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Introduction
The stock price of SAP, the German software titan, experienced a remarkable surge of nearly 56% over the past 12 months, reaching an all-time high. Despite this financial triumph, there's noticeable unease among the employees, and challenges have emerged concerning the Supervisory Board. Additionally, customer satisfaction with SAP's products remains an area for improvement. Personally, I had invested in SAP and opted to sell my shares in January at around €155, securing a decent profit. Despite these mixed sentiments, I still regard SAP as one of the premier German/European enterprises, bolstered by its substantial competitive moat and robust financial health. SAP remains on my watchlist as a potential investment opportunity, especially if its stock price dips below its intrinsic value, which I will explore in this analysis. So, let's dive in!
About SAP
Founded in 1972 and headquartered in Walldorf, Germany, SAP SE is a global leader in the software industry. It holds a leading market share in several areas including enterprise applications software, enterprise resource management applications, supply chain management applications, procurement applications software, travel and expense management software, and enterprise resource planning software. The SAP Business Technology Platform showcases leading capabilities in integration, planning and analytics, data quality, and process automation. As of December 31, 2023, SAP has a global presence with over 107,000 employees worldwide.
General overview of key financials and KPIs
In recent years, SAP has strategically shifted its focus from traditional "on-premise" licensing to a more dynamic subscription and cloud-based business model. This transition, while demanding and fraught with challenges, has yielded significant benefits for the company's financial health. Notably, this shift has led to improvements in gross margins and, subsequently, operating margins, underscoring the financial efficacy of SAP's strategic pivot.
The onset of the COVID-19 pandemic presented numerous hurdles for businesses worldwide. However, SAP managed to navigate these challenges successfully and has since been on an upward trajectory, marking consistent growth in revenues and income. This resilience and adaptability have further solidified SAP's position in the market.
One of the distinctive advantages of SAP's business model is its low capital expenditure requirement, which naturally results in relatively high Free Cash Flow (FCF) margins. This financial leverage is a testament to the operational efficiency and strategic foresight of SAP's management team.
SAP's balance sheet presents a robust and healthy financial posture, characterized by a debt-free status and a substantial equity position, which currently stands at 64%. This strong equity base provides SAP with considerable financial flexibility and stability, positioning the company advantageously in the competitive landscape.
However, it's worth noting that the substantial equity position has led to relatively low returns on capital. This phenomenon can be attributed to SAP's conservative payout ratio, which has contributed to the steady increase in equity over time. While this conservative financial strategy ensures long-term stability and security, it also reflects SAP's cautious approach to capital distribution.
In summary, SAP's strategic transition to a subscription and cloud-based model, coupled with its effective navigation of pandemic-related challenges, has enhanced its financial metrics and growth trajectory. The company's solid financial position, characterized by high FCF margins and a robust balance sheet, underscores its operational efficiency and strategic acumen. Nevertheless, the significant equity base and conservative payout ratio have implications for capital return rates, highlighting a balance between financial stability and shareholder returns.
What you should know before a potential investment in SAP
Transition to Cloud
SAP's product strategy focuses on enabling enterprises to efficiently manage resources, expenditures, employees, and customer relations through its comprehensive portfolio. Central to this strategy is the SAP Business Technology Platform (SAP BTP), which acts as a foundational element for building, integrating, extending solutions, and managing enterprise data. SAP BTP is also a hub for SAP Business AI technology, incorporating artificial intelligence capabilities across SAP’s suite of applications, allowing for automation, recommendations, forecasting, and natural human-machine interactions.
Key developments in 2023 included the launch of Joule, an integrated copilot solution; the introduction of the AI Foundation on SAP BTP, which includes new AI and vector capabilities in SAP HANA and SAP Build Code to enhance coding productivity; and the debut of the Cloud ERP Suite, consolidating SAP’s strategic cloud solutions such as SAP S/4HANA Cloud and various core solutions for HR, payroll, spend management, and more. SAP aims to expand commercial models focusing on packaged suite deals and flexible consumption models like RISE Premium Plus, driving the adoption of multi-cloud solutions.
SAP also offers RISE with SAP and GROW with SAP to support different customer objectives and digital transformation requirements, from migrating ERP systems to the cloud to facilitating rapid ERP adoption for midmarket companies with predictable costs and scalability.
