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Toby Ogg

Research Analyst at JPMorgan Chase & Co.

Toby Ogg is an Equity Research Analyst at JPMorgan Securities Plc, specializing in coverage of major technology firms such as SAP SE. He has consistently demonstrated strong performance, including a 100% success rate with an average return of 12.64% during his tenure at Credit Suisse. Ogg began his career at JPMorgan Securities Plc in 2016, later holding analyst roles at Merrill Lynch International and Credit Suisse before returning to JPMorgan Chase & Co. in 2022. He holds recognized professional registrations and is noted for his analytical rigor and expertise in equity research.

Toby Ogg's questions to SAP (SAP) leadership

Toby Ogg's questions to SAP (SAP) leadership • Q1 2025

Question

Toby Ogg of JPMorgan Chase & Co. asked why the current cloud backlog (CCB) tracked above expectations in Q1 and whether there were different demand dynamics across end markets in March and April due to tariff uncertainty.

Answer

CFO Dominik Asam attributed the strong CCB to a technical effect from late Q4 deal closings, which was expected and will normalize. CEO Christian Klein added that they have not seen a change in demand dynamics, noting that industries like automotive continue to sign large deals focused on supply chain and AI-driven productivity.

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Toby Ogg's questions to SAP (SAP) leadership • Q3 2024

Question

Toby Ogg from JPMorgan Chase & Co. asked for the specific contribution of the WalkMe acquisition to the year-over-year backlog growth and inquired about the timeline and key drivers of the upcoming go-to-market transformation.

Answer

CFO Dominik Asam confirmed the 1 percentage point increase in CCB growth was largely from WalkMe, with organic growth being 'virtually flat.' CEO Christian Klein outlined that the go-to-market changes will begin in January and will focus on three pillars: expanding the no-touch partner channel for the mid-market, combining LOB sales teams to drive cross-selling of the suite, and increasing overall productivity.

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Toby Ogg's questions to SAP (SAP) leadership • Q2 2024

Question

Toby Ogg asked about the drivers of the 28% cloud backlog growth, questioning if there were macro headwinds or migration credit tailwinds, and what supports confidence for H2 given tougher Q4 comps.

Answer

CEO Christian Klein stated that deal slippages were not macro-related and the strong backlog creates opportunities for upselling and expansion within RISE deals. He highlighted the 'land and expand' strategy, where customers adopt more modules over time. He also emphasized the stickiness of the cloud business and untapped potential in the partner channel, which is not fully reflected in the current backlog.

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