SAP → $260.00 by Jun 29, 2027.

I recently valued SAP using a 10-year DCF. SAP traded at around $155 when I completed the valuation and my base-case DCF gives an intrinsic value of roughly $260 per ADR, implying a 40.4% margin of safety (my cut-off for deeply undervalued is >40%). The scenario range is: \- Bear case: $141 \- Base case: $260 \- Bull case: $349 The gap comes mainly from revenue growth and mature operating margins. I kept the WACC unchanged across all three scenarios …