The company's cloud strategy reflects a shift in customer preferences for flexibility, agility, scalability, and cost-effectiveness, facilitating remote global accessibility and efficient resource distribution. SAP’s product pillars include Cloud ERP, Human Capital Management, Spend Management, Customer Experience, SAP BTP with its AI capabilities, Industry Cloud, Business Network, Business Process Transformation, Working Capital Management, Sustainability Management, and a vast ecosystem of partners providing services, support, and innovations. This comprehensive approach aims to empower businesses to embrace digital technologies, drive sustainable practices, and achieve profitable growth while minimizing risks.
SAP aims to encourage hesitant customers to adopt its cloud-based products by introducing a new program called "Rise with SAP," which offers discounts on usage fees. Despite good business performance, many customers are reluctant to implement the new generation of cloud products that SAP has been marketing for years. The management in Walldorf is reportedly dissatisfied with the pace of transition and is looking to facilitate the process.
"Rise with SAP" is a bundle of various business process management products (known as Enterprise Resource Planning or ERP) operated in SAP's cloud, promising technology solutions from a single source. The new "Rise with SAP Migration and Modernization" program offers a discount that can cover up to 50 percent of the migration costs, along with a new methodology for greater planning security. However, the exact savings for customers will depend on the program's details, which have not been fully disclosed yet.
According to german business media Handelsblatt only a third of about 35,000 companies have purchased a license for S/4 Hana, despite the product being on the market since 2015. Many businesses find it challenging to balance the costs of transitioning with the expected benefits, considering it a significant project that strains IT resources. This hesitation poses a dual problem: companies miss out on new technology by not using the latest product generation, and SAP faces difficulties selling additional products, such as those for HR or manufacturing control, in which growth is currently limited.
To accelerate the transition, SAP has been pressuring customers for years, announcing the discontinuation of maintenance for the older ECC product generation by 2027. The new program provides a one-time credit of up to 45 percent of the annual contract value, with even greater benefits for early adopters of S/4 Hana. SAP also plans to introduce a new certification for IT service providers specializing in system modernization, aiming to create a sense of urgency in the market for transitioning to S/4 Hana.
The impact of these initiatives remains to be seen, as customers await the detailed terms of the program. Industry insiders suggest that even mid-sized businesses may face significant subscription fees for "Rise with SAP," with larger companies potentially incurring costs in the millions. SAP has confirmed that there will be a cap on the discount, but has not provided specifics. Analysts believe the incentives demonstrate SAP's seriousness about converting its customer base to S/4 Hana, though it's unclear if the discount alone will suffice to motivate companies to make the transition.
Next Transformation
SAP is currently navigating through a pivotal restructuring phase under the stewardship of CEO Christian Klein. This strategic overhaul includes the significant reduction of around 8,000 positions globally, following on from last year's 3,000 job eliminations. Despite these cuts, SAP plans to maintain its workforce at the current level of approximately 108,000 full-time employees, thanks to new hires, especially in the burgeoning field of Artificial Intelligence (AI).
This restructuring effort, with an estimated cost of two billion euros, is integral to SAP's broader transformation agenda, which prioritizes AI to drive product innovation and operational efficiency. Although the financial ramifications of this program are anticipated to be minimal in 2024, they are expected to bolster operating profit by 500 million euros in 2025 through enhanced efficiencies.
The initiative has been met with optimism from investors, as evidenced by a surge in SAP's stock price to an all-time high. This enthusiasm underscores confidence in SAP's strategic pivot towards cloud technology and AI, despite the significant organizational changes. The restructuring aims to centralize operations to leverage organizational synergies and possibly lower per-employee costs by employing younger talent at more competitive salaries.
However, this move has sparked criticism from some quarters, particularly among employee representatives. Concerns have been raised that the restructuring's primary objective might be to phase out higher-paid, long-term employees under the guise of focusing on AI innovation. In response, SAP has upped its training budget to 150 million euros, highlighting the importance of voluntary programs and internal retraining in facilitating this transition.
Investments in AI, such as the development of the Joule digital assistant for business customers, represent a critical growth vector for SAP. Nonetheless, the full potential of many AI-driven products is yet to be realized. Despite this, SAP's financial performance has surpassed analyst expectations, propelled by robust growth in its cloud business. The company remains optimistic about further revenue and operating income growth in the upcoming year, even as it navigates the financial implications of the restructuring on its net profit and cash flow.
