LONDON, Oct 13 (Reuters Breakingviews) - Christian Klein’s strategy for 145 billion euro software giant SAP (SAPG.DE) seems to be working, but investors aren’t giving him credit. The chief executive wants so-called cloud revenue, which means sales from IT products that are hosted remotely rather than on local servers, to hit 22 billion euros by 2025. An ad-hoc market update on Wednesday, which pushed the share price up by 4.6%, showed he’s on track. Cloud sales grew by 20% as corporate clients bought more of its subscription software; that’s roughly the pace at which revenue needs to increase to hit Klein’s 2025 target. But the shares are still lower than they were last October, before Klein released his five-year plan. And investors don’t value SAP like a fast-growing cloud specialist. U.S. rivals Salesforce.com (CRM.N), Workday (WDAY.O) and ServiceNow (NOW.N) on average trade at 20 times 2025 revenue. Apply the same multiple to Klein’s targeted 22 billion euros of cloud sales, and that division alone should be worth 447 billion euros including debt – roughly three times SAP’s total enterprise value. Klein has won over customers but not yet investors. (By Liam Proud) On Twitter http://twitter.com/breakingviews Capital Calls - More concise insights on global finance: Richard Li shows FWD investors a brighter sunset read more Climate for net-zero changes Down Under read more Supply chain pain is just one of ASOS’ concerns read more Green investors get timely reminder of their power read more Renren payout only helps prove Cayman rule read more Editing Neil Unmack and Karen Kwok Breakingviews Reuters Breakingviews is the world"s leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time. Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.