What an opportunity! You take the reins as SAP''s CFO towards the end of a stormy 10+ year journey to the Cloud. Investments, acquisitions and business model transitions have created margin and cash flow turbulence, resulting in a flat share price over five years. But after a tough winter, spring is here. With licenses nearly melted away by 2024, the Cloud will be 50%+ of revenues, while our Cloud Scanner Survey shows SAP''s S/4HANA-powered transition resonating with customers. You, as the new CFO, could be the final piece of the puzzle. A EUR7bn welcome gift from the sale of Qualtrics creates new optionality, and we outline several further steps you could take to deliver on SAP''s 2025 Cloud ambition and galvanise investors. The sun finally looks set to RISE for SAP. We upgrade to Outperform.