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Morningstar

Morningstar

Apr 24, 2026

SAP SE: SAP Earnings: Strong Start but Growth Deceleration Flagged; Shares Undervalued

Symbols

SAP

Sector(s)

Technology

Rating

Current Price

170.76

Fair Value

Economic Moat

Stewardship

Summary

Founded in Germany in 1972 by former IBM employees, SAP is the world’s largest provider of enterprise application software. Known as the leader in enterprise resource planning software, SAP’s portfolio also includes software for supply chain management, procurement, travel and expense management, and customer relationship management, among others. The company operates in m

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Analyst Profile

Rob Hales

Equity Analyst

Rob Hales, CFA, is an equity analyst for Morningstar Holland BV, a wholly owned subsidiary of Morningstar, Inc. Based in Amsterdam, he covers the European chemicals sector, as well as the engineering and construction and pulp and paper industries.Before joining Morningstar in 2015, Hales spent five years in equity research covering gold- mining stocks for BMO Capital Markets and CIBC World Markets. Previously, he worked for several years as a credit analyst for an energy trading company and a Canadian bank.Hales holds a bachelor’s degree in business administration from Simon Fraser University and a master’s degree in business administration from the Ivey Business School at Western University. He also holds the Chartered Financial Analyst® designation.

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