What are the investment theses why you should $SAP (+0.95%) should buy now? P/E ratio of currently approx. 100, which should fall to 31 by 2026. Sales are growing at around 8-10% p.a. but in my opinion this does not justify such a high valuation. I haven't really looked into the company, but the valuation seems very unattractive to me. Or am I missing something here?