Overview
SAP SE, based in Germany, is a global powerhouse in the software industry, particularly renowned for its enterprise resource planning (ERP) software. The company's primary offerings facilitate efficient business operations and customer relations for corporations worldwide, ranging from small businesses to large enterprises. SAP’s key projects often focus on innovations in cloud computing, machine learning, and artificial intelligence, designed to enhance digital transformation strategies of its clients. Additionally, SAP is heavily invested in the Internet of Things (IoT) and advanced analytics, enabling real-time data processing and insights. This aligns with their commitment to streamlining business processes and improving decision-making effectiveness, thereby maintaining their position at the forefront of technological advancement in business management solutions.
Basic Stats
The share price of SAP SE as of 9 September 2025 is 231,10 € / share. This is an increase of 1.34% from the prior week. The market cap (or net worth) of SAP SE as of 9 September 2025 is 269.139,06 € MM.
The Factor Analysis chart (below right) shows a view of SAP SE from a variety of lenses. Each factor shows how well the company ranks against all other companies in the Fintel global investing universe. Factor scores range from zero to 100, with 100 being most desirable, and 50 being average.
For example, a company with a Value Score of 100 would be the most undervalued company in our database. A company with a Value Score of zero would be the most overvalued.
| Market Cap | 269,139.06 MM |
| EV | 272,477.06 MM |
| Shares Out. | 1,164.60 MM |
| Earnings Date | |
| EPS (TTM) | 5.62 |
| Dividend Yield | 1.02 % |
| Ex-Dividend Date | 2025-05-14 |
| Borrow Rate | 0.54 |
| Short Shares Avail. | 8.00 MM |
| Short Interest | |
| Short Float | |
| Days to Cover | |
| Risk Free Rate | 4.05 % |
| Price Change (1 yr) | 18.55 % |
| Volatility (1 yr) | 0.28 |
| Beta | 1.06 |
| Sharpe Ratio (1 yr) | 0.52 |
| Sortino Ratio (1 yr) | 0.91 |
| PE Ratio | 41.15 |
| Price/Book | 6.46 |
| Price/TBV | 26.46 |
| Book/Market | 0.15 |
| EBIT/EV | 0.03 |
| EBIT(3yr avg)/EV | 0.02 |
| ROA | 0.09 |
| ROE | 0.16 |
| ROIC | 0.12 |
| CROIC | 0.00 |
| OCROIC | 0.13 |
| Implied Volatility | |
| Put/Call OI Ratio |
| Growth | 74.84 /100 |
| Profitability | 69.76 /100 |
| Quality Score | 59.98 /100 |
| Value Score | 46.14 /100 |
| Momentum Score | 19.07 /100 |
| Stability (Low Vol) Score | 76.81 /100 |
| Analyst Sentiment | 82.36 /100 |
| Fund Sentiment | 42.14 /100 |
| Insider Sentiment | |
| Officer Sentiment | |
| Dividend Score | 35.72 /100 |
| QVM Score | |
| Piotroski F-SCORE | 7.00 /9 |
Factor Scores range from 0 to 100, with 100 being most desirable. Larger circles are better. In situations where we have no data (e.g. no insider trades), we plot the score at 50 to avoid penalizing companies. However, a company that does not pay dividends will get a Dividend Score of Zero. Additionally, we inverted volatility to create a "stability" metric which is better when higher.
Price Target
The average one-year price target for SAP SE is 295,31 €. The forecasts range from a low of 193,92 € to a high of 416,44 €. A stock’s price target is the price at which analysts consider it fairly valued with respect to its projected earnings and historical earnings. Analysts typically set price targets that correspond to their buy or sell recommendations.
Update Frequency: Monthly
Stock Upgrades/Downgrades
This card shows analyst upgrades/downgrades for SAP SE. An analyst rating is a classification that gives investors a sense of analyst sentiment about the direction and performance of an equity - usually a stock - over a period of time, typically 12 months.
The standard analyst ratings are generally as follows:
- Buy/Overweight/Outperform - Any of these ratings conveys an analyst’s belief that the stock is likely to outperform a market index (e.g. the S&P 500).
- Hold/Equal-Weight/Market Perform - Any of these ratings conveys an analyst’s belief that the stock is likely to perform in line with a market index.
- Sell/Underweight/Underperform - Any of these ratings suggest that an analyst believes the stock is likely to underperform a market index.
When an analyst upgrades a stock, they are signaling that the company’s fundamentals are being undervalued by investors. It could also mean they believe the market is underestimating the company’s potential. The opposite is true when a stock receives a downgrade.
