SAP: Demand Backdrop Remains Solid

Summary Following my coverage on SAP (NYSE:SAP) in Apr'24, which I recommended a buy rating due to my expectation that SAP can sustain its premium valuation due to the strong growth momentum, as seen from its CCB growth trend and growing adoption of AI, this post is to provide an update on my thoughts on the business and stock. I reiterate my buy rating for SAP as demand remains absolutely solid, as seen from the strong CCB trends, 2Q24 top-line growth, and AI adoption. Margins are also set to improve in th ...