Owner and CEO, GR20 Research

Gregory Ramirez

Gregory Ramirez is the founder and owner of the research company GR20 Research. He brings 25+ years of experience as a sell-side equity analyst covering Software and IT Services firms. He has acquired over the years a thorough knowledge of the strategy, competitive environment, industry catalysts, valuation and financial analysis of these companies. Prior to founding GR20 Research, he had been working for Bryan Garnier for 17 years, of which most recently as Director, Software & IT Services of BG IRIS, Bryan Garnier’s equity research brand. On top of his public equity coverage, he oversaw and produced numerous industry white papers. Before Bryan Garnier, Gregory had worked for 9 years as an equity analyst at ING Securities, Arkeon Finance, Oddo & Cie, and Natexis Capital. Gregory holds a Master’s degree (DEA) in Banking and Finance and a Bachelor’s degree in Economics from Aix-Marseille University. He has been a member of the French Financial Analysts Society (SFAF) since 2005.

Founded in 2024, GR20 Research is an independent research producer specialising in the Software and IT Services ecosystem. GR20 Research produces an in-depth research product that helps clients understand and evaluate the players in the Software and IT Services ecosystem. GR20 Research’s main areas of expertise include Enterprise Software (ERP), Product Lifecycle Management Software, Banking Software, IT Services, and Engineering and R&D Services. Its research approach is to focus on what is moving the needle in the IT industry, e.g. business model migration to software-as-a-service (SaaS) and subscriptions from perpetual licensing, and how software/SaaS vendors and IT Services firms adapt their strategy and business model to artificial intelligence.

Owner and CEO

SAP (SAP GR): Reltio Acquisition - Making Data Ready for Agentic AI

SAP (SAP GR): AI and Business Model Transformation - This Time Looks Different

SAP (SAP GR): AI Shakes Up Talent Acquisition Suites

SAP (SAP GR): “Agentification” of the Business Suite Accelerates

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

Industry Research and Consulting Services

GR20 Research

GR20 Research provides industry research and consulting services

Equity Bottom-Up

<ul>
<li>SAP’s shares fell 16% on a minor shortfall in cloud backlog, despite strong 2026 profitability and FCF guidance. The underlying drivers reflect timing and mix effects rather than weakened demand.   </li>
<li>There is no evidence SAP’s plan to accelerate profit growth by 2027 has been compromised. Operating margin of 30–31% by 2027 remain achievable, supported by high incremental profit conversion.   </li>
<li>While investor concerns around AI agents have weighed on sentiment, SAP’s deep integration of applications, data and AI positions it competitively. Current valuation levels appear reasonable.</li>
</ul>


SAP’s shares fell 16% on a minor shortfall in cloud backlog, despite strong 2026 profitability and FCF guidance. The underlying drivers reflect timing and mix effects rather than weakened demand.   
There is no evidence SAP’s plan to accelerate profit growth by 2027 has been compromised. Operating margin of 30–31% by 2027 remain achievable, supported by high incremental profit conversion.   
While investor concerns around AI agents have weighed on sentiment, SAP’s deep integration of applications, data and AI positions it competitively. Current valuation levels appear reasonable.


SAP

SAP（SAP GR）：不当な制裁