The average rating of each individual analyst’s rating is the consensus rating for a stock. This gives investors a broader sense of the overall sentiment for that stock.
| Date | Analyst | Prior | Latest Recommendation |
Action |
|---|---|---|---|---|
| 2022-12-14 | Bryan, Garnier & Co | 130 | Maintains | |
| 2022-12-13 | Warburg Research | 110 | Maintains | |
| 2022-12-12 | Morgan Stanley | 125 | Maintains | |
| 2022-11-25 | UBS | 120 | Initiate | |
| 2022-11-21 | Barclays | 130 | Initiate | |
| 2022-11-18 | Jefferies Financial LLC | 90 | Initiate | |
| 2022-10-27 | JP Morgan & Company | 116 | Initiate | |
| 2022-10-26 | Barclays | 105 | Initiate | |
| 2022-10-13 | Goldman Sachs | 111 | Initiate | |
| 2022-09-14 | Goldman Sachs | 109 | Initiate | |
| 2022-07-29 | Baader Bank | 115 | Initiate | |
| 2022-07-27 | UBS | 107 | Initiate | |
| 2022-07-22 | Jefferies Financial LLC | 105 | Initiate | |
| 2022-07-22 | Deutsche Bank Capital | 115 | Initiate | |
| 2022-07-21 | Warburg Research | 115 | Initiate | |
| 2022-07-13 | Goldman Sachs | 105 | Initiate | |
| 2022-07-11 | Stifel Nicolaus Research | 130 | Initiate | |
| 2022-07-06 | Barclays | 102 | Initiate | |
| 2022-07-01 | Credit Suisse | 121 | Initiate | |
| 2022-05-12 | Warburg Research | 130 | Initiate | |
| 2022-05-12 | JP Morgan & Company | 115 | Initiate | |
| 2022-05-12 | Jefferies Financial LLC | 120 | Initiate | |
| 2022-05-12 | Baader Bank | 146 | Initiate | |
| 2022-05-11 | Goldman Sachs | 130 | Initiate | |
| 2022-05-05 | UBS | 132 | Initiate | |
| 2022-04-25 | Deutsche Bank Capital | 120 | Initiate | |
| 2022-04-25 | Credit Suisse | 142 | Initiate | |
| 2022-04-22 | JP Morgan & Company | 135 | Initiate | |
| 2022-03-31 | Credit Suisse | 152 | Initiate | |
| 2022-03-15 | Barclays | 135 | Initiate | |
| 2022-02-11 | UBS | 145 | Initiate | |
| 2022-02-02 | Baader Bank | 150 | Initiate | |
| 2022-01-31 | Goldman Sachs | 139 | Initiate | |
| 2022-01-28 | Barclays | 160 | Initiate | |
| 2022-01-27 | UBS | 149 | Initiate | |
| 2022-01-14 | Baader Bank | 142 | Initiate | |
| 2022-01-12 | Goldman Sachs | 147 | Initiate | |
| 2022-01-11 | Jefferies | 154 | Initiate | |
| 2022-01-11 | Barclays | 144 | Initiate | |
| 2021-12-13 | UBS | 147 | Initiate | |
| 2021-12-08 | Morgan Stanley | Overweight | Overweight | Initiate |
| 2021-10-22 | Berenberg Bank | 141 | Initiate | |
| 2021-10-13 | Nord/LB | 126 | Initiate | |
| 2021-10-13 | Berenberg Bank | 139 | Initiate | |
| 2021-10-12 | Barclays | 142 | Initiate | |
| 2021-10-08 | UBS | 128 | Initiate | |
| 2021-10-08 | Goldman Sachs | 145 | Initiate | |
| 2021-10-01 | Baader Bank | 144 | Initiate | |
| 2021-07-27 | UBS | 117.6 | Initiate | |
| 2021-07-27 | Barclays | 117.6 | Initiate | |
| 2021-07-27 | Baader Bank | 117.6 | Initiate | |
| 2021-07-22 | Warburg Research | 135 | Initiate | |
| 2021-07-22 | UBS | 121 | Initiate | |
| 2021-07-22 | Nord/LB | 122 | Initiate | |
| 2021-07-22 | JPMorgan Chase | 120 | Initiate | |
| 2021-07-22 | Jefferies | 141 | Initiate | |
| 2021-07-22 | Goldman Sachs | 141 | Initiate | |
| 2021-07-22 | Berenberg Bank | 139 | Initiate | |
| 2021-07-22 | Baader Bank | 141 | Initiate | |
| 2021-07-21 | Warburg Research | 135 | Initiate | |
| 2021-07-21 | UBS | 121 | Initiate | |
| 2021-07-21 | Nord/LB | 122 | Initiate | |
| 2021-07-21 | JPMorgan Chase | 120 | Initiate | |
| 2021-07-21 | Jefferies | 141 | Initiate | |
| 2021-07-21 | Goldman Sachs | 141 | Initiate | |
| 2021-07-21 | Baader Bank | 141 | Initiate | |
| 2021-07-14 | Morgan Stanley | 136 | Initiate | |
| 2021-07-13 | Barclays | €142.00 | Initiate | |
| 2021-07-08 | Goldman Sachs | 141 | Initiate | |
