Could SAP ever reclaim its position as Europe’s biggest company by market cap?

It’s been beaten down by the Saaspocalypse. Does the stock price have room to grow to its previous valuations or has the market permanently rerated enterprise software?

It’s deeply embedded in the operations of many of the world’s largest companies. Replacing SAP isn’t something most enterprises can do overnight, which seems to provide a moat that many smaller software companies don’t have yet no one seems to talk about SAP much from what I’ve seen