Cloud Revenue GrowthOptimism on SAP's Cloud revenue growth is mostly driven by the continuation in the strong momentum in CCB.
Market Position And ValuationDespite a significant share price increase, SAP's valuation is seen as consistent with global peers, supporting further share price upside.
Strategic InitiativesThe relatively new GROW with SAP strategy, which targets the €100bn public cloud market, and the sale of new AI solutions could lead to potential upside risk to cloud growth.