| 2021-06-16 | Goldman Sachs | Buy | Initiate | |
| 2021-06-11 | UBS | Neutral | Initiate | |
| 2021-06-03 | Warburg Research | Buy | Initiate | |
| 2021-06-03 | Nord/LB | Neutral | Initiate | |
| 2021-06-03 | JPMorgan Chase | Neutral | Initiate | |
| 2021-06-02 | Jefferies | Buy | Initiate | |
| 2021-06-02 | Baader Bank | Buy | Initiate | |
| 2021-04-28 | Baader Bank | Buy | Initiate | |
| 2021-04-26 | UBS | Neutral | Initiate | |
| 2021-04-23 | Deutsche Bank | Buy | Initiate | |
| 2021-04-23 | Berenberg Bank | Buy | Initiate | |
| 2021-04-20 | UBS | Neutral | Initiate | |
| 2021-04-15 | Independent Research GmbH | Buy | Initiate | |
| 2021-04-14 | Warburg Research | Buy | Initiate | |
| 2021-04-14 | Nord/LB | Neutral | Initiate | |
| 2021-04-14 | Berenberg Bank | Buy | Initiate | |
| 2021-04-07 | Baader Bank | Buy | Initiate | |
| 2021-03-25 | Credit Suisse | Buy | Initiate | |
| 2021-03-12 | UBS | Neutral | Initiate | |
| 2021-01-07 | Barclays | Overweight | Maintains | |
| 2020-11-06 | Citigroup | Buy | Neutral | Downgrade |
| 2020-10-27 | Kepler Cheuvreux | Neutral | Initiate | |
| 2020-10-27 | BMO Capital | Market Perform | Maintains | |
| 2020-10-26 | Nord/LB | Buy | Initiate | |
| 2020-10-26 | Exane BNP Paribas | Outperform | Neutral | Downgrade |
| 2020-09-21 | Baader Bank | Buy | Initiate | |
| 2020-09-11 | JPMorgan Chase | Buy | Initiate | |
| 2020-07-28 | RBC Capital | Sector Perform | Maintains | |
| 2020-07-28 | Independent Research GmbH | Buy | Initiate | |
| 2020-07-28 | Berenberg Bank | Buy | Initiate | |
| 2020-07-27 | Sanford Bernstein | Buy | Initiate | |
| 2020-07-27 | Credit Suisse | Buy | Initiate | |
| 2020-07-20 | Independent Research GmbH | Buy | Initiate | |
| 2020-07-20 | Barclays | Overweight | Maintains | |
| 2020-07-15 | Goldman Sachs | Buy | Initiate | |
| 2020-07-10 | Deutsche Bank | Buy | Initiate | |
| 2020-07-10 | Barclays | Buy | Initiate | |
| 2020-07-09 | RBC Capital | Sector Perform | Maintains | |
| 2020-07-08 | UBS | Buy | Initiate | |
| 2020-07-08 | Goldman Sachs | Buy | Initiate | |
| 2020-06-16 | Credit Suisse | Buy | Initiate | |
| 2020-06-15 | Jefferies | Buy | Initiate | |
| 2020-06-09 | Sanford Bernstein | Buy | Initiate | |
| 2020-04-22 | RBC Capital | Outperform | Sector Perform | Downgrade |
| 2020-04-22 | BMO Capital | Market Perform | Maintains | |
| 2020-04-22 | Berenberg Bank | Buy | Initiate | |
| 2020-04-14 | Independent Research GmbH | Buy | Initiate | |
| 2020-04-14 | HSBC | Buy | Initiate | |
| 2020-04-14 | Deutsche Bank | Buy | Initiate | |
| 2020-04-13 | RBC Capital | Buy | Initiate | |
| 2020-04-13 | BMO Capital | Market Perform | Maintains | |
| 2020-04-09 | Nord/LB | Buy | Initiate | |
| 2020-04-09 | Jefferies | Buy | Initiate | |
| 2020-04-09 | Goldman Sachs | Buy | Initiate | |
| 2020-04-08 | JPMorgan Chase | Buy | Initiate | |
| 2020-04-07 | UBS | Buy | Initiate | |
| 2020-04-06 | RBC Capital | Buy | Initiate | |
| 2020-04-06 | Credit Suisse | Buy | Initiate | |
| 2020-04-02 | Berenberg Bank | Buy | Initiate | |
| 2020-04-01 | Sanford Bernstein | Buy | Initiate | |
| 2020-03-27 | Oddo Bhf | Buy | Initiate | |
| 2020-03-26 | Jefferies | Buy | Initiate | |
| 2020-03-25 | Kepler Cheuvreux | Neutral | Initiate | |
| 2020-03-25 | Barclays | Buy | Initiate | |
| 2020-03-20 | Morgan Stanley | Buy | Initiate | |
| 2020-03-17 | Oppenheimer | Outperform | Maintains | |
| 2020-03-10 | Independent Research GmbH | Buy | Initiate | |
| 2020-02-25 | Barclays | Buy | Initiate | |
| 2020-02-03 | Baader Bank | Buy | Initiate | |
| 2020-01-29 | RBC Capital | Outperform | Maintains | |
| 2020-01-29 | Nord/LB | Buy | Initiate | |
| 2020-01-29 | Deutsche Bank | Neutral | Initiate | |
