Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>SAP’s recent surge—from its robust Q2 performance highlighted by 28 % cloud revenue growth and a €18 billion cloud backlog to its deepening AI investments—has set the stage for a potentially transformative deal: the planned acquisition of SmartRecruiters in Q4 2025.</li><li>Announced alongside SAP’s upbeat guidance and record operating profit (+35 %) at its Sapphire conference, this move would bring SmartRecruiters’ modern, high-volume recruiting platform and AI-enabled candidate engagement directly into the SAP SuccessFactors HCM suite.</li><li>As SAP positions itself at the nexus of cloud ERP, AI-driven business processes, and sovereign data solutions, adding SmartRecruiters could sharpen its end-to-end talent acquisition offering, bolster cross-sell momentum, and amplify internal productivity gains driven by Business AI agents like Joule.</li></ul>

SAP’s recent surge—from its robust Q2 performance highlighted by 28 % cloud revenue growth and a €18 billion cloud backlog to its deepening AI investments—has set the stage for a potentially transformative deal: the planned acquisition of SmartRecruiters in Q4 2025.Announced alongside SAP’s upbeat guidance and record operating profit (+35 %) at its Sapphire conference, this move would bring SmartRecruiters’ modern, high-volume recruiting platform and AI-enabled candidate engagement directly into the SAP SuccessFactors HCM suite.As SAP positions itself at the nexus of cloud ERP, AI-driven business processes, and sovereign data solutions, adding SmartRecruiters could sharpen its end-to-end talent acquisition offering, bolster cross-sell momentum, and amplify internal productivity gains driven by Business AI agents like Joule.

SAP’s Game-Changer Acquisition: Why Smartrecruiters Could Transform HR Forever!

<ul><li>SAP's Q2 2025 performance highlights both positive progress and certain challenges within the company's financial landscape.</li><li>The quarter was marked by robust cloud-related growth and operational efficiency, though macroeconomic uncertainties persist, notably in sectors like the U.S. public sector and manufacturing.</li><li>On the positive side, SAP saw a 28% increase in cloud revenue, driven primarily by its Cloud ERP Suite, which remains a pivotal part of SAP's strategy, showing consistent growth for over 14 quarters at a rate exceeding 30%.</li></ul>

SAP's Q2 2025 performance highlights both positive progress and certain challenges within the company's financial landscape.The quarter was marked by robust cloud-related growth and operational efficiency, though macroeconomic uncertainties persist, notably in sectors like the U.S. public sector and manufacturing.On the positive side, SAP saw a 28% increase in cloud revenue, driven primarily by its Cloud ERP Suite, which remains a pivotal part of SAP's strategy, showing consistent growth for over 14 quarters at a rate exceeding 30%.

SAP: Unleashing Global Cloud Power with Alibaba Alliance & AI Push!

Owner and CEO, GR20 Research

Gregory Ramirez

Owner and CEO

Industry Research and Consulting Services

GR20 Research

GR20 Research provides industry research and consulting services

<ul>
<li>At Sapphire 2025, SAP reintroduced its Business Suite as a unified cloud-based platform, AI, and Business Data Cloud. This strategy aims to simplify operations and improve scalability through embedded AI.   </li>
<li>SAP is on track to meet or exceed its financial targets, with significant revenue opportunities. Efficiency gains powered by Business AI are helping SAP decouple expense growth from revenue growth.   </li>
<li>Despite broader industry uncertainty, SAP’s domain expertise and robust infrastructure offer a strong foundation to lead in the evolving AI-driven enterprise software landscape.</li>
</ul>


At Sapphire 2025, SAP reintroduced its Business Suite as a unified cloud-based platform, AI, and Business Data Cloud. This strategy aims to simplify operations and improve scalability through embedded AI.   
SAP is on track to meet or exceed its financial targets, with significant revenue opportunities. Efficiency gains powered by Business AI are helping SAP decouple expense growth from revenue growth.   
Despite broader industry uncertainty, SAP’s domain expertise and robust infrastructure offer a strong foundation to lead in the evolving AI-driven enterprise software landscape.


