SAP SE (SAP)

Outperform Recap: Q2 2026

The Backlog Finally Turns Up, the Margin Turns Down, and the Buyback Sits Out the Low

Outperform Recap: Q1 2026

Cloud Reaccelerates to 27% and Margin Hits 30%, But Half the Margin Beat Came From the Share Price Falling

Outperform Recap: Q4 2025

The Backlog Missed by 70bp and the Stock Lost 15%; At 23x With a €10B Buyback, We Upgrade

Hold Recap: Q3 2025

Cloud ERP Compounds at 31%, But a Trimmed Guide and Decelerating Backlog Leave No Room in a 39x Multiple