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STOCK COMPARISON

Horizon Robotics vs SAP: Fair Value & Quality

Both stocks run through our valuation models. Here is how Horizon Robotics (9660) and SAP (SAP) compare, as of Sep 24, 2026.

As of Sep 24, 2026, Fair Value Calculator sees SAP as the less overvalued of the two: Horizon Robotics trades at HK$4.09 versus a fair value of HK$0.58 (-86%), while SAP trades at €182 versus €159 (-13%).
Horizon Robotics
9660.HK · HKD · Information Technology
-86%
upside to fair value
overvalued
PriceHK$4.09
Fair ValueHK$0.58
Quality28/100
SAP
SAP.XETRA · EUR · Information Technology
-13%
upside to fair value
overvalued
Price€182
Fair Value€159
Quality81/100
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Head-to-head numbers

Green is the better side of a row, red the weaker one (for valuation multiples: lower = cheaper). Grey rows are for reference only and are not scored.

betterweakerfor reference, not scored

Horizon RoboticsSAP
Valuation
n/aP/E (TTM)29.3×
2.12×P/S (TTM)6.53×
0.63×P/B5.45×
n/aEV/EBITDA20.7×
n/aPEG1.37×
−85.8%Fair value upside−12.8%
n/aDividend yield1.4%
n/aDividend per share€2.50
Profitability
-96%Operating margin30%
n/aEBIT margin trend (5Y)1.16×
-85%Return on equity16%
-9%Return on assets9%
Growth
51%Revenue growth (YoY)6%
59.3%Avg. growth/yr (3Y)6.0%
n/aAvg. growth/yr (5Y)6.1%
n/aValue creation/yr−1.2%
Balance & size
n/aInterest coverage (EBIT/interest)7.5×
0.04×Debt / equity0.09×
$8BMarket cap$244B
expensiveGrowth qualityhealthy

Even match: 4 to 4 metric wins.

n/a = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Horizon Roboticsof which business quality 28 · market factors 16 SAPof which business quality 78 · market factors 53
ProfitabilityMargins and returns on capital today
3
62
Quality GrowthAre margins and returns improving?
30
76
CashflowEarnings quality: real cash, not paper profit
0
80
Fin. StrengthBalance sheet, leverage, solvency risk
51
79
InvestmentDisciplined investing over empire-building
2
94
Low VolatilityCalm price path (market factor)
22
61
MomentumPrice trend over the last 3–12 months (market factor)
19
63
52W MomentumDistance to the 52-week high (market factor)
3
29
Net IssuanceShare count: buybacks or dilution?
93
84

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyHorizon RoboticsPrice HK$4.09SAPPrice €182
DCF Modelsn/a-12%close to the price€160
Earnings-Basedn/a-67%below the price€60.32
Dividend Discountn/a-77%below the price€41.03
Multiplesn/a-19%below the price€147
Asset-Based-83%below the priceHK$0.68-86%below the price€25.68
Growth DCFn/a-23%below the price€140
Economic Profitn/a-62%below the price€69.81
Growth Earningsn/a-14%close to the price€156
Minimum-83%below the priceHK$0.68-86%below the price€25.68
Maximum-83%below the priceHK$0.68-12%close to the price€160
Median-83%below the priceHK$0.68-42%below the price€105
Geometric mean-83%below the priceHK$0.68-54%below the price€83.14

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Horizon Robotics: 1 of 1 models see the stock below the current price.

SAP: 22 of 26 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

Horizon Robotics
Price HK$4.09
Fair Value HK$0.58
Bear HK$0.38Bull HK$0.72
SAP
Price €182
Fair Value €159
Bear €109Bull €220

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Horizon Robotics · Information Technology

Quality score28 · bottom 25%
Fair value upside-86% · bottom 25%

SAP · Information Technology

Quality score81 · Top 25%
Fair value upside-13% · above median

Bottom line

As of Sep 24, 2026, Fair Value Calculator sees SAP as the less overvalued of the two: Horizon Robotics trades at HK$4.09 versus a fair value of HK$0.58 (-86%), while SAP trades at €182 versus €159 (-13%).

SAP has the higher quality score (81/100).

Open SAP live analysis →

More comparisons

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.