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All for One Steeb AG

Sustainable momentum

QuickView | Technology | 19 Nov 2018

All for One Steeb is the largest SAP solutions supplier in the Germanspeakingmid-market segment and a major multi-cloud service provider.The group is achieving steady double-digit top-line growth and hasinvested heavily to profit from strong demand for cloud transformationservices. Growing recurring revenues also support future margin growth.Management recently confirmed increased earnings guidance, despite theadverse impact on EBIT of restructuring costs and high staff investmentsin 9M18. The stock trades at a 16% PER discount to its eurozone peers.

All for One Steeb AG

SAP generation upgrade provides opportunity

QuickView | Technology | 21 Nov 2017

All for One Steeb is the largest supplier of SAP solutions for the German-speaking mid-market. The generational upgrade of SAP products from R/3 to S/4HANA should provide significant growth opportunities in the short to mid-term, but will require continued investment in staff and R&D to maximise monetisation. Management has recently upgraded guidance, and the shares currently trade at a discount to peers.

All for One Steeb AG

Investing in the digitisation opportunity

QuickView | Technology | 10 Nov 2016

All for One Steeb is the leading supplier of SAP solutions into the Germanspeaking mid-market. The company is well placed to benefit from accelerating investment in digital and cloud transformation although the investment to secure this opportunity will suppress margins near term.

All for One Steeb AG

SAP HANA and the cloud are major opportunities

QuickView | Technology | 09 Nov 2015

All for One Steeb is the leading supplier of SAP solutions into the Germanspeaking mid-market. Notwithstanding the current economic uncertainty, near and medium-term demand drivers look robust. The SAP HANA transition cycle should continue to boost performance near term, while S4 HANA should start adding incremental opportunities over the course of the next year or so. The difficulty of recruiting high calibre, skilled staff and the potential for a regional economic pullback are major challenges.

Activa Resources

Deutsche Börse Eigenkapitalforum 2014 Research Guide

Sector Commentary: | *Multiple Sectors | 11 Nov 2014