As SAP''s 5-year strategic turnaround reaches its summit, we look into what the next 5 years could bring -we see building blocks for a potential new billion-euro opportunity. SAP''s unique enterprise customer base with giant legacy data estates has been crying out for a Data Cloud home. That''s where Databricks comes in. We think this landmark partnership can deliver EUR1bn in revenues by 2030 - or +150bps revenue growth impact in a Bull case. In this report we break ground on potential scenarios. The upcoming Sapphire event is a chance for SAP to provide a framework for the opportunity and lay out a blueprint for a new mid-term ambition. We reiterate Outperform and lift our TPs to EUR320/$355. Our bull case sees 70% upside.