SAP SE
SAP
position
long
Vulcan Value Partners
Thesis
While SAP's strategy is not flawed, it is expected to experience slower growth relative to Oracle due to its lack of investment in cloud technology. At the right price, SAP could be an attractive investment, but currently, it trades at a premium compared to Oracle, which is better positioned for future growth.
Did it work?
inconclusive
confidence: low
Without specific price performance data or a defined time horizon for the thesis, it's difficult to assess whether the investment thesis has played out. The thesis suggests that SAP is overvalued compared to Oracle, but without knowing how the stocks have performed relative to each other or any developments in their strategies, we cannot draw a conclusion.
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