May 17, 2018 / 11:56 AM / in a year

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

The logo of German software group SAP is pictured at its headquarters in Walldorf, Germany, May 12, 2016. REUTERS/Ralph Orlowski/Files

MANNHEIM (Reuters) - SAP, Germany’s most valuable public company, remains committed to tripling its market capitalisation, 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 capitalisation stood at just above 118 billion euros ($139 billion) on Wednesday. Rival U.S. software maker Oracle is valued at around $190 billion.

SAP’s share price trebled between 2010 and 2017.

($1 = 0.8480 euros)

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

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