Core Insights - Aoris Investment Management's "Aoris International Fund" reported a decline in performance for Q3 2025, with Class A (Unhedged) returning -2.6% and Class C (Hedged) returning -1.0%, compared to benchmark returns of 6.5% and 8.0% respectively [1] Group 1: Market Performance - Global equity markets, as represented by the MSCI AC World Accumulation Index ex Australia, increased by 6.5% in AUD for the September quarter, with local currency gains at 8.0% [1] - Currency fluctuations negatively impacted the AUD return by 1.5% [1] Group 2: Fund Performance - The Aoris International Fund's Class A (Unhedged) and Class C (Hedged) underperformed against their respective benchmarks in Q3 2025 [1] Group 3: Company Focus - SAP SE - SAP SE (NYSE:SAP) is highlighted as a leading enterprise application and business solutions provider, with a one-month return of 3.22% and a 52-week loss of 1.45% [2] - As of December 19, 2025, SAP SE's stock closed at $244.31 per share, with a market capitalization of $285.06 billion [2] - SAP is recognized as the world's leading ERP software company, with 99 of the world's 100 largest customers using its services, and 77% of daily global transactions involving an SAP system [3]

Core Insights - SAP SE is a leading global provider of enterprise application software, competing with Oracle and Microsoft in the enterprise software market [1] - Citigroup maintains a "Buy" rating for SAP but has lowered its price target from EUR 295 to EUR 280, reflecting a more conservative outlook [2][6] - The current stock price of SAP is $246.60, showing a slight increase of $0.72 or approximately 0.29% [2][6] Market Performance - SAP's market capitalization is approximately $287.35 billion, with a trading volume of 779,300 shares [3] - Over the past year, SAP's stock has fluctuated between a high of $313.28 and a low of $233.51, indicating significant volatility [3] Product Development - DataXstream LLC's OMS+ Cross-Channel Order Management platform for SAP S/4HANA Cloud Private Edition has received Premium Re-Certification, confirming it meets SAP's highest standards [4] - This achievement highlights SAP's commitment to high standards and innovation in its product offerings, which may influence investor sentiment [5]

Core Insights - DataXstream LLC has announced that its OMS+ Cross-Channel Order Management platform for SAP S/4HANA Cloud Private Edition has achieved Premium Re-Certification for SAP Endorsed Apps, confirming compliance with SAP's highest standards [1] Group 1 - The OMS+ platform meets SAP's standards for security, cloud delivery, responsible AI, and clean core aligned architecture [1]

Let's talk about Generative AI's real ROI, whether the technology is really taking jobs, and how good data is the key to it all. We're joined today by Muhammad Alam, the head of product and engineering at SAP, and a member of the company's executive board in a conversation brought to you by SAP. Muhammad, welcome.Great to see you again. >> Thank you, Alex. Thanks for having me.>> So, let's start. Why don't we go right to the heavy stuff. Um there's been so much conversation and speculation about whether gen ...

Core Insights - o9 Solutions has filed a lawsuit against SAP and three former executives, alleging corporate espionage to enhance SAP's enterprise planning offerings [1] - The lawsuit highlights the competitive landscape in AI-driven supply chain management, crucial for logistics operators [1] Company Overview - o9 Solutions, founded in 2009, has grown into a significant player in enterprise planning and supply chain technologies, with a valuation exceeding $1 billion by 2020 [2] - The company's flagship "Digital Brain" platform utilizes AI and machine learning for demand forecasting and integrated business solutions, supported by its proprietary Enterprise Knowledge Graph [2] - o9 has experienced substantial growth, with a 65% year-over-year subscription growth in 2022, 47% in 2023, 37% in 2024, and 63% in Q1 2025 [2] Competitive Landscape - SAP, the largest vendor of legacy ERP software, is facing challenges in modernizing its offerings, with over €34 billion in annual revenue [3] - The lawsuit points out that SAP's Advanced Planning and Optimization system is outdated, and its next-gen Integrated Business Planning system has faced market resistance due to high costs and long implementation timelines [3] - Many users of SAP's legacy system have migrated to competitors like o9, impacting SAP's market dominance in supply chain planning [3] Key Individuals Involved - The lawsuit involves three former o9 executives who have joined SAP, including Stephan de Barse, Stijn-Pieter van Houten, and Sean Zonneveld, raising concerns about the transfer of confidential information [4] - De Barse, who resigned in January 2025, is now SAP's President of Global Business Suite, while van Houten and Zonneveld have taken on significant roles in SAP's supply chain management [4]