| 2020-01-28 | RBC Capital | Buy | Initiate | |
| 2020-01-28 | Jefferies | Buy | Initiate | |
| 2020-01-28 | Independent Research GmbH | Neutral | Initiate | |
| 2020-01-28 | Commerzbank | Buy | Initiate | |
| 2020-01-28 | Bryan, Garnier & Co | Buy | Initiate | |
| 2020-01-24 | Goldman Sachs | Buy | Initiate | |
| 2020-01-13 | JPMorgan Chase | Buy | Initiate | |
| 2020-01-10 | Barclays | Buy | Initiate | |
| 2020-01-10 | Baader Bank | Buy | Initiate | |
| 2020-01-09 | UBS | Neutral | Initiate | |
| 2019-12-17 | Bank of America | Sell | Initiate | |
| 2019-12-12 | Morgan Stanley | Neutral | Initiate | |
| 2019-11-13 | Warburg Research | Buy | Initiate | |
| 2019-11-13 | Societe Generale | Buy | Initiate | |
| 2019-11-13 | Sanford Bernstein | Buy | Initiate | |
| 2019-11-13 | Oppenheimer | Outperform | Maintains | |
| 2019-11-13 | Kepler Capital Markets | Neutral | Initiate | |
| 2019-11-13 | Jefferies | Buy | Initiate | |
| 2019-11-13 | Credit Suisse | Buy | Initiate | |
| 2019-11-13 | Berenberg Bank | Buy | Initiate | |
| 2019-11-08 | Independent Research GmbH | Neutral | Initiate | |
| 2019-11-05 | UBS | Neutral | Initiate | |
| 2019-11-05 | JPMorgan Chase | Buy | Initiate | |
| 2019-11-05 | Jefferies | Buy | Initiate | |
| 2019-11-05 | Goldman Sachs | Buy | Initiate | |
| 2019-11-05 | Baader Bank | Neutral | Initiate | |
| 2019-07-19 | Deutsche Bank | Buy | Hold | Downgrade |
| 2019-07-19 | Barclays | Overweight | Maintains | |
| 2019-04-29 | RBC Capital | Sector Perform | Outperform | Upgrade |
| 2019-04-25 | JMP Securities | Market Outperform | Market Outperform | Maintains |
| 2019-04-09 | UBS | Buy | Neutral | Downgrade |
| 2019-04-09 | HSBC | Buy | Hold | Downgrade |
| 2019-02-04 | Bank of America | Buy | Neutral | Downgrade |
| 2018-10-19 | Barclays | Overweight | Overweight | Maintains |
| 2018-07-20 | Barclays | Overweight | Overweight | Maintains |
| 2018-07-18 | Oppenheimer | Outperform | Outperform | Maintains |
| 2018-06-01 | Jefferies | Buy | Initiate | |
| 2018-04-25 | Barclays | Overweight | Overweight | Maintains |
| 2018-03-12 | Evercore ISI Group | In-Line | Outperform | Upgrade |
| 2018-03-01 | Stifel Nicolaus | Sell | Sell | Maintains |
| 2018-01-12 | Cowen & Co. | Outperform | Market Weight | Downgrade |
| 2017-10-23 | Argus | Buy | Maintains | |
| 2017-08-23 | Berenberg | Buy | Initiate | |
| 2017-03-02 | Societe Generale | Hold | Buy | Upgrade |
| 2017-01-19 | Goldman Sachs | Buy | Buy | Maintains |
| 2016-06-13 | Jefferies | Hold | Underperform | Downgrade |
| 2016-06-01 | Evercore ISI Group | Buy | Hold | Downgrade |
| 2016-04-12 | Berenberg | Hold | Buy | Upgrade |
| 2016-01-26 | Argus | Buy | Maintains | |
| 2016-01-08 | BMO Capital | Market Perform | Initiate | |
| 2016-01-06 | Barclays | Overweight | Maintains | |
| 2015-10-21 | Jefferies | Hold | Maintains | |
| 2015-10-14 | HSBC | Hold | Buy | Upgrade |
| 2015-09-15 | JP Morgan | Neutral | Overweight | Upgrade |
| 2015-07-22 | Barclays | Overweight | Maintains | |
| 2015-07-07 | UBS | Neutral | Buy | Upgrade |
| 2015-06-19 | Barclays | Overweight | Maintains | |
| 2015-06-04 | Oppenheimer | Outperform | Maintains | |
| 2015-05-26 | Cowen & Co. | Market Perform | Initiate | |
| 2015-04-22 | Susquehanna | Neutral | Maintains | |
| 2015-04-22 | Jefferies | Hold | Maintains | |
| 2015-04-22 | Bank of America | Neutral | Buy | Upgrade |
| 2015-04-08 | Barclays | Overweight | Maintains | |
| 2015-04-06 | Wells Fargo | Market Perform | Underperform | Downgrade |
| 2015-01-21 | Barclays | Overweight | Maintains | |
| 2015-01-08 | Evercore ISI Group | Hold | Buy | Upgrade |
