May 17, 2018 / 11:55 AM / 6 months ago

SAP goal remains to triple market cap, but gives no timeframe

FILE PHOTO: SAP SE CEO Bill McDermott (L) and CFO Luka Mucic attend the company's annual results press conference in Walldorf, Germany, January 24, 2017. REUTERS/Ralph Orlowski

MANNHEIM (Reuters) - SAP, Germany’s most valuable public company, remains committed to tripling its market capitalization, but Chief Executive Bill McDermott declined to specify a timeframe on Thursday.

“There is clearly the potential to triple the value of this company. We believe that is only a matter of time,” McDermott said at its annual general meeting in response to a shareholder question, reiterating previous comments on the target.

“While we are not giving a specific timeframe, we are certainly charging ahead with this in mind,” he said.

The company’s market capitalization stood at just above 118 billion euros ($139 billion) on Wednesday. Rival U.S. software maker Oracle (ORCL.N) is valued at around $190 billion.

SAP’s share price trebled between 2010 and 2017.

Reporting by Patricia Uhlig in Mannheim and Eric Auchard in London; Editing by Alexander Smith

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