Core Viewpoint - Europe requires a more unified market and lighter-touch regulation to remain competitive in the artificial intelligence sector as the U.S. and China increase their investment and deployment efforts [1] Group 1: Market Dynamics - The competitive landscape in artificial intelligence is intensifying due to accelerated investments from the U.S. and China [1] - A unified market in Europe is essential for enhancing competitiveness in the AI industry [1] Group 2: Regulatory Environment - Lighter-touch regulation is suggested as a means to foster innovation and growth in the AI sector within Europe [1] - Current regulatory frameworks may hinder the ability of European companies to compete effectively against U.S. and Chinese firms [1]

Core Thesis - SAP SE is positioned as a strong investment opportunity due to its transformation into a subscription-driven, cloud-first enterprise, which has reshaped investor valuation of the company [2][5] Company Overview - SAP SE is Europe's largest software company by market capitalization, valued at approximately €288 billion [2] - The company has transitioned from a legacy licensing model to a model focused on recurring licensing revenue, post-implementation support, and consulting/R&D, creating deep customer dependency and predictable cash flows [2][3] Transformation and Strategy - The core of SAP's transformation is the RISE with SAP program, which offers dual-path S/4HANA Cloud migration options, appealing to enterprises seeking both agility and control [3] - Approximately 85% of SAP's revenue is recurring, with cloud revenue projected to reach €21.6–21.9 billion, and the company maintains robust margins at 26.5% [3] Market Position - SAP operates in a €60–75 billion ERP market with high switching costs, facing competition from Microsoft Dynamics 365, Oracle, and Sage, but none match SAP's scale and integration depth [4] - Each S/4HANA migration further entrenches SAP's platform as the operational core of clients' businesses, driving recurring revenue and positioning SAP as essential for AI and data-driven transformations [4] Investment Perspective - The investment narrative for SAP is centered on predictable cash flows, strong pricing power, and customer stickiness, justifying its premium valuation [5] - As enterprises modernize and integrate AI, SAP's cloud and recurring revenue model provide stability and long-term growth potential [5] - SAP is viewed as a strategically essential player in enterprise software, with multiple levers for value creation and limited downside risk due to its entrenched ecosystem [6]

Core Insights - SAP SE has improved its growth ranking, moving into the top decile of fundamental expansion, with its growth score increasing from the 89.71st percentile to the 90.12th percentile [1][2] Group 1: Growth Metrics - SAP is outperforming 90% of its peers in historical earnings and revenue expansion, indicating strong operational health despite facing downward price pressure [2] - The Benzinga Edge Growth metric shows SAP's historical expansion in earnings and revenue, with its growth ranking contrasting with lower rankings in momentum (21.11th percentile) and value (12.53rd percentile) [3] Group 2: Financial Performance - SAP's quality score stands at 84.25, reflecting strong profitability compared to peers [4] - The company launched its EU AI Cloud to enhance European digital sovereignty, which aligns with a 27% increase in cloud revenue and a 27% rise in cloud backlog at constant currencies [5] Group 3: Stock Performance - Despite strong fundamentals, SAP's stock has only risen 0.29% year-to-date and has decreased by 3.86% over the year, closing at $243.82 [6]

Core Insights - SAP SE has improved its growth ranking, moving into the top decile of fundamental expansion, with its growth score increasing from the 89.71st percentile to the 90.12th percentile [1][2] Growth Metrics - The Benzinga Edge Growth metric indicates that SAP is outperforming 90% of its peers in terms of historical earnings and revenue expansion, showcasing strong operational health despite facing downward price pressure [2] - SAP's growth ranking contrasts with its other metrics, where it ranks in the 21.11st percentile for momentum and the 12.53rd percentile for value, indicating a divergence between growth and valuation [3][4] Financial Performance - SAP reported a 27% increase in cloud revenue and a 27% rise in its cloud backlog at constant currencies, although total revenue slightly missed estimates [5] - The stock has shown limited price movement, rising only 0.29% year-to-date and declining by 3.86% over the year, closing at $243.82 [6]

Core Insights - SAP is engaging in a fireside chat format with Frederic Boulan from Bank of America, featuring Muhammad Alam, Head of Product Engineering and Executive Board member [1] - The discussion will include a series of questions followed by a Q&A session where participants can submit their inquiries via email [1] Company Overview - Muhammad Alam represents SAP's leadership in product engineering, indicating the company's focus on innovation and product development [1] - The event is part of SAP's strategy to communicate with investors and stakeholders, showcasing its commitment to transparency and engagement [1] Industry Context - The format of the event reflects a broader trend in the software industry where companies are increasingly using direct communication channels to engage with investors [1] - Forward-looking statements made during the chat will highlight SAP's expectations and projections, which are essential for understanding the company's future direction [2]