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SAP CFO Dominik Asam Drives the Share Price to Dizzying Heights

What's going on with SAP? The mood in the community and among SAP customers is persistently low, but meanwhile the share price is going through the roof. It is reasonable to assume that shareholders and financial analysts know something.
Peter M. Färbinger, E3 Magazine
November 21, 2023
This text has been automatically translated from German to English.

On Monday, November 21, 2023, the SAP share price on the Frankfurt Stock Exchange exceeded the 140-euro mark. Congratulations to SAP CEO Christian Klein and CFO Dominik Asam! But what is behind this? How have Christian Klein and Dominik Asam struck gold?

The SAP community experienced a similar phenomenon this summer, when the share price rose to around 131 euros, only to fall again due to the general economic and news situation. In a call with investors and financial analysts, SAP CEO Christian Klein explained that innovations such as AI, machine learning, and green ledgers would only be available to SAP cloud customers. This struck a chord with analysts. AI and cloud are the buzzwords of the moment! Parallel to this "positive" news, it was also announced that SAP will acquire the start-up LeanIX, which always makes a good impression when an established company positions itself in the market with innovations from start-ups.

There are always reasons for ups and downs in the stock market. The shareholder sees the effect and realizes the cause too late. For SAP's interim high in the summer of 2023, it was the AI/cloud announcement and the acquisition of LeanIX. The members of the SAP community are amazed at the share price development, as there is great horror at the cloud-only announcement for AI and Green Ledger.

At the DSAG Annual Congress 2023 in Bremen, Klein tried to backpedal and explain this radical approach, wherein applications with large amounts of data, such as AI, can only be managed in the cloud. The fact remains that there is a striking difference between SAP customers’ displeasure and criticism of SAP by customers and the of analysts and investors’ euphoria.

SAP's share price in Frankfurt is now around 140 euros, and the SAP community is once again asking itself: what have CEO Christian Klein and CFO Dominik Asam been telling investors and analysts?

SAP CFO Asam wants to streamline sales. RISE with SAP is about increasing efficiency by significantly improving collaboration within SAP. According to Dominik Asam, delivery and support also need to be optimized. And a new, radical cost-cutting offensive is imminent at SAP.

This time, it will not only affect the C-level and sales department, but all SAP employees. Dominik Asam wants to make substantial savings in development in particular because there is hardly anything left to gain in sales and marketing. The only way to do this is to improve the efficiency of existing resources.

A few months ago, Chief Marketing Officer Julia White reduced her activities to almost zero—eliminating her own job, in fact. At SAP, she now only has her position to meet the quota of women in a company, because otherwise people would say that SAP can't work with women. This year, her main focus has been on CRM and customer experience.

Dominik Asam's radical and global savings plan has of course been very well received by the stock market and investors. Irrespective of product innovations, employee satisfaction, and customer loyalty, the SAP share price has risen to 140 euros and could go even higher. Even the massive criticism currently being voiced by the SAP user association DSAG has not been able to slow down the rising share price. With the numerous savings plans SAP plans to enact, the contribution margin is increasing, which is good news for shareholders.

Peter M. Färbinger, E3 Magazine

Peter M. Färbinger, Publisher and Editor-in-Chief E3 Magazine DE, US and ES (, AG, Freilassing (DE), E-Mail: and Tel. +49(0)8654/77130-21

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