Company Valuation: SAP

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,47,329 1,12,276 1,62,380 2,74,903 2,42,644 2,15,928 - -
Change - -23.79% 44.63% 69.3% -11.73% -11.01% - -
Enterprise Value (EV) 1 1,51,243 1,16,785 1,60,588 2,73,208 2,39,263 2,13,932 2,11,219 2,03,562
Change - -22.78% 37.51% 70.13% -12.42% -10.59% -1.27% -3.63%
P/E 28x 49.2x 45.7x 89.2x 33.2x 26.5x 23x 19.5x
PBR 3.78x 2.81x 3.78x 6.06x 5.43x 4.67x 4.36x 3.85x
PEG - -0.9x 0.8x -6.8x 0x 2.1x 1.5x 1.1x
Capitalization / Revenue 5.29x 3.64x 5.2x 8.04x 6.59x 5.36x 4.8x 4.29x
EV / Revenue 5.43x 3.78x 5.15x 7.99x 6.5x 5.31x 4.7x 4.04x
EV / EBITDA 15.1x 11.8x 15.9x 29x 20.4x 16.8x 14.4x 12.1x
EV / EBIT 18.4x 14.5x 18.4x 33.5x 23x 18.3x 15.7x 13.2x
EV / FCF 30.2x 26.9x 29x 66.4x 29x 21.4x 18.6x 15.9x
FCF Yield 3.31% 3.72% 3.44% 1.51% 3.44% 4.68% 5.39% 6.29%
Dividend per Share 2 1.95 2.05 2.2 2.35 2.5 2.676 3.002 3.39
Rate of return 1.56% 2.13% 1.58% 0.99% 1.2% 1.43% 1.6% 1.81%
EPS 2 4.46 1.96 3.05 2.65 6.28 7.059 8.143 9.585
Distribution rate 43.7% 105% 72.1% 88.7% 39.8% 37.9% 36.9% 35.4%
Net sales 1 27,842 30,871 31,207 34,176 36,800 40,253 44,987 50,383
EBITDA 1 10,005 9,929 10,094 9,433 11,730 12,763 14,666 16,802
EBIT 1 8,230 8,033 8,721 8,153 10,419 11,702 13,494 15,472
Net income 1 5,383 1,714 3,564 3,124 7,492 8,184 9,220 10,858
Net Debt 1 3,914 4,509 -1,792 -1,695 -3,381 -1,996 -4,709 -12,366
Reference price 2 124.90 96.39 139.48 236.30 208.35 187.08 187.08 187.08
Nbr of stocks (in thousands) 11,79,579 11,64,814 11,64,184 11,63,363 11,64,600 11,54,200 - -
Announcement Date 27/01/22 26/01/23 23/01/24 28/01/25 29/01/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
21.27x5.98x10.25x1.42% 42TCr
26.5x5.31x16.76x1.43% 25TCr
91.86x8.94x23.94x-.--% 15TCr
-5.53x102.47x1430.43x-.--% 4.98TCr
35.34x3.32x12.23x0.19% 4.37TCr
26.23x10.47x17.1x-.--% 2.13TCr
33.29x2.19x19.93x-.--% 1.84TCr
-211.89x3.75x12.56x - 1.37TCr
40.13x3.51x9.57x-.--% 1.34TCr
Average 6.36x 16.22x 172.53x 0.38% 10.9TCr
Weighted average by Cap. 29.76x 11.00x 86.50x 1%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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