[HIGHLIGHTS] SAP market value: Germany's most valuable company is left behind by Microsoft and Novo Nordisk

SAP is the most valuable German company with a market value of 200 billion euros. It is well ahead of Siemens (134 billion euros), the German-French joint venture Airbus ( 118 billion euros) and Deutsche Telekom.

But internationally, German companies are lightweights: SAP would have to grow enormously to reach a tenth of the valuation of the US tech giant Microsoft. The most valuable stock exchange group in Europe is the Danish pharmaceutical manufacturer Novo Nordisk, with a valuation of 344 billion euro.