Average therefore the analysts have revised 2009 profit estimates for the fiscal year by approx. 20% down and also I can connect only the. Certainly is SAP of is still one of the companies best positioned with distance, but the general economic downturn is just None of us deny even the SAP. But there is also light at the end of the tunnel, and this is not the oncoming train. As with the banks – adopted in the last few weeks, as well as economic support packages in all over the world, you will create a reflation and thus an outbreak from the possible deflationary spiral of pages of political leaders.

Although the German Government under Chancellor Angela Merkel (CDU) and Minister of finance Peer Steinbruck (SPD) have not seen unfortunately the seriousness of the situation, but the leadership powers of China and the United States, this is different. Although, SAP longer need something as German companies under the currently insufficient reflation policy in Germany, to get out of the crisis, but since SAP international turns up, this disadvantage not quite so heavy weigh fragrances. For the year 2010, and thus also for the fiscal year 2010 from SAP the prospects should brighten up is so much and I would therefore imagine that the stock might have found already a floor. Because keep in mind You that the markets are always trying to “play the future prospects of a company” and never the present or even the past. Therefore, I stay stock, especially because the stock to have currently almost 20% cheaper than 8 months ago in March, from a fundamental perspective in my buy recommendation of SAP. Where now in the short term only limited upside potential is up to a maximum of 32 euros, and you should take back the long-term price target of 50 euros due to the profit warning, perhaps also called in March.