Priced in and programmed out

SAP has to pay eight billion for Qualtrics, but that's only half the battle. The much higher costs and the lengthy integration and interface programming are only seen by the IT experts and SAP's existing customers.

Thus, the SAP stock price probably only gives an inadequate picture, because which financial expert deals with SolMan, NetWeaver, Hana and Abap.

If the stock price rises once again, then SAP CFO Luka Mucic has done a very good job. But how long it will take to program out and integrate Hybris, Callidus and now Qualtrics into a CRM suite C/4 is completely uncertain. At the moment, new construction sites are emerging in Walldorf faster than old problems are being solved.

Where does SAP Leonardo stand? What is the status of digital transformation? Hana is not yet free of anomalies; S/4 and BW/4 are in the process of being built and customized; and there is still a discourse going on about the pros and cons of a hybrid cloud.

For the coming year 2019, there are numerous challenges in the SAP universe, whether C/4 will still find resources to integrate here with the latest new acquisition Qualtrics is doubtful.

Some members of the SAP community suspect that SAP CEO Bill McDermott is dancing at too many weddings at once. This is not going well! Leonardo is currently experiencing the first resource shortage: The range of topics seems to be unmanageable.

The digital transformation is stuttering and faltering! SAP Leonardo will have to be consolidated in the coming year and hopefully this circumstance is already priced into the stock market prices - nothing is programmed out yet!