| 2015-01-06 | Bank of America | Buy | Neutral | Downgrade |
| 2014-12-08 | Jefferies | Hold | Maintains | |
| 2014-11-21 | Jefferies | Hold | Initiate | |
| 2014-10-21 | FBR Capital | Market Perform | Maintains | |
| 2014-10-21 | Barclays | Overweight | Maintains | |
| 2014-09-16 | RBC Capital | Sector Perform | Initiate | |
| 2014-07-18 | FBR Capital | Market Perform | Maintains | |
| 2014-03-17 | Citigroup | Buy | Upgrade | |
| 2014-02-27 | B. Riley FBR | Initiate | ||
| 2014-01-22 | William Blair | Outperform | Market Perform | Downgrade |
| 2014-01-22 | Bankhaus Metzler | Buy | Sell | Downgrade |
| 2014-01-13 | Warburg Research | Hold | Downgrade | |
| 2014-01-13 | Pacific Crest | Sector Perform | Downgrade | |
| 2014-01-08 | UBS | Neutral | Buy | Upgrade |
| 2013-10-22 | Jefferies | Hold | Maintains | |
| 2013-10-21 | WGZ Bank | Hold | Buy | Upgrade |
| 2013-10-21 | Commerzbank | Add | Buy | Upgrade |
| 2013-09-30 | Warburg Research | Buy | Hold | Downgrade |
| 2013-09-18 | Commerzbank | Hold | Add | Upgrade |
| 2013-09-11 | Santander | Underweight | Hold | Upgrade |
| 2013-09-03 | Redburn Partners | Sell | Downgrade | |
| 2013-08-28 | Mainfirst | Outperform | Initiate | |
| 2013-04-22 | Jefferies | Hold | Maintains | |
| 2013-04-22 | Baader Bank | Hold | Buy | Upgrade |
| 2013-03-07 | HSBC | Neutral | Overweight | Upgrade |
| 2013-03-06 | BMO Capital | Market Perform | Maintains | |
| 2013-01-23 | National Bank Financial | Hold | Buy | Upgrade |
| 2013-01-17 | Citigroup | Buy | Neutral | Downgrade |
| 2013-01-14 | Jefferies | Hold | Maintains | |
| 2013-01-07 | UBS | Buy | Neutral | Downgrade |
| 2012-12-17 | JMP Securities | Market Underperform | Upgrade | |
| 2012-12-14 | Janney Capital | Buy | Initiate | |
| 2012-10-26 | Bank of America | Neutral | Buy | Upgrade |
| 2012-10-10 | Barclays | Overweight | Equal-Weight | Downgrade |
| 2012-07-25 | Jefferies | Hold | Maintains | |
| 2012-06-05 | BMO Capital | Market Perform | Maintains | |
| 2012-03-15 | BMO Capital | Market Perform | Maintains | |
| 2022-04-25 | METZLER EQUITIES | Hold | Buy | Upgrade |
| 2023-04-12 | STIFEL EUROPE | Buy | Buy | Maintains |
| 2023-04-11 | BNP PARIBAS EXANE | Neutral | Outperform | Upgrade |
| 2023-04-06 | BERENBERG | Buy | Buy | Maintains |
| 2023-03-29 | BAADER HELVEA EQUITY RESEARCH | Buy | Buy | Maintains |
| 2023-03-27 | HSBC | Buy | Buy | Maintains |
| 2023-03-14 | BRYAN GARNIER | Buy | Buy | Maintains |
| 2023-03-14 | WARBURG RESEARCH GMBH | Buy | Hold | Downgrade |
| 2023-03-13 | SOCIETE GENERALE | Buy | Buy | Maintains |
| 2023-02-23 | BANCO SANTANDER | Underperform | Neutral | Upgrade |
| 2023-02-17 | CRISPIDEA PRIVATE LIMITED | Buy | Buy | Maintains |
| 2023-02-10 | ANALISIS BANCO SABADELL | Sell | Buy | Upgrade |
| 2023-02-09 | LANDESBANK BADEN-WUERTTEMBERG | Buy | Buy | Maintains |
| 2023-02-02 | BNP PARIBAS EXANE | Outperform | Neutral | Downgrade |
| 2023-02-01 | CREDIT SUISSE - EUROPE | Outperform | Outperform | Maintains |
| 2023-01-30 | DZ BANK | Buy | Hold | Downgrade |
| 2023-01-26 | BAADER HELVEA EQUITY RESEARCH | Buy | Buy | Maintains |
| 2022-10-25 | WARBURG RESEARCH GMBH | Buy | Buy | Maintains |
| 2022-07-18 | JYSKE BANK | Buy | Buy | Maintains |
| 2022-06-23 | BNP PARIBAS EXANE | Neutral | Outperform | Upgrade |
| 2022-06-20 | DAY BY DAY | Buy | Sell | Downgrade |
| 2022-05-13 | REDBURN LIMITED | Neutral | Neutral | Maintains |
| 2022-04-25 | BANCO SANTANDER | Underweight | Underperform | Maintains |
| 2022-03-31 | BERENBERG | Buy | Buy | Maintains |
| 2022-03-30 | NORD/LB | Buy | Hold | Downgrade |
| 2022-03-21 | CRISPIDEA PRIVATE LIMITED | Buy | Buy | Maintains |
| 2022-01-14 | BANCO SANTANDER | Underweight | Underweight | Maintains |
