SAP "Complexity creates challenge as well as a moat" (Buy) Briest

研报英文原文证据摘录

SAP "Complexity creates challenge as well as a moat" (Buy) Briest

Global Research

13 July 2026ab

SAP Equities

GermanyComplexity creates challenge as well as a moat

Software

12-month rating Buy

ERP's complexity is both an asset and a challenge to delivering on AI strategy

This note provides a deep dive on SAP's progress and prospects in AI. Mgt 12m price target €164.00

acknowledged at SAPPHIRE Joule 1.0 had not delivered with just a fraction of the 40 AI Prior : €205.00

agents targeted generally available at the end of 2025. While it is targeting 200 this year,

Price (10 Jul 2026) €137.74

there are just 15 generally available as of today including six in CRM and just one in core

ERP. Those still ramping-up are also heavily tilted to public cloud solutions (link) which is RIC: SAPG.DE BBG: SAP GR

intuitive: SAP controls and knows what the software stack looks like and all customers

Trading data and key metrics

are on a single version/instance. Too many ERP customers have complex, heavily

52-wk range €265.80-132.22

customised landscapes with multiple instances - many on different release cycles and

even with a mixture of on-premise and (predominantly private) cloud deployments. Market cap. €161b/US$183b

These landscapes are also dynamic: Signavio is capturing 1.5m new processes created Shares o/s 1,166m (ORD)

every quarter so it is understandably hard to deploy standardised AI agents into such Free float 88%

environments. The need to develop its own foundational RPT model and map 7m+ data Avg. daily volume ('000) 2,893

objects within its Knowledge Graph (KG) confirm this complexity, while the recent Avg. daily value (m) €424.2

Reltio, Dremio and Prior Labs' acquisitions suggest urgency. In mitigation this complexity Common s/h equity (12/26E) €46.5b