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STOCK COMPARISON

SAP vs Tracsis: Fair Value & Quality

Both stocks run through our valuation models. Here is how SAP (SAP) and Tracsis (TRCS) compare, as of Sep 29, 2026.

As of Sep 29, 2026, Fair Value Calculator sees SAP as the less overvalued of the two: SAP trades at €185 versus a fair value of €172 (−6.9%), while Tracsis trades at £3.25 versus £2.50 (−23.1%).
SAP
SAP.XETRA · EUR · Information Technology
−6.9%
upside to fair value
fairly valued
Price€185
Fair Value€172
Quality82/100
Tracsis
TRCS.LSE · GBX · Information Technology
−23.1%
upside to fair value
overvalued
Price£3.25
Fair Value£2.50
Quality67/100
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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

SAPTracsis
Valuation
27.7×P/E (TTM)108.3×
22.1×Forward P/E (FY2027)n/a
31.0×Median P/E at FY-end (10 FY, ex one-offs where documented)n/a
5.62×P/S (TTM)1.19×
4.80×P/B1.54×
17.9×EV/EBITDA11.4×
1.63×PEG0.36×
−6.9%Fair value upside−23.1%
1.3%Dividend yield0.8%
€2.50Dividend per share£0.03
Profitability
27.6%Operating margin-0.2%
1.16×EBIT margin trend (5Y)0.21×
18.3%Return on equity1.5%
9.5%Return on assets1.3%
Growth
9.4%Revenue growth (YoY)7.2%
6.0%Avg. growth/yr (3Y)6.0%
6.1%Avg. growth/yr (5Y)11.3%
−1.3%Value creation/yr−28.7%
Balance & size
7.5×Interest coverage (EBIT/interest)23.6×
0.09×Debt / equity0.00×
$244BMarket cap$133M
healthyGrowth qualitymixed
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: 8 to 7 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.

SAPof which business quality 79 · market factors 53 Tracsisof which business quality 70 · market factors 42
ProfitabilityMargins and returns on capital today
62
38
Quality GrowthAre margins and returns improving?
76
41
CashflowEarnings quality: real cash, not paper profit
80
76
Fin. StrengthBalance sheet, leverage, solvency risk
79
96
InvestmentDisciplined investing over empire-building
94
96
Low VolatilityCalm price path (market factor)
60
66
MomentumPrice trend over the last 3–12 months (market factor)
59
37
52W MomentumDistance to the 52-week high (market factor)
33
24
Net IssuanceShare count: buybacks or dilution?
92
76

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 familySAPPrice €185TracsisPrice £3.25
DCF Models−7.6%close to the price€171+74.0%above the price£5.66
Earnings-Based−66.0%below the price€63.09−81.5%below the price£0.60
Dividend Discount−75.7%below the price€45.06−91.1%below the price£0.29
Multiples−19.8%below the price€149−57.8%below the price£1.37
Asset-Based−86.0%below the price€25.98−55.1%below the price£1.46
Growth DCF−19.4%below the price€149+65.2%above the price£5.37
Economic Profit−60.0%below the price€74.18−59.7%below the price£1.31
Growth Earnings−14.8%close to the price€158−82.8%below the price£0.56
Minimum−86.0%below the price€25.98−91.1%below the price£0.29
Maximum−7.6%close to the price€171+74.0%above the price£5.66
Median−39.9%below the price€111−58.8%below the price£1.34
Geometric mean−53.0%below the price€87.01−60.3%below the price£1.29

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%.

SAP: 23 of 26 models see the stock below the current price.

Tracsis: 15 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.

SAP
Price €185
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.

SAP · Information Technology

Quality score82 · Top 25%
Fair value upside−6.9% · above median

Tracsis · Information Technology

Quality score67 · Top 25%
Fair value upside−23.1% · below median

Bottom line

As of Sep 29, 2026, Fair Value Calculator sees SAP as the less overvalued of the two: SAP trades at €185 versus a fair value of €172 (−6.9%), while Tracsis trades at £3.25 versus £2.50 (−23.1%).

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.