| 2021-10-21 | OPPENHEIMER & CO., INC. | Outperform | Outperform | Maintains |
| 2021-10-01 | DAY BY DAY | Buy | Buy | Maintains |
| 2021-08-23 | HSBC | Buy | Buy | Maintains |
| 2021-06-17 | COMMERZBANK CORPORATE CLIENTS | Buy | Buy | Maintains |
| 2021-06-16 | ODDO BHF | Buy | Buy | Maintains |
| 2021-04-20 | DZ BANK | Buy | Buy | Maintains |
| 2021-04-09 | BNP PARIBAS EXANE | Neutral | Neutral | Maintains |
| 2021-03-25 | CREDIT SUISSE - EUROPE | Outperform | Outperform | Maintains |
| 2021-03-23 | NORD/LB | Buy | Buy | Maintains |
| 2021-03-22 | METZLER EQUITIES | Hold | Hold | Maintains |
| 2021-03-19 | ANALISIS BANCO SABADELL | Sell | Sell | Maintains |
| 2023-05-31 | STIFEL EUROPE | Buy | Buy | Maintains |
| 2023-05-28 | DAY BY DAY | Sell | Buy | Upgrade |
| 2023-05-28 | BNP PARIBAS EXANE | Neutral | Outperform | Upgrade |
| 2023-05-25 | BERENBERG | Buy | Buy | Maintains |
| 2023-05-21 | LANDESBANK BADEN-WUERTTEMBERG | Buy | Buy | Maintains |
| 2023-05-21 | HSBC | Buy | Buy | Maintains |
| 2023-05-18 | DZ BANK | Buy | Hold | Downgrade |
| 2023-05-16 | BANCO SANTANDER | Underperform | Neutral | Upgrade |
| 2023-05-16 | SOCIETE GENERALE | Buy | Buy | Maintains |
| 2023-05-16 | WARBURG RESEARCH GMBH | Buy | Hold | Downgrade |
| 2023-05-16 | BAADER HELVEA EQUITY RESEARCH | Buy | Buy | Maintains |
| 2023-04-23 | BRYAN GARNIER | Buy | Buy | Maintains |
| 2023-02-16 | CRISPIDEA PRIVATE LIMITED | Buy | Buy | Maintains |
| 2023-02-09 | ANALISIS BANCO SABADELL | Buy | Buy | Maintains |
| 2023-02-01 | BNP PARIBAS EXANE | Outperform | Neutral | Downgrade |
| 2023-01-31 | CREDIT SUISSE - EUROPE | Outperform | Outperform | Maintains |
| 2023-01-25 | BAADER HELVEA EQUITY RESEARCH | Buy | Buy | Maintains |
| 2022-10-24 | WARBURG RESEARCH GMBH | Buy | Buy | Maintains |
| 2022-07-17 | JYSKE BANK | Buy | Buy | Maintains |
| 2022-06-22 | BNP PARIBAS EXANE | Neutral | Outperform | Upgrade |
| 2022-06-19 | DAY BY DAY | Buy | Sell | Downgrade |
| 2022-05-12 | REDBURN LIMITED | Neutral | Neutral | Maintains |
| 2022-04-24 | BANCO SANTANDER | Underweight | Underperform | Maintains |
| 2022-04-24 | METZLER EQUITIES | Hold | Buy | Upgrade |
| 2022-03-30 | BERENBERG | Buy | Buy | Maintains |
| 2022-03-29 | NORD/LB | Hold | Hold | Maintains |
| 2022-03-20 | CRISPIDEA PRIVATE LIMITED | Buy | Buy | Maintains |
| 2022-01-13 | BANCO SANTANDER | Underweight | Underweight | Maintains |
| 2021-10-20 | OPPENHEIMER & CO., INC. | Outperform | Outperform | Maintains |
| 2021-09-30 | DAY BY DAY | Buy | Buy | Maintains |
| 2021-08-22 | HSBC | Buy | Buy | Maintains |
| 2021-06-16 | COMMERZBANK CORPORATE CLIENTS | Buy | Buy | Maintains |
| 2021-06-15 | ODDO BHF | Buy | Buy | Maintains |
| 2021-04-19 | DZ BANK | Buy | Buy | Maintains |
| 2021-04-08 | BNP PARIBAS EXANE | Neutral | Neutral | Maintains |
| 2021-03-24 | CREDIT SUISSE - EUROPE | Outperform | Outperform | Maintains |
| 2021-03-21 | METZLER EQUITIES | Hold | Hold | Maintains |
| 2023-08-27 | HSBC | Buy | Buy | Maintains |
| 2023-08-24 | STIFEL EUROPE | Buy | Buy | Maintains |
| 2023-08-06 | DAY BY DAY | Buy | Buy | Maintains |
| 2023-08-06 | BAADER HELVEA EQUITY RESEARCH | Buy | Buy | Maintains |
| 2023-07-30 | SOCIETE GENERALE | Buy | Buy | Maintains |
| 2023-07-24 | BNP PARIBAS EXANE | Outperform | Outperform | Maintains |
| 2023-07-23 | DZ BANK | Hold | Hold | Maintains |
| 2023-07-20 | BANCO SANTANDER | Neutral | Neutral | Maintains |
| 2023-07-20 | BERENBERG | Buy | Buy | Maintains |
| 2023-07-20 | WARBURG RESEARCH GMBH | Hold | Hold | Maintains |
| 2023-07-05 | BRYAN GARNIER | Buy | Buy | Maintains |
| 2023-06-25 | CRISPIDEA PRIVATE LIMITED | Buy | Buy | Maintains |
