Nobody's perfect. SAP has the failure to be a German company and American, which complicates his stock route. The number one global management software comes from completing a great year, growth and results. The only European to shadow Americans singing in money, with a net cash of debts of EUR 3.2 billion, equivalent to the capitalization of Capgemini! SAP, which has already increased its workforce by 9 in 2004, will do the same in 2005, he forces the pace at the time where his main rival, Oracle, is monopolized by the integration of PeopleSoft. Yet the SAP course lost about 15 for two months and has signed one of the strongest declines yesterday in Germany. It is true that to 30 times its 2004 earnings and 25 times those expected in 2005, SAP remains the title more expensive sector on both sides of the Atlantic, Siebel except. Are multiple that would seem less strained if SAP, growing in the United States three times higher than in Europe, published its accounts in weak dollar rather than euro strong. It is even more significant that the leaders of SAP, usually expressed in English, has chosen this context to return to the language of Goethe. As a way to identify markets that their outcomes and their objectives are to take it or leave, such as what.
The response of the conquistador
The lyricism and constant arguments are always stronger than the tremolo. By posting record results in all areas, BBVA has done more to defend its autonomy by denouncing political manoeuvres of low floor. The 2.8 billion euros of profit, an increase of 26, released in 2004, and the prospect of a new progression in two figures, in 2005, are probably the best answer Francisco Gonzalez could bring the appetites of the real estate group Sacyr Vallehermoso. As the second Spanish banking group not only to take advantage of the good health of its settlements in Latin America. If it is clear that the strengthening in the Mexican Bancomer offers an excellent return on investment, the conquistador proves that there is not that in the new world he knows gold. The growth of the Bank of Spain retail operating margin is also remarkable. And the level of 20 achieved by the performance of capital leaves few arguments to Luis del Rivero to convince investors that his friends and him, if they were widely represented in the Council, could substantially improve the profitability of BBVA. Fact remains that Francisco Gonzalez remains weakened by the judicial investigation of his former company FG Valores.
The confession and forgiveness
Quickly admitted fault, fault quickly forgiven The 600 million euros of exceptional loads that Danone has announced on its canisters water activities have had a modest impact on its course. This deference is that Danone had just prepared the ground. But, the "significant" magnitude of the cleansing of the American and European joint ventures, that will cost two points at the rate of growth of earnings per share, the Group had interest to inform the market very soon. Better was worth puncture the abscess that pollute the presentation of the complete accounts 11 next February, which must confirm that, overall, Danone held its forecasts and better than its major competitors. The accident of the cylinders is so banal nothing. First, because it comes barely a year after Danone will be strengthened in the United States in this trade, which suggests an error manifest in the assessment of the record. Then, because il said that, if the joint ventures facilitate external growth by limiting capital committed, they also have their risks. For a full pardon, it remains to Danone to prove that he can still take advantage of its position as number one on a US market of cylinders in full upheaval. And that, if the activity is still in the group by a year, contributes to the growth of its profits.