    1.00 
Haitong Securities  1,562     1,046    0.87 
HSBC                1,699     1,223    1.02 
LBBW                1,744     1,199    1.00 
Morgan Stanley      1,758     1,241    1.03 
Pacific Crest       1,634     1,162    0.97 
UBS                 1,670     1,176    0.98 
Warburg Research    1,639        --    0.99 
 
 
             Target price  Rating                 DPS 2016 
AVERAGE             90.88  positive 9     AVERAGE     1.24 
Prev. Quarter       81.83  neutral  0     Prev. Year  1.15 
+/- in %              +11  negative 0     +/- in %    +7.8 
 
MEDIAN              91.50                 MEDIAN      1.22 
Maximum             95.00                 Maximum     1.40 
Minimum             85.00                 Minimum     1.15 
Amount                  8                 Amount         5 
 
Baader-Helvea       85.00  Buy                          -- 
Barclays            95.00  Overweight                 1.22 
Commerzbank         95.00  Buy                        1.26 
DZ Bank                --  Buy                        1.17 
HSBC                93.00  Buy                          -- 
JP Morgan           95.00  Overweight                   -- 
Morgan Stanley      88.00  Overweight                   -- 
UBS                 90.00  Buy                        1.15 
Warburg Research    86.00  Buy                        1.40 
===

Year-earlier figures are as reported by the company.

(a) Cloud & Software

(b) Cloud-subscriptions and -support