| 2023-10-20 | BANCO SANTANDER | Neutral | Neutral | Maintains |
| 2023-10-20 | DZ BANK | Hold | Hold | Maintains |
| 2023-12-19 | BERENBERG | Buy | Buy | Maintains |
| 2023-12-19 | WARBURG RESEARCH GMBH | Hold | Hold | Maintains |
| 2023-12-19 | BAADER HELVEA EQUITY RESEARCH | Buy | Buy | Maintains |
| 2023-12-18 | DAY BY DAY | Buy | Buy | Maintains |
| 2023-12-12 | STIFEL EUROPE | Buy | Buy | Maintains |
| 2023-11-27 | HSBC | Buy | Buy | Maintains |
| 2023-11-13 | SOCIETE GENERALE | Buy | Buy | Maintains |
| 2023-10-27 | BNP PARIBAS EXANE | Outperform | Outperform | Maintains |
| 2023-10-19 | BRYAN GARNIER | Buy | Buy | Maintains |
| 2023-10-23 | METZLER EQUITIES | Buy | Buy | Maintains |
| 2023-08-28 | HSBC | Buy | Buy | Maintains |
| 2023-08-25 | STIFEL EUROPE | Buy | Buy | Maintains |
| 2023-08-07 | DAY BY DAY | Buy | Buy | Maintains |
| 2023-08-07 | BAADER HELVEA EQUITY RESEARCH | Buy | Buy | Maintains |
| 2023-07-31 | SOCIETE GENERALE | Buy | Buy | Maintains |
| 2023-07-25 | BNP PARIBAS EXANE | Outperform | Outperform | Maintains |
| 2023-07-24 | DZ BANK | Hold | Hold | Maintains |
| 2023-07-21 | BANCO SANTANDER | Neutral | Neutral | Maintains |
| 2023-07-21 | BERENBERG | Buy | Buy | Maintains |
| 2023-07-21 | WARBURG RESEARCH GMBH | Hold | Hold | Maintains |
| 2023-07-06 | BRYAN GARNIER | Buy | Buy | Maintains |
| 2023-06-26 | CRISPIDEA PRIVATE LIMITED | Buy | Buy | Maintains |
| 2023-06-01 | STIFEL EUROPE | Buy | Buy | Maintains |
| 2023-05-29 | DAY BY DAY | Sell | Buy | Upgrade |
| 2023-05-29 | BNP PARIBAS EXANE | Neutral | Outperform | Upgrade |
| 2023-05-26 | BERENBERG | Buy | Buy | Maintains |
| 2023-05-22 | LANDESBANK BADEN-WUERTTEMBERG | Buy | Buy | Maintains |
| 2023-05-22 | HSBC | Buy | Buy | Maintains |
| 2023-05-19 | DZ BANK | Buy | Hold | Downgrade |
| 2023-05-17 | BANCO SANTANDER | Underperform | Neutral | Upgrade |
| 2023-05-17 | SOCIETE GENERALE | Buy | Buy | Maintains |
| 2023-05-17 | WARBURG RESEARCH GMBH | Buy | Hold | Downgrade |
| 2023-05-17 | BAADER HELVEA EQUITY RESEARCH | Buy | Buy | Maintains |
| 2023-04-24 | BRYAN GARNIER | Buy | Buy | Maintains |
| 2023-02-10 | ANALISIS BANCO SABADELL | Buy | Buy | Maintains |
| 2022-03-30 | NORD/LB | Hold | Hold | Maintains |
| 2024-08-05 | BNP PARIBAS EXANE | Outperform | Outperform | Maintains |
| 2024-08-01 | NYKREDIT MARKETS | Buy | Buy | Maintains |
| 2024-07-29 | KEYBANC CAPITAL MARKETS INC. | Overweight | Overweight | Maintains |
| 2024-07-28 | STIFEL EUROPE | Buy | Buy | Maintains |
| 2024-07-23 | LANDESBANK BADEN-WUERTTEMBERG | Hold | Buy | Upgrade |
| 2024-07-23 | METZLER EQUITIES | Buy | Buy | Maintains |
| 2024-07-23 | DZ BANK | Hold | Hold | Maintains |
| 2024-07-22 | TD COWEN | Hold | Hold | Maintains |
| 2024-07-22 | JMP SECURITIES | Outperform | Outperform | Maintains |
| 2024-07-22 | BANCO SANTANDER | Neutral | Underperform | Downgrade |
| 2024-07-22 | BERENBERG | Buy | Buy | Maintains |
| 2024-07-22 | WARBURG RESEARCH GMBH | Hold | Hold | Maintains |
| 2024-07-22 | BAADER HELVEA EQUITY RESEARCH | Buy | Buy | Maintains |
| 2024-06-16 | CRISPIDEA PRIVATE LIMITED | Buy | Buy | Maintains |
| 2024-06-10 | DAY BY DAY | Buy | Buy | Maintains |
| 2024-05-26 | HSBC | Buy | Buy | Maintains |
| 2024-02-29 | SOCIETE GENERALE | Buy | Buy | Maintains |
| 2024-02-25 | LANDESBANK BADEN-WUERTTEMBERG | Buy | Hold | Downgrade |
| 2023-12-18 | BERENBERG | Buy | Buy | Maintains |
| 2023-12-18 | WARBURG RESEARCH GMBH | Hold | Hold | Maintains |
| 2023-12-18 | BAADER HELVEA EQUITY RESEARCH | Buy | Buy | Maintains |
| 2023-12-17 | DAY BY DAY | Buy | Buy | Maintains |
| 2023-12-11 | STIFEL EUROPE | Buy | Buy | Maintains |