In addressing these challenges, SAP has undertaken measures to enhance customer support and the utilization of its cloud products, while continuing to innovate in AI and adapt its sales strategy. However, the workforce's morale and the overall success of the restructuring process will depend significantly on forthcoming actions and transparent communication from SAP's leadership.
Investing in AI
SAP has launched "Project Jarvis" in response to the hype around ChatGPT, aiming to rapidly integrate artificial intelligence (AI) with language capabilities into its products. This initiative, reminiscent of the AI butler Jarvis from the Marvel movies, has resulted in the creation of a dedicated unit led by Philipp Herzig as the Chief AI Officer. This unit, likened to a startup within SAP, focuses on swiftly incorporating AI technology across the organization's portfolio, with a particular emphasis on the next two years.
Despite SAP's ambitious efforts, there's a perceived gap between the company's promises and the actual availability of AI-enhanced products, with customers noting a lack of listed AI-driven products. SAP's strategy diverges from tech giants like Microsoft, Google, and Amazon Web Services by not developing base AI models in-house but rather integrating external AI technologies into its business software. This approach, dubbed "Business AI," promises seamless, out-of-the-box functionality for customers.
SAP aims to embed AI across its products, with about 130 AI use scenarios currently available, including a dozen utilizing generative AI. Examples include the Joule assistant, which simplifies the operation of all SAP systems, and the Business Technology Platform (BTP) that provides secure access to advanced language models from various providers.
Herzig's team, which includes former Microsoft executive Walter Sun, is responsible for product development, marketing, and customer service, emulating a startup's agility within SAP's structure. This setup allows for quicker decision-making and resource allocation, supported by the proximity to the executive board led by CEO Christian Klein.
Despite the innovative approach, success is ultimately measured by user adoption and the ease with which customers can trial and implement the products. The goal is to significantly increase the user base by the end of the year, highlighting the importance of practical application over speed alone in SAP's AI integration efforts.
SAP has set an ambitious goal to become the "leading provider" of enterprise software powered by Artificial Intelligence (AI). Despite announcing many AI-driven products, SAP faces criticism from customers for the limited number of these products actually available on the market. Sebastian Westphal from the user organization DSAG highlighted that while many AI products have been announced, few are listed for sale, suggesting a disparity between marketing and actual product availability. Generative AI, which can process natural language, images, and code, is seen by SAP as a way to simplify software handling and expand possibilities. However, there's recognition of the need for improvement.
DSAG warns that the path SAP is on is correct but not without significant challenges, raising questions about functionality and pricing. The association, representing 3,800 companies in German-speaking countries, maintains close communication with SAP.
SAP is under pressure to deliver quickly as customers have budgeted for AI investments this and next year, especially in the face of competition from companies like Microsoft with its Copilot for various applications. SAP's management aims to leverage "Business AI" as a new growth story for investors, promising that AI will fundamentally change how users interact with their software, through tools like the digital assistant Joule and the automation capabilities of large language models similar to ChatGPT.
Despite these promises, SAP has so far made only a few AI products available, like Joule in Success Factors for drafting job postings, with other functionalities still in development. SAP plans to provide access to language models through a "Generative AI Hub," but availability is slated for the first half of the year.
The demand for digital assistants is high, as reported by IT service provider Valantic, indicating a significant market need. Valantic, primarily relying on OpenAI and Microsoft, is awaiting SAP's technology to become available.
SAP's Chief Technology Officer Jürgen Müller assures that the gap between ambition and reality will soon close, with the company now capable of quickly integrating AI. SAP has created a dedicated 400-person unit for AI development under Philipp Herzig, signaling the company's prioritization of AI. SAP also plans to increase its investment in AI to a total of one billion euros over the next two years, aiming to launch a "three-digit number" of innovations within this timeframe.
Moat but unhappy customers
SAP's position as a leading enterprise software provider is bolstered by high switching costs, which are crucial for keeping customers over the long haul and ensuring a steady flow of revenue. These switching costs come from several fronts, making it tough for customers to easily jump ship to competitors. Let's break down these barriers:
Financial Investment: Starting with SAP involves hefty investments not just in software but in setting up, customizing, and meshing it with current systems. This initial outlay, plus the costs for hardware and training, means moving to another provider would be doubly expensive, factoring in the lost investment in SAP.
