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 2,20,337 - -
Change - -23.79% 44.63% 69.3% -11.73% -9.19% - -
Enterprise Value (EV) 1 1,51,243 1,16,785 1,60,588 2,73,208 2,39,263 2,18,341 2,15,627 2,07,968
Change - -22.78% 37.51% 70.13% -12.42% -8.74% -1.24% -3.55%
P/E 28x 49.2x 45.7x 89.2x 33.2x 27x 23.4x 19.9x
PBR 3.78x 2.81x 3.78x 6.06x 5.43x 4.76x 4.45x 3.93x
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 5.47x 4.9x 4.37x
EV / Revenue 5.43x 3.78x 5.15x 7.99x 6.5x 5.42x 4.79x 4.13x
EV / EBITDA 15.1x 11.8x 15.9x 29x 20.4x 17.1x 14.7x 12.4x
EV / EBIT 18.4x 14.5x 18.4x 33.5x 23x 18.7x 16x 13.4x
EV / FCF 30.2x 26.9x 29x 66.4x 29x 21.8x 19x 16.2x
FCF Yield 3.31% 3.72% 3.44% 1.51% 3.44% 4.59% 5.28% 6.17%
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% 1.4% 1.57% 1.78%
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 40,254 44,988 50,387
EBITDA 1 10,005 9,929 10,094 9,433 11,730 12,763 14,666 16,803
EBIT 1 8,230 8,033 8,721 8,153 10,419 11,703 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 -4,710 -12,369
Reference price 2 124.90 96.39 139.48 236.30 208.35 190.90 190.90 190.90
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
23.58x6.34x11.33x1.35% 43TCr
27.16x5.44x17.08x1.4% 26TCr
93.67x9.12x24.42x-.--% 15TCr
-6.05x108.31x1282.92x-.--% 4.89TCr
39.02x3.65x13.45x0.17% 4.83TCr
30.55x11.87x19.44x-.--% 2.49TCr
36.81x2.45x22.29x-.--% 2.03TCr
118.16x11.37x48.45x-.--% 1.71TCr
-219.86x3.88x13x - 1.42TCr
Average 15.90x 18.05x 161.37x 0.37% 11.27TCr
Weighted average by Cap. 32.75x 11.42x 77.22x 0.95%

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