SAP SE: Sapphire: bold ambitions in agentic AI, all about execution

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SAP SE: Sapphire: bold ambitions in agentic AI, all about execution

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SAP SE

Sapphire: bold ambitions in agentic AI, all

about execution

Maintain Rating: BUY | PO: 210.00 EUR | Price: 136.26 EUR

Sapphire key learnings: an ambitious roadmap 14 May 2026

We maintain our Buy rating on SAP post the annual Saphire conference. We highlight an Equity

ambitious product pipeline from a revised Joule offering and a bold Autonomous

Enterprise ambition, which contracts with a more muted feedback from partners on AI Frederic Boulan, CFA >> Research Analyst

traction so far. Feedback from partners discussions on the conference floor including MLI (UK)

Capgemini, Infosys, McKinsey, Kyndryl or Atos point to strong demand and broad-based +44frederic.boulan@bofa.com20 7995 7101

efficiency gains from AI. Maintain Buy on 1/ ongoing cloud momentum evident in 25% Victor Cheng, CFA >>

CCB growth, 2/ revenue / EBIT acceleration to double digit growth, supported by Research Analyst

MLI (UK)

operating leverage and AI, 3/ potential upside from capital deployment. SAP trades on +44 20 7996 0272

12.2x EV/2026E EBITDA for 11%/18% Revenue/EPS CAGR, an attractive PEG of 1.2x vs victor.cheng@bofa.com

EU peers at 1.6x. SAP is our top large cap Software pick, is one of our 25 for 2026 (see Carla Courthial >>

Research Analyst

report, 25 for 2026: demonstrating the AI opportunity) and is on our Europe 1 list of top MLI (UK)

ideas. 44 77 6120 0059 carla.courthial@bofa.com

CEO Keynote: driving the autonomous enterprise AdityaResearchBuddhavarapu,Analyst CFA >>

SAP’s CEO keynote positioned the company as a platform for autonomous decision- MLI (UK) +44 20 7995 7318

making across organisations. Key product announcements included Autonomous aditya.buddhavarapu@bofa.com