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    Sven Merkt

    Research Analyst at Barclays Capital

    Sven Merkt is an Assistant Vice President and equity analyst at Barclays Capital Securities Ltd., specializing in European software and technology companies. He covers firms including SAP SE, TeamViewer, Sage Group, and Amadeus, regularly publishing investment research and earning industry attention for his coverage and recommendations, such as reaffirming buy ratings on key sector names. Merkt’s track record includes active participation in company earnings calls and timely research analyses contributing to institutional decision-making, although published performance metrics or league table rankings are currently unavailable. He began his analyst career at Barclays Capital and continues to build experience in equity research, with public professional credentials or specific securities licenses not disclosed at this time.

    Sven Merkt's questions to SAP (SAP) leadership

    Sven Merkt's questions to SAP (SAP) leadership • Q1 2025

    Question

    Sven Merkt of Barclays asked if recent geopolitical events have led to increased client interest in SAP's own infrastructure offering and if there are any plans to revitalize this business.

    Answer

    CEO Christian Klein stated they have not seen a significant shift from existing customers due to geopolitics. Instead, he highlighted SAP's focus on building out its sovereign cloud capabilities, such as the NS2 offering in the U.S., to meet specific public sector and regulated industry needs, noting that the highest level of sovereignty is not always required.

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    Sven Merkt's questions to SAP (SAP) leadership • Q3 2024

    Question

    Sven Merkt of Barclays asked for color on the trend in software support revenue and whether its decline would accelerate, and also questioned the conservative appearance of the implied Q4 operating profit guidance.

    Answer

    CFO Dominik Asam explained that the support revenue decline is a gradual trend and will mathematically accelerate as more of the maintenance base converts to cloud. He attributed the Q4 operating profit outlook to prudence on software license revenue, back-loaded bonus programs, the dilutive impact of WalkMe, and a delayed hiring ramp, confirming that the 2025 profit ambition remains firmly on track.

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    Sven Merkt's questions to SAP (SAP) leadership • Q2 2024

    Question

    Sven Merkt asked for commentary on the growth of transaction-related cloud revenues in Q2 and the outlook for the second half of the year, including any relevant comparisons.

    Answer

    CEO Christian Klein reported a -2% growth for transactional cloud revenue in Q2 and expects a similar or slightly better trend in H2, noting its dependence on economic activity. CFO Dominik Asam added that the impact is diminishing as transactional revenue becomes a smaller part of the overall mix. He also highlighted that the strong 33% Cloud ERP Suite growth already absorbs this headwind.

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