| 2023-11-26 | HSBC | Buy | Buy | Maintains |
| 2023-11-12 | SOCIETE GENERALE | Buy | Buy | Maintains |
| 2023-10-26 | BNP PARIBAS EXANE | Outperform | Outperform | Maintains |
| 2023-10-22 | METZLER EQUITIES | Buy | Buy | Maintains |
| 2023-10-19 | BANCO SANTANDER | Neutral | Neutral | Maintains |
| 2023-10-19 | DZ BANK | Hold | Hold | Maintains |
| 2023-10-18 | BRYAN GARNIER | Buy | Buy | Maintains |
| 2025-04-02 | JEFFERIES | Buy | Buy | Maintains |
| 2025-04-02 | CHINA INTERNATIONAL CAPITAL CORPORATION LIMITED | Outperform | Outperform | Maintains |
| 2025-03-31 | BERENBERG | Buy | Buy | Maintains |
| 2025-03-23 | HSBC | Buy | Hold | Downgrade |
| 2025-03-21 | REDBURN ATLANTIC | Buy | Buy | Maintains |
| 2025-03-13 | TD COWEN | Hold | Buy | Upgrade |
| 2025-03-10 | STIFEL EUROPE | Buy | Buy | Maintains |
| 2025-03-05 | DZ BANK | Hold | Hold | Maintains |
| 2025-02-27 | METZLER EQUITIES | Buy | Buy | Maintains |
| 2025-02-17 | CITIZENS | Outperform | Outperform | Maintains |
| 2025-02-13 | DAY BY DAY | Buy | Buy | Maintains |
| 2025-02-06 | WARBURG RESEARCH GMBH | Hold | Hold | Maintains |
| 2025-02-03 | BAADER HELVEA EQUITY RESEARCH | Buy | Buy | Maintains |
| 2025-01-30 | NYKREDIT MARKETS | Buy | Buy | Maintains |
| 2025-01-29 | LANDESBANK BADEN-WUERTTEMBERG | Buy | Buy | Maintains |
| 2025-01-28 | BANCO SANTANDER | Underperform | Underperform | Maintains |
| 2025-01-27 | KEYBANC CAPITAL MARKETS INC. | Overweight | Overweight | Maintains |
| 2025-01-03 | METZLER EQUITIES | Buy | Buy | Maintains |
| 2024-12-18 | LANDESBANK BADEN-WUERTTEMBERG | Buy | Buy | Maintains |
| 2024-12-15 | TD COWEN | Hold | Hold | Maintains |
| 2024-12-09 | STIFEL EUROPE | Buy | Buy | Maintains |
| 2024-12-09 | WARBURG RESEARCH GMBH | Hold | Hold | Maintains |
| 2024-11-24 | CITIZENS JMP | Outperform | Outperform | Maintains |
| 2024-11-24 | HSBC | Buy | Buy | Maintains |
| 2024-11-03 | BNP PARIBAS EXANE | Outperform | Outperform | Maintains |
| 2024-10-24 | NYKREDIT MARKETS | Buy | Buy | Maintains |
| 2024-10-23 | BAADER HELVEA EQUITY RESEARCH | Buy | Buy | Maintains |
| 2024-10-22 | CHINA INTERNATIONAL CAPITAL CORPORATION LIMITED | Outperform | Outperform | Maintains |
| 2024-10-22 | BERENBERG | Buy | Buy | Maintains |
| 2024-10-22 | DZ BANK | Hold | Hold | Maintains |
| 2024-10-21 | KEYBANC CAPITAL MARKETS INC. | Overweight | Overweight | Maintains |
| 2024-10-21 | BANCO SANTANDER | Underperform | Underperform | Maintains |
| 2025-07-16 | TD COWEN | Buy | Buy | Maintains |
| 2025-07-14 | WELLS FARGO SECURITIES, LLC | Overweight | Overweight | Maintains |
| 2025-07-14 | BANCO SANTANDER | Underperform | Underperform | Maintains |
| 2025-07-09 | PIPER SANDLER COMPANIES | Overweight | Overweight | Maintains |
| 2025-06-30 | BERENBERG | Buy | Buy | Maintains |
| 2025-06-30 | BAADER HELVEA EQUITY RESEARCH | Buy | Buy | Maintains |
| 2025-06-29 | CHINA INTERNATIONAL CAPITAL CORPORATION LIMITED | Outperform | Outperform | Maintains |
| 2025-06-23 | JEFFERIES | Buy | Buy | Maintains |
| 2025-06-12 | ANALISIS BANCO SABADELL | Buy | Underweight | Downgrade |
| 2025-06-12 | WARBURG RESEARCH GMBH | Hold | Buy | Upgrade |
| 2025-06-01 | DAY BY DAY | Buy | Buy | Maintains |
| 2025-05-29 | METZLER EQUITIES | Buy | Buy | Maintains |
| 2025-05-25 | HSBC | Hold | Hold | Maintains |
| 2025-05-22 | CITIZENS | Outperform | Outperform | Maintains |
| 2025-05-20 | KEYBANC CAPITAL MARKETS INC. | Overweight | Overweight | Maintains |
| 2025-04-30 | ROTHSCHILD & CO REDBURN | Buy | Buy | Maintains |
| 2025-04-29 | LANDESBANK BADEN-WUERTTEMBERG | Buy | Buy | Maintains |
| 2025-04-22 | STIFEL EUROPE | Buy | Buy | Maintains |
