SAP SE
In the published model solve dated 2026-Q2, anchored at $221.54, SAP SE (SAP) is priced for +20.8% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed June 28, 2026 from SEC EDGAR filings.
- The decisive number is the cloud backlog: current cloud backlog reached about EUR 21.9 billion, up 25% at constant currencies, which is the contracted, recurring revenue that converts the elevated multiple from a hope into a schedule. - At about $155.41 the ADR trades near 32x company-wide operating income, a multiple only the relative-multiple and growth-DCF families reach. Asset and earnings-power methods, which ignore the recurring backlog, mark fair value far lower. - The cloud transition
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834 institutional managers reported holding SAP in 13F filings for the quarter ended 2026-03-31. Together they hold about 7% of the company; the top 10 hold 4%. 86 opened new positions that quarter. Held by Fisher Investments, FMR (Fidelity), D. E. Shaw, among others. On the short side, 10.3M shares were sold short as of the 2026-06-15 count, about 0.9% of shares outstanding (3.1 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
SAP has cut its share count 1.2% over the past five years. It pays a dividend, and has paid one every year in our records (11 and counting), raised 2 years straight. Cash returned over the past three years: $8.40B in dividends.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 28, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.