Company Valuation: SAP SE

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 2,14,566 - -
Change - -23.79% 44.63% 69.3% -11.73% -11.57% - -
Enterprise Value (EV) 1 1,51,243 1,16,785 1,60,588 2,73,208 2,39,263 2,12,509 2,09,420 2,01,870
Change - -22.78% 37.51% 70.13% -12.42% -11.18% -1.45% -3.61%
P/E 28x 49.2x 45.7x 89.2x 33.2x 26.4x 22.8x 19.4x
PBR 3.78x 2.81x 3.78x 6.06x 5.43x 4.64x 4.33x 3.83x
PEG - -0.9x 0.8x -6.8x 0x 2.2x 1.5x 1.1x
Capitalization / Revenue 5.29x 3.64x 5.2x 8.04x 6.59x 5.33x 4.77x 4.26x
EV / Revenue 5.43x 3.78x 5.15x 7.99x 6.5x 5.28x 4.66x 4.01x
EV / EBITDA 15.1x 11.8x 15.9x 29x 20.4x 16.6x 14.2x 11.9x
EV / EBIT 18.4x 14.5x 18.4x 33.5x 23x 18.1x 15.5x 13x
EV / FCF 30.2x 26.9x 29x 66.4x 29x 21.2x 18.4x 15.7x
FCF Yield 3.31% 3.72% 3.44% 1.51% 3.44% 4.72% 5.43% 6.35%
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% 1.44% 1.61% 1.82%
EPS 2 4.46 1.96 3.05 2.65 6.28 7.044 8.148 9.607
Distribution rate 43.7% 105% 72.1% 88.7% 39.8% 38% 36.8% 35.3%
Net sales 1 27,842 30,871 31,207 34,176 36,800 40,251 44,985 50,386
EBITDA 1 10,005 9,929 10,094 9,433 11,730 12,808 14,733 16,898
EBIT 1 8,230 8,033 8,721 8,153 10,419 11,709 13,513 15,512
Net income 1 5,383 1,714 3,564 3,124 7,492 8,183 9,219 10,857
Net Debt 1 3,914 4,509 -1,792 -1,695 -3,381 -2,057 -5,146 -12,696
Reference price 2 124.90 96.39 139.48 236.30 208.35 185.90 185.90 185.90
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
22.48x6.12x10.93x1.42% 41TCr
26.39x5.28x16.59x1.44% 25TCr
82.34x8.01x21.43x-.--% 13TCr
38.48x3.6x13.24x0.18% 4.76TCr
-52.69x86.35x744.21x-.--% 4.01TCr
30.77x11.94x19.5x-.--% 2.51TCr
37.11x2.45x22.28x-.--% 2.03TCr
104x9.97x42.48x-.--% 1.51TCr
-637.65x3.78x12.65x - 1.38TCr
Average -38.75x 15.28x 100.37x 0.38% 10.64TCr
Weighted average by Cap. 21.66x 9.49x 45.62x 1.01%

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