SAP SE (SAP) analysis

Loading the Vaultflake…

Health is the group's debt, not of a change that cannot be done. Quality separates the margin of the installed program from the cloud subscription. Growth follows cash collected, not a year of heavy migration. P/E is read against that year, not against that peak. Shareholder return is the dividend, checked against cash. Do not read it as the system that cannot be left.

The P/E of a year of heavy migration is not the earnings if the customer stays on the old program or leaves. EV/EBITDA is read without treating the cloud as if it had already replaced the licence. Do not use Oracle's multiple as if the installed program and the subscription were the same book. A dash if the SAP cache is cold.

Limits of this report

Not advice on SAP. Vaultflake does not treat the group as the largest and does not treat the change as impossible. Read the filings. A past dividend is not a right. The table is a snapshot, not a target price.

Questions from this report