Operational Hurdles: Changing from SAP to another platform can seriously disrupt daily operations. Since SAP's systems integrate deeply with every core process of a business, shifting to a new system means a tricky adjustment period that could hit operational efficiency hard.
Data Migration Headaches: SAP systems hold a vast and complex trove of business data. Transferring this data to another system risks losing data integrity or worse, data loss, which can be a nightmare for any business.
Loss of Custom Features: Businesses often tailor their SAP systems to fit their unique needs, a process that's both time-consuming and costly. Switching systems means losing these custom solutions and starting from scratch, which is neither appealing nor practical.
Training Challenges: Employees spend considerable time getting up to speed with SAP's software. A switch demands another round of intensive training, slowing productivity as staff adapt to the new system.
Strategic Misalignment: For many companies, SAP isn't just a tool but a strategic asset that's been aligned with long-term goals. Switching platforms could mean losing out on this strategic integration and the valuable historical data that informs decision-making.
Given these barriers, customers often stick with SAP, accepting higher costs for upgrades or additional services, rather than facing the daunting task of switching. This dynamic has enabled SAP to maintain a loyal customer base and a consistent revenue stream.
Despite its strengths, SAP isn't without its challenges. Users often find its software complex and less intuitive than newer platforms, leading to longer training times and the potential need for specialists. The high cost of SAP products, including upfront, implementation, and maintenance fees, can deter small and medium-sized businesses. Furthermore, the time it takes to fully deploy SAP systems can disrupt business operations, and customizing the software to specific business needs can add complexity and costs, particularly when it comes to system upgrades.
SAP's customer support has also come under scrutiny, with some users reporting slow response times and issues with technical support. The company's push for customers to migrate to newer versions like SAP S/4HANA has added financial and operational pressure on businesses not ready for such a transition. Additionally, the "lock-in" effect, due to high switching costs, leaves some customers feeling trapped, unable to switch to potentially better-suited platforms without incurring significant costs and operational headaches.
Performance issues, particularly with customized or integrated systems, can cause downtime and inefficiencies, frustrating users. A lack of transparency from SAP about future plans, pricing, and the true costs of their systems has also been a point of contention, with calls for clearer communication and better customer support.
It's important to note, however, that despite these issues, many organizations around the world rely on SAP for their critical operations, benefiting significantly from its comprehensive software solutions. SAP continues to work on addressing customer concerns, improving support, and adopting more user-centric strategies to enhance satisfaction and loyalty among its vast user base.
To gauge customer loyalty, SAP utilizes the Customer Net Promoter Score (NPS), a crucial metric that, as of the end of 2023, stood at a modest 9 points. This score helps SAP assess how likely customers are to recommend SAP to others, subtracting the percentage of detractors from promoters to get a score that can range from -100 to +100, with higher scores indicating greater customer loyalty. In 2023, SAP refined its survey process to improve data quality and alignment with business priorities, showing its commitment to truly understanding and enhancing customer satisfaction.
Supervisory Board turmoil
SAP has revised its plan for the successor of Supervisory Board Chairman Hasso Plattner, with Pekka Ala-Pietilä, a former Nokia executive, set to take over instead of the long-serving Deloitte CEO Punit Renjen. This change, announced in an ad-hoc statement, comes after differing visions for the role of the future chairman led to the mutual agreement for Renjen to step down at the shareholder meeting on May 15. Pekka Ala-Pietilä, familiar with SAP from his previous tenure on the board from 2002 to 2021, is seen as a transitional candidate, expected to serve as chairman for two years, subject to election at the upcoming shareholder meeting.
The shift in succession planning follows internal disputes over Renjen's approach, which was seen as too involved in day-to-day operations beyond what is customary under German corporate governance principles. Renjen's background at the non-publicly traded Deloitte, contrasted with the publicly traded SAP, highlighted differences in corporate governance expectations and practices. Despite initial praise from Plattner for Renjen's nomination, the unfolding events and subsequent removal suggest deep-seated conflicts and a disconnect in expectations.
Pekka Ala-Pietilä is considered a fitting transitional choice for chairman due to his deep understanding of the technology industry, his experience with European corporate governance, and his prior involvement with SAP. He currently chairs the board at Here and has led an EU Commission expert group on Artificial Intelligence. Ala-Pietilä's appointment reflects a desire for continuity and understanding of SAP's corporate culture and governance framework, aiming to contribute further to SAP's success story in technology.
