From Morningstar: 2025-03-24 12:12:00

SAP surpasses Novo Nordisk as Europe’s most valuable company, with a market cap of EUR 314 billion vs. EUR 310 billion for Novo Nordisk. SAP’s success attributed to investor confidence in cloud computing and AI, with Morningstar upgrading SAP’s moat rating to wide and raising fair value estimate to EUR 265.

Novo Nordisk sees market value drop by half due to disappointing trial data for CagriSema and competition in obesity drug space. Stock now at four-star territory, with Morningstar raising fair value estimate to DKK 640/share. Analyst remains positive on company’s innovation and wide moat, expecting strong sales volumes.

SAP’s strong performance propels Morningstar Germany Index to global outperformance in 2025. Concerns arise about SAP’s dominance in the DAX, exceeding 15% cap for single stock. Linde transferred shares to NYSE in 2023 for better price opportunities. Deutsche Börse launches uncapped version of DAX due to concentration of SAP’s weight. SAP now dominates DAX more than traditional industrial champions like Volkswagen or Mercedes-Benz.



Read more at Morningstar: SAP Overtakes Novo Nordisk to Become Europe’s Most…