SAP SE (SAPG.DE): Key messages into quiet period

We caught up with IR pre-quiet period. Key messages from results and mgmt's recent conference presentations are retained. There is confidence in steady evolution of revenue growth, while there are puts & takes around 4Q CCB build (macro vs. better pipeline coverage). On operating profit, the increase in share price in Q3 presents upside to stock comp, still steps put in place to manage costs (employee as well as AI tokens) provides comfort around the 2026 guidance range. For 2027, revenue growth acceleration view remains, and is underpinned by demand for AI and enabled processes which is also supporting S4 migration considerations. Lastly, the targeted AI product rollout is seen on track. We are modestly ahead of consensus' 3Q cloud rev. and CCB growth estimate – and feel these inputs support our forecast and SAP's resilience credentials. Maintain Buy and raise TP to €215. Puts & takes for 3Q — Macro remains uncertain but there is confidence in current momentum. Cloud rev growth steady