The stock we are discussing today is a Software-As-A-Service (SAAS) enterprise software giant which is mission critical to many global companies. It is also embracing A.I. and has tasked the above A.I. created “real person” avatar to deal with its investor relations.
Its numbers are as follows:
Simple Financials (Dec 2025-26 estimate, EUR)
Sales: 35bn, 38bn
Net income: 4bn, 6.4bn
FCF: 8bn, 10bn
Dividend: S$0.12, Yield: 4.5%
Debt: Net Cash, Mkt Cap >300bn
Financial Ratios
ROE: 14%, OPM: 23%
EV/EBITDA: 27x (Dec 26)
PER: 40x (Dec 26)
FCF yield: 3.2%
This company used to trade at 20x PE but that has expanded to 30x and now 40x. Valuation is a big stretch but perhaps the growth and moat justifies.
