Hated Moats Brief: SAP in 10 Minutes
SAP’s deeply embedded ERP systems support its cloud transition, but slowing backlog growth and AI disruption fears drove a 33% YTD share…
NYSE
Sap Se
SAP
3 stories
$245B Market cap · 2026-10-09
SAP: Deep Dive Analysis
SAP’s deeply embedded ERP suite creates high switching costs as it moves customers to cloud subscriptions and embeds AI in core workflows.
SAP: DCF Valuation
SAP’s DCF valuation sets a $260 base-case target versus a $155.09 ADR price, based on cloud migration, AI efficiencies and expanding EBIT…
Investor Letters
Letters that discuss SAP.
- EdgePoint Wealth Management Dropping the (crystal) ball 4th quarter, 2024 SAP $245B
- Bretton Fund 2026 Q2 Shareholder Letter 2nd Quarter 2026 CNSWF $43BGOOGL $4.2TSAP $245B
- Vulcan Value Partners Second Quarter 2026 Q2 2026 AMZN $2.7TBMI $3.7BEFX $17B
- TIFF Investment Management 1st Quarter 2026 CIO Commentary 1st Quarter 2026 SAP $245B
- EdgePoint Wealth Management No artificial sweeteners 2nd quarter, 2025 AMAT $404BRMBS $12BSAP $245B
- Janus Henderson Investors Global Sustainable Equity Fund July 2026 KLAC $261BMCK $109BMSFT $3.9T
- Sequoia Fund Q2 2026 Sequoia Fund Letter second quarter of 2026 —
- Troy Asset Management Investment Report No.88 April 2026 first quarter of 2026 GOOGL $4.2TMSFT $3.9T
- Sequoia Fund Q1 2026 Sequoia Fund Letter first quarter of 2026 —