SAP (SAP GR): Sapphire 2025 - Highly Efficient Engine

<ul>
<li>SAP launched SAP Business Data Cloud, a unified SaaS solution integrating structured and unstructured data, enhanced by Databricks' advanced AI and machine learning capabilities through a new offering, SAP Databricks. </li>
<li>SAP Business Data Cloud replaces SAP Datasphere and combines components like SAP Business Warehouse and SAP Analytics Cloud to address data silos and support AI-driven processes across business functions. </li>
<li>The partnership with Databricks enhances SAP's AI capabilities, improving access to unstructured data for GenAI applications and supporting SAP’s AI copilot, Joule, with plans to implement 400 AI use cases.</li>
</ul>


SAP launched SAP Business Data Cloud, a unified SaaS solution integrating structured and unstructured data, enhanced by Databricks' advanced AI and machine learning capabilities through a new offering, SAP Databricks. 
SAP Business Data Cloud replaces SAP Datasphere and combines components like SAP Business Warehouse and SAP Analytics Cloud to address data silos and support AI-driven processes across business functions. 
The partnership with Databricks enhances SAP's AI capabilities, improving access to unstructured data for GenAI applications and supporting SAP’s AI copilot, Joule, with plans to implement 400 AI use cases.


<ul>
<li>FY 2025 guidance exceeds previous expectations, with cloud revenues expected to grow 26-28%, and profit to rise 26-30%. Cloud revenues are expected to reach 70% by 2027. </li>
<li>SAP optimises its cloud offerings and Opex, with a focus on driving long-term growth through its 'land and expand' strategy and AI. Recent senior appointments aim to support operational efficiency. </li>
<li>SAP expands AI capabilities, with 50% of deals involving AI use cases. It is aiming to enhance AI agents while positioning itself to benefit from lower AI costs.</li>
</ul>


FY 2025 guidance exceeds previous expectations, with cloud revenues expected to grow 26-28%, and profit to rise 26-30%. Cloud revenues are expected to reach 70% by 2027. 
SAP optimises its cloud offerings and Opex, with a focus on driving long-term growth through its 'land and expand' strategy and AI. Recent senior appointments aim to support operational efficiency. 
SAP expands AI capabilities, with 50% of deals involving AI use cases. It is aiming to enhance AI agents while positioning itself to benefit from lower AI costs.


SAP SE (SAP GR): A Lot of Efficiency Ahead

United States

SAP SE is a multinational software company.  The Company develops business software, including e-business and enterprise management software, consults on organizational usage of its applications software, and provides training services.  SAP markets its products and services worldwide.

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SAP’s Game-Changer Acquisition: Why Smartrecruiters Could Transform HR Forever!

SAP’s recent surge—from its robust Q2 performance highlighted by 28 % cloud revenue growth and a €18 billion cloud backlog to its deepening AI...

Baptista Research

SAP: Unleashing Global Cloud Power with Alibaba Alliance & AI Push!

SAP's Q2 2025 performance highlights both positive progress and certain challenges within the company's financial landscape. The quarter was...

Baptista Research

SAP (SAP GR): Sapphire 2025 - Highly Efficient Engine

SAP unveils unified cloud platform with AI at Sapphire 2025, driving efficiency gains and revenue growth in uncertain industry landscape.

Gregory Ramirez

SAP SE (SAP GR): Entering the Lakehouse

SAP launches SAP Business Data Cloud with Databricks to unify structured and unstructured data, enhancing AI capabilities and addressing data silos.

Gregory Ramirez

SAP SE (SAP GR): A Lot of Efficiency Ahead

SAP's FY 2025 guidance shows strong growth in cloud revenues and profit, with a focus on AI capabilities and operational efficiency to drive long...

Gregory Ramirez

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SAP’s Game-Changer Acquisition: Why Smartrecruiters Could Transform HR Forever!

SAP’s recent surge—from its robust Q2 performance highlighted by 28 % cloud revenue growth and a €18 billion cloud backlog to its deepening AI...

Baptista Research

SAP: Unleashing Global Cloud Power with Alibaba Alliance & AI Push!

SAP's Q2 2025 performance highlights both positive progress and certain challenges within the company's financial landscape. The quarter was...

Baptista Research

SAP (SAP GR): Sapphire 2025 - Highly Efficient Engine

​SAP unveils unified cloud platform with AI at Sapphire 2025, driving efficiency gains and revenue growth in uncertain industry landscape.

Gregory Ramirez

SAP SE (SAP GR): Entering the Lakehouse

​SAP launches SAP Business Data Cloud with Databricks to unify structured and unstructured data, enhancing AI capabilities and addressing data silos.

Gregory Ramirez

SAP SE (SAP GR): A Lot of Efficiency Ahead

​SAP's FY 2025 guidance shows strong growth in cloud revenues and profit, with a focus on AI capabilities and operational efficiency to drive long...

Gregory Ramirez

SAP unveils unified cloud platform with AI at Sapphire 2025, driving efficiency gains and revenue growth in uncertain industry landscape.

SAP launches SAP Business Data Cloud with Databricks to unify structured and unstructured data, enhancing AI capabilities and addressing data silos.

SAP's FY 2025 guidance shows strong growth in cloud revenues and profit, with a focus on AI capabilities and operational efficiency to drive long...