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Entertainment SAP share ultimately lower: Supervisory board chairman Plattner buys SAP shares for a quarter of a billion euros

19:56  27 october  2020
19:56  27 october  2020 Source:   finanzen.net

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SAP supervisory board chairman Hasso Plattner used the price drop in the software manufacturer's shares to make a major purchase.

Mario Vedder/Getty Images © Provided by Finanz.net Mario Vedder / Getty Images

The co-founder of the DAX group stocked up on papers for a total of around 248.5 million euros at the beginning of the week, according to a voting rights notification from the group on Tuesday. Plattner bought accordingly at exchange rates averaging around 101 euros. Before founding partner Dietmar Hopp,

Plattner is the largest single shareholder of the most valuable German listed company and, according to Bloomberg, last held just under 5.9 percent of the shares - the package is currently worth a good 7 billion euros. Hopp holds a good 5 percent of the shares.

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The SAP share collapsed on Monday by more than a fifth to 97.50 euros due to a strategic shift by CEO Christian Klein and thus back to the level of the beginning of April, when the papers were just recovering from the Corona crash. This was the highest daily loss of the paper since the 1990s, a market value of around 33 billion euros vanished into thin air.

Klein and CFO Luka Mucic also bought shares on Monday, albeit on a much smaller scale for a good 102,000 and a good 75,000 euros. Another supervisory board, Lars Lamade, has issued a purchase order. The employee representative on the committee had secured 200 shares for a total of almost 20,500 euros.

The last time there were major insider transactions was at the end of August, when Sabine Plattner GmbH & Co sold shares for 8.3 million euros at a price of over 139 euros, not far from the all-time high on September 3 at 143.32 euros . Previously, the company, which is assigned to AR boss Plattner, had made almost 31 million euros in April from the sale of shares at an average of 110 euros.

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SAP make up some ground after price slump - Plattner buys

After the massive price drop of almost 22 percent at the beginning of the week, SAP shares only recovered temporarily on Tuesday can. Ultimately, however, they went into the red and fell 0.56 percent to 96.95 euros.

The SAP shares had collapsed on Monday due to a strategy shift by CEO Christian Klein by more than a fifth to 97.50 euros and thus back to the level of the beginning of April, when the papers had just recovered from the Corona crash. This was the paper's highest daily loss since the 1990s.

SAP had seriously disappointed investors with the medium-term outlook and the results for the third quarter. The corona pandemic is affecting Europe's largest software manufacturer more than previously thought. Because demand has recently been more subdued than expected due to new restrictions, management is now assuming less sales and operating profit this year. Klein also actually put the ambitious medium-term goals for profitability 2023 aside because he wants to align the group even more quickly with the cloud software sector.

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Nevertheless, most of the analysts remain loyal to SAP, albeit with significantly lower price targets. Analyst Markus Jost from Independent Research was particularly disappointed that the software company expected little progress in profitability by 2023. However, he considers the price slump at the beginning of the week to be exaggerated, since the long-term growth trend is intact. He reduced his price target from 160 to 140 euros, but kept his buy recommendation for the share.

His colleague Nicolas David from the investment bank Oddo BHF spoke of mixed numbers. The real drama, however, is the very disappointing medium-term goals. David lowered his operating earnings estimates by 2022 and the price target from 162 to 138 euros, but also left the rating at "Buy". He also considers the negative price reaction to be exaggerated and emphasized the associated attractiveness of the share.

The corona crash in February and March had a bad impact on the SAP papers. The price had plummeted to almost 82 euros, before that the paper was worth almost 130 euros. After that, however, things picked up again quite quickly. In the summer months, in the wake of the tech rally on the US stock exchanges, the price even jumped 140 euros for the first time.

The chart technology expert Marcel Mußler does not see the SAP stocks as bargains even after their price slump on Monday. This would only be the case again at prices a little above their crash low from March, he wrote in his daily stock market letter. It will take a long time for SAP to compensate for the recent price drop. The titles were not one of the bulls candidates for the time being. (dpa-AFX / Dow Jones Newswires)

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