Dividend growth
SAP has established itself as a dividend growth company, consistently increasing its dividend payouts for the past 15 years. Since 2009, the company has raised its dividend from €0.50 per share to €2.20 per share, demonstrating a commitment to returning value to its shareholders through steady and sustainable dividend growth.
Financials and Valuation
FY 2023 Results
In 2023, SAP saw its total revenue increase by €1,688 million, or 6%, reaching €31,207 million, up from €29,520 million in 2022. The cloud and software revenue, making up 86% of the total revenue, grew by 6% from €25,391 million in 2022 to €26,924 million in 2023. Service revenue, accounting for 14% of total revenue, also rose by 4% from €4,128 million in 2022 to €4,283 million in 2023.
A significant driver of growth was cloud revenue, which surged by 20% to €13,664 million in 2023, up from €11,426 million in 2022, benefiting from customers' accelerated cloud transition. The Cloud ERP Suite revenue increased by 29% to €10,626 million. However, software licenses revenue declined by €292 million to €1,764 million in 2023, and software support revenue slightly decreased due to the cloud transition and unfavorable currency exchange rates, leading to a 5% decline in combined software licenses and support revenue to €13,261 million.
More predictable revenue, comprising cloud revenue and software support revenue, increased by 8% to €25,160 million in 2023, accounting for 81% of total revenue. This marks a continued upward trend in SAP's revenue predictability, driven by cloud revenue surpassing support revenue.
Service revenue growth was primarily fueled by strong growth across all service offerings, especially in premium support services, increasing by 4% to €3,874 million in 2023. Revenue from other services slightly decreased by 2% to €409 million. Overall, SAP's financial performance in 2023 demonstrates a successful shift towards more cloud-based services, contributing to a more predictable and growing revenue stream.
In 2023, SAP experienced a decrease in operating profit to €5,787 million and a decline in operating margin by 2.1 percentage points to 18.5%. This decline was primarily due to a reduction in software licenses revenue and an increase in total operating expenses. Notably, share-based payment expenses surged to €2,220 million, largely because of a significant rise in SAP's share price. Additionally, accelerated amortization of costs related to shorter lifespans for on-premise support contracts and increased personnel costs due to higher bonuses contributed to the operating profit impact. The year also saw a €155 million expense from a provision for fines related to anti-bribery matters and investments in the Next-Generation Cloud Delivery campaign and other initiatives aimed at capturing growth opportunities.
Cloud and software cost increased by 8% to €5,267 million, with cloud margin improving to 71.6% due to strong revenue growth and operational efficiency. The software licenses and support margin slightly declined to 89.6%. The cost of services rose by 8% to €3,407 million, reflecting increased demand for consulting and premium services and higher business travel costs. The gross margin on services decreased to 20.5%.
Research and Development (R&D) expenses grew by 4% to €6,324 million, driven by higher personnel costs and various growth initiatives, with R&D expense as a percentage of total revenue slightly decreasing to 20.3%. Sales and marketing expenses increased by 11% to €8,828 million, mainly due to higher personnel costs and increased travel expenses. The ratio of sales and marketing expense to total revenue rose to 28.3%. General and administration expenses grew by 6% to €1,364 million, with the ratio of these expenses to total revenue remaining stable at 4.4%.
Outlook and Ambitions
For 2024, SAP has set the following financial targets based on non-IFRS measures:
Cloud revenue is expected to be between €17.0 billion and €17.3 billion, representing a 24% to 27% increase from 2023's €13.66 billion.
Cloud and software revenue is projected to range from €29.0 billion to €29.5 billion, marking an 8% to 10% rise from 2023's €26.92 billion.
Non-IFRS operating profit is anticipated to be between €7.6 billion and €7.9 billion, up 17% to 22% from 2023's €6.51 billion.
A free cash flow of approximately €3.5 billion is expected, a decrease from 2023's €5.09 billion, including estimated payouts for restructuring and settlements of regulatory compliance matters.
The non-IFRS effective tax rate is estimated to be around 32.0%, up from 2023's 30.3%.
SAP also provided forward-looking information for 2025, adjusting its ambition to include share-based compensation expenses in its non-IFRS cloud gross profit and operating profit calculations. By 2025, SAP expects:
Non-IFRS cloud gross profit of approximately €16.2 billion.
Non-IFRS operating profit of about €10.0 billion.
