Constellation Software vs SAP: Fair Value & Quality
Both stocks run through our valuation models. Here is how Constellation Software (CSU) and SAP (SAP) compare, as of Aug 14, 2026.
As of Aug 14, 2026, Fair Value Calculator sees SAP as the less overvalued of the two: Constellation Software trades at C$3,163 versus a fair value of C$1,058 (-67%), while SAP trades at €180 versus €170 (-6%).
Constellation Software
CSU.TO · CAD · Information Technology
-67%
upside to fair value
overvalued
PriceC$3,163
Fair ValueC$1,058
Quality61/100
SAP
SAP.XETRA · EUR · Information Technology
-6%
upside to fair value
fairly valued
Price€180
Fair Value€170
Quality81/100
Head-to-head numbers
Green value = the better side for that row (for valuation multiples: lower = cheaper).
Constellation SoftwareSAP
Valuation
54.9×P/E (TTM)22.1×
3.41×P/S (TTM)4.99×
11.62×P/B4.16×
17.5×EV/EBITDA15.7×
0.53×PEG1.37×
0.1%Dividend yield1.8%
C$4.00Dividend per share€2.50
Profitability
6%Net margin20%
14%Operating margin30%
20%Return on equity16%
8%Return on assets9%
Growth
20%Revenue growth (YoY)6%
21.3%Avg. growth/yr (3Y)6.0%
24.4%Avg. growth/yr (5Y)6.1%
Balance & size
1.12×Debt / equity0.09×
$41BMarket cap$186B
healthyGrowth qualityhealthy
SAP leads: 6 to 8 metric wins.
Dash = 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.
Constellation Softwareof which business quality 62 · market factors 47SAPof which business quality 78 · market factors 42
ProfitabilityMargins and returns on capital today
44
62
Quality GrowthAre margins and returns improving?
62
76
CashflowEarnings quality: real cash, not paper profit
InvestmentDisciplined investing over empire-building
33
94
Low VolatilityCalm price path (market factor)
59
61
MomentumPrice trend over the last 3–12 months (market factor)
56
39
52W MomentumDistance to the 52-week high (market factor)
17
23
Net IssuanceBuybacks instead of dilution
82
84
What the models say
The median fair value (base case) per model family, each in the currency of its trading venue. Green = above the current price, red = below.
Constellation Software
DCF ModelsC$2,841
Earnings-BasedC$679
Dividend DiscountC$71.81
MultiplesC$915
Asset-BasedC$113
Growth DCFC$2,860
Economic ProfitC$727
Growth EarningsC$815
22 of 26 models see the stock below the current price.
SAP
DCF Models€149
Earnings-Based€60.32
Dividend Discount€41.03
Multiples€147
Asset-Based€25.68
Growth DCF€131
Economic Profit€69.81
Growth Earnings€156
22 of 26 models see the stock below the current price.
Scenario ranges
From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.
Constellation Software
Bear C$702Fair Value C$1,058Bull C$1,413
C$3,163 = current price (white tick)
SAP
Bear €104Fair Value €170Bull €220
€180 = current price (white tick)
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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.
Constellation Software · Information Technology
Quality score61 · above median
Fair value upside-67% · bottom 25%
SAP · Information Technology
Quality score81 · Top 25%
Fair value upside-6% · above median
Bottom line
As of Aug 14, 2026, Fair Value Calculator sees SAP as the less overvalued of the two: Constellation Software trades at C$3,163 versus a fair value of C$1,058 (-67%), while SAP trades at €180 versus €170 (-6%).
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A model-based valuation snapshot from 21 models. Values change with price and fundamentals; the date shown above applies.
