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STOCK COMPARISON

Integrated Research vs SAP: Fair Value & Quality

Both stocks run through our valuation models. Here is how Integrated Research (IREHF) and SAP (SAP) compare, as of Sep 28, 2026.

As of Sep 28, 2026, Fair Value Calculator sees SAP as the less overvalued of the two: Integrated Research trades at $0.20 versus a fair value of $0.17 (−15.7%), while SAP trades at €186 versus €172 (−7.2%).
Integrated Research
IREHF · USD · Information Technology
−15.7%
upside to fair value
overvalued
Price$0.20
Fair Value$0.17
Quality65/100
SAP
SAP.XETRA · EUR · Information Technology
−7.2%
upside to fair value
fairly valued
Price€186
Fair Value€172
Quality82/100
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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

Integrated ResearchSAP
Valuation
6.7×P/E (TTM)27.8×
n/aForward P/E (FY2027)22.2×
n/aMedian P/E at FY-end (10 FY, ex one-offs where documented)31.0×
0.53×P/S (TTM)6.42×
0.36×P/B5.48×
n/aEV/EBITDA20.5×
2.15×PEG1.63×
−15.7%Fair value upside−7.2%
10.0%Dividend yield1.3%
$0.02Dividend per share€2.50
Profitability
-11.9%Operating margin27.6%
0.66×EBIT margin trend (5Y)1.16×
7.7%Return on equity18.3%
4.7%Return on assets9.5%
Growth
-1.7%Revenue growth (YoY)9.4%
2.8%Avg. growth/yr (3Y)6.0%
-9.3%Avg. growth/yr (5Y)6.1%
−0.2%Value creation/yr−1.3%
Balance & size
139.3×Interest coverage (EBIT/interest)7.5×
n/aDebt / equity0.09×
$36MMarket cap$245B
weakGrowth qualityhealthy
SAP, median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 31.
Forward P/E: price divided by the analyst consensus for the first fiscal year that has not started yet. The current year carries special items from quarters already reported.

SAP leads: 6 to 8 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.

Integrated Researchof which business quality 67 · market factors 34 SAPof which business quality 79 · market factors 55
ProfitabilityMargins and returns on capital today
67
62
Quality GrowthAre margins and returns improving?
10
76
CashflowEarnings quality: real cash, not paper profit
54
80
Fin. StrengthBalance sheet, leverage, solvency risk
100
79
InvestmentDisciplined investing over empire-building
92
94
Low VolatilityCalm price path (market factor)
41
60
MomentumPrice trend over the last 3–12 months (market factor)
36
63
52W MomentumDistance to the 52-week high (market factor)
24
34
Net IssuanceShare count: buybacks or dilution?
72
92

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 familyIntegrated ResearchPrice $0.20SAPPrice €186
DCF Models+542.5%above the price$1.29−7.9%close to the price€171
Earnings-Based+255.0%above the price$0.71−66.1%below the price€63.09
Dividend Discount+47.5%above the price$0.30−75.8%below the price€45.06
Multiples+615.0%above the price$1.43−20.1%below the price€149
Asset-Based+85.0%above the price$0.37−86.0%below the price€25.98
Growth DCF+410.0%above the price$1.02−19.6%below the price€149
Economic Profit+247.5%above the price$0.70−60.1%below the price€74.18
Growth Earnings+750.0%above the price$1.70−15.1%below the price€158
Minimum+47.5%above the price$0.30−86.0%below the price€25.98
Maximum+750.0%above the price$1.70−7.9%close to the price€171
Median+332.5%above the price$0.87−40.1%below the price€111
Geometric mean+301.1%above the price$0.80−53.2%below the price€87.01

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%.

Integrated Research: 0 of 25 models see the stock below the current price.

SAP: 23 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.

Integrated Research
Price $0.20
Fair Value $0.17
Bear $0.12Bull $0.23
SAP
Price €186
Fair Value €172
Bear €110Bull €222

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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.

Integrated Research · Information Technology

Quality score65 · Top 25%
Fair value upside−15.7% · above median

SAP · Information Technology

Quality score82 · Top 25%
Fair value upside−7.2% · above median

Bottom line

As of Sep 28, 2026, Fair Value Calculator sees SAP as the less overvalued of the two: Integrated Research trades at $0.20 versus a fair value of $0.17 (−15.7%), while SAP trades at €186 versus €172 (−7.2%).

SAP has the higher quality score (82/100).

Open SAP live analysis →

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