BOC WILL BE CONSDIERING FURTHER RATE CUTS

BOC DOESN'T SEE A RECESSION, RATHER SLOW GROWTH

BOC SAYS WEAKER CAD DRIVEN BY USD STRENGTH

MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

US EIA: CRUDE OIL STOCKS EX SPR -1.42M TO 422.0M DEC 06 WK

BOC CUTS RATE 50BPS TO 3.25%, SEES GRADUAL APPROACH FROM HERE

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

SAP Q2 Operating Profit Margins Strong With Slight FY25 Guidance Increase; Credit Positive

TECHNOLOGY

Rating: A1/A+

  • Q2 revenue +9.7% YoY (company-provided consensus was +9.2%) with cloud revenue +25.2% (in-line with consensus) and a cloud backlog growth of 28%. Op profit was +33.2% (vs. consensus for +24.2%) with an operating margin of 23.4% against the consensus of 22%.
  • Continuing OCF of EUR 1540 was +82% from Q223 with FCF of EUR 1291 over double the EUR 604mn seen in Q223 mainly on the improved profitability and better WC management. H1 FCF was +48% YoY. Net liquidity fell from EUR 5.6bn to EUR 3.7bn. FCF guidance maintained despite ongoing restructuring charges.
  • FY24 guidance unchanged; slight 2025 operating profit guidance increased to reflect anticipated efficiency gains from the transformation program – now seen at EUR 10.2bn from EUR 10bn.
  • On call the CEO noted a strong start to Q3 with no macro impacts.
Credit BulletsBulletHomepagemarkets-real-timeCredit
Credit BulletsBulletHomepagemarkets-real-timeCredit

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.