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 1,48,107 - -
Change - -23.79% 44.63% 69.3% -11.73% -38.96% - -
Enterprise Value (EV) 1 1,51,243 1,16,785 1,60,588 2,73,208 2,39,263 1,46,341 1,41,142 1,34,177
Change - -22.78% 37.51% 70.13% -12.42% -38.84% -3.55% -4.93%
P/E 28x 49.2x 45.7x 89.2x 33.2x 18.3x 15.8x 13.5x
PBR 3.78x 2.81x 3.78x 6.06x 5.43x 3.27x 3.04x 2.66x
PEG - -0.9x 0.8x -6.8x 0x 1.6x 1x 0.8x
Capitalization / Revenue 5.29x 3.64x 5.2x 8.04x 6.59x 3.68x 3.3x 2.94x
EV / Revenue 5.43x 3.78x 5.15x 7.99x 6.5x 3.64x 3.14x 2.67x
EV / EBITDA 15.1x 11.8x 15.9x 29x 20.4x 11.4x 9.51x 7.92x
EV / EBIT 18.4x 14.5x 18.4x 33.5x 23x 12.4x 10.4x 8.57x
EV / FCF 30.2x 26.9x 29x 66.4x 29x 14.5x 12.4x 10.5x
FCF Yield 3.31% 3.72% 3.44% 1.51% 3.44% 6.9% 8.08% 9.56%
Dividend per Share 2 1.95 2.05 2.2 2.35 2.5 2.701 3.035 3.438
Rate of return 1.56% 2.13% 1.58% 0.99% 1.2% 2.1% 2.37% 2.68%
EPS 2 4.46 1.96 3.05 2.65 6.28 7 8.111 9.507
Distribution rate 43.7% 105% 72.1% 88.7% 39.8% 38.6% 37.4% 36.2%
Net sales 1 27,842 30,871 31,207 34,176 36,800 40,206 44,915 50,307
EBITDA 1 10,005 9,929 10,094 9,433 11,730 12,892 14,840 16,945
EBIT 1 8,230 8,033 8,721 8,153 10,419 11,834 13,603 15,649
Net income 1 5,383 1,714 3,564 3,124 7,492 8,195 9,264 10,985
Net Debt 1 3,914 4,509 -1,792 -1,695 -3,381 -1,766 -6,964 -13,930
Reference price 2 124.90 96.39 139.48 236.30 208.35 128.32 128.32 128.32
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.($)
18.65x5.36x9.58x1.71% 35TCr
56.78x5.8x15.5x-.--% 9.48TCr
30.68x2.92x10.52x0.22% 3.86TCr
8.74x79.04x674x-.--% 3.36TCr
31.68x12.41x20.19x-.--% 2.8TCr
32.05x1.94x17.71x-.--% 1.65TCr
22.3x3.22x10.86x - 1.17TCr
75.11x7.1x30.44x-.--% 1.09TCr
18.54x3.17x11.67x2.86% 981.31Cr
Average 32.72x 13.44x 88.94x 0.6% 6.55TCr
Weighted average by Cap. 27.11x 9.67x 49.66x 1.08%

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