Sap SE ADR (SAP) is undervalued and Shopify Inc (SHOP) is overvalued.
Against our estimates of intrinsic value, SAP trades at the wider discount: a margin of safety of +38%, against -285% for SHOP.
Values as of the 22 Sept 2026 close.
A 8.8x revenue multiple, adjusted for growth and margin, values the shares at $339.66; the price of $210.68 is 38% below that value.
Leak Score 100/100 on 3 of 12 signals
Discounting its cash flows at 15.7% (average of 3 methods) values the shares at $38.39; the price of $147.74 is 285% above that value, and 59% of that value comes from beyond year five.
Leak Score 27/100 on 3 of 12 signals
| Metric | SAP | SHOP |
|---|---|---|
| Verdict | Undervalued | Overvalued |
| Price | $210.68 | $147.74 |
| Intrinsic value | $339.66 | $38.39 |
| Margin of safety | +38% | -285% |
| Leak Score | 100/100 (3/12) | 27/100 (3/12) |
| Market cap | $243.2B | $190.1B |
| Revenue growth, 5 years | 5.9% | 31.6% |
| Operating margin | 28.4% | 17.8% |
| Net margin | 20.9% | 14.5% |
| Return on equity | 18.7% | 15.5% |
| Debt to equity | 0.22 | 0.01 |
| P/E | 26.5x | 99.7x |
| Forward P/E | 22.3x | 59.9x |
| P/B | 4.8x | 15.0x |
| Dividend yield | 1.4% | — |