Free cash flow of approximately €8.0 billion.
Cloud revenue to exceed €21.5 billion and total revenue to surpass €37.5 billion, with more predictable revenue accounting for approximately 86% of the total.
Investment expenditures for 2024 and 2025 primarily focus on IT infrastructure and construction activities, with a total capital expenditure of approximately €950 million expected in 2024 and a decrease to €700 million in 2025.
In terms of liquidity and finance, SAP reported a net liquidity of €3.5 billion as of December 31, 2023, and expects to maintain sufficient liquidity to meet operating and financing needs in 2024. The company plans to repay €850 million in Eurobonds and US$323 million in U.S. private placements in 2024.
Additionally, SAP aims to achieve non-financial goals related to customer loyalty, employee engagement, carbon impact, and women in executive roles. For 2024, employee engagement is targeted to be between 76% and 80%, and the Customer Net Promoter Score (Customer NPS) is expected to range from 9 to 13, with ambitions to steadily increase these metrics through 2025.
Valuation
The Price/Earnings (P/E) ratio of SAP stands at 37.22, and the Total Enterprise Value to Earnings Before Interest and Taxes (TEV/EBIT) is at 23.9, both of which are at historical highs. This indicates a potential overvaluation of SAP stock. With the company's 2025 ambitions targeting around €10 billion in operating income against a TEV of approximately €200 billion, the resultant multiple would be about 20. This remains significantly elevated compared to the five-year average, suggesting a sustained premium in valuation levels.
Given these metrics and in light of SAP's growth targets for 2024 and 2025, a more measured evaluation of SAP's stock suggests a fair value range between €140 and €150 per share. This valuation presumes that SAP will fulfill its forthcoming objectives and that the market multiples will adjust to a more conventional level, aligning with the company's anticipated growth trajectory. This analysis underscores a cautious outlook on SAP's stock value, advocating for a reevaluation based on the achievement of future goals and a normalization of valuation multiples.
It is indeed intriguing to observe that despite the elevated valuation levels of SAP's stock, Dominik Asam, the CFO, opted to purchase shares. This move could be interpreted in several ways. On one hand, it might reflect Asam's insider confidence in SAP's future performance and potential growth that might not be fully apparent to the external market. His decision could signal a belief in the company's strategic direction, operational efficiency, and the ability to achieve or surpass its stated ambitions for 2024 and 2025.
On the other hand, this action could also raise questions about potential overoptimism regarding the market's overall conditions and SAP's position within it. The fact that a CFO is investing at such a high valuation could suggest a very bullish outlook on the company's part, possibly expecting that the current high multiples will be justified by future growth and operational successes.
Without more information, it's challenging to determine the exact rationale behind Asam's decision. His insider perspective undoubtedly provides him with a more nuanced view of SAP's potential and the broader market dynamics. However, for external observers and investors, such a purchase at these levels can indeed be surprising and might lead to mixed interpretations about the company's valuation and future expectations. This action by Asam leaves room for speculation and highlights the complexity of investment decisions in the context of insider knowledge versus market perception.
Conclusion
SAP, a behemoth in the software industry, has fortified its competitive edge through high switching costs. Over recent years, the company has strategically pivoted towards a subscription and cloud-based model, a move that has begun to yield financial benefits through enhanced margins compared to its traditional on-premise license business. This transition, however, has not been without its challenges, including dissatisfaction among both customers and employees. In a bid to further bolster its financial health, SAP has also embarked on cost-saving measures, including job cuts.
Following a robust performance in 2023, SAP has set forth ambitious goals for 2024 and 2025. Yet, the stock market's response, in my assessment, seems to inflate these projections, propelling the share price to levels that appear significantly overvalued. For dividend investors, SAP's consistent track record of dividend growth since 2009 marks it as a potentially attractive option. However, given the current market valuation, investors are advised to proceed with caution, closely monitoring the company's ongoing transformation and its impact on financial performance.
Disclaimer: The information provided in this publication is for educational and informational purposes only and does not constitute financial advice. The content is solely reflective of my personal views and opinions based on my research and is not intended to be used as a basis for investment decisions. While every effort is made to ensure that the information is accurate and up-to-date, the writer makes no representations as to the accuracy, completeness, suitability, or validity of any information in this post and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. All readers are advised to conduct their own independent research or consult a professional financial advisor before making any investment decisions. The author is not invested in SAP.