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 1,61,030 - -
Change - -23.79% 44.63% 69.3% -11.73% -33.64% - -
Enterprise Value (EV) 1 1,51,243 1,16,785 1,60,588 2,73,208 2,39,263 1,57,334 1,53,526 1,46,398
Change - -22.78% 37.51% 70.13% -12.42% -34.24% -2.42% -4.64%
P/E 28x 49.2x 45.7x 89.2x 33.2x 19.3x 16.5x 14.1x
PBR 3.78x 2.81x 3.78x 6.06x 5.43x 3.51x 3.25x 2.82x
PEG - -0.9x 0.8x -6.8x 0x 1.4x 1x 0.8x
Capitalization / Revenue 5.29x 3.64x 5.2x 8.04x 6.59x 4.01x 3.59x 3.21x
EV / Revenue 5.43x 3.78x 5.15x 7.99x 6.5x 3.92x 3.42x 2.91x
EV / EBITDA 15.1x 11.8x 15.9x 29x 20.4x 12.2x 10.4x 8.58x
EV / EBIT 18.4x 14.5x 18.4x 33.5x 23x 13.2x 11.2x 9.3x
EV / FCF 30.2x 26.9x 29x 66.4x 29x 15.7x 13.4x 11.2x
FCF Yield 3.31% 3.72% 3.44% 1.51% 3.44% 6.39% 7.46% 8.93%
Dividend per Share 2 1.95 2.05 2.2 2.35 2.5 2.681 3.046 3.448
Rate of return 1.56% 2.13% 1.58% 0.99% 1.2% 1.94% 2.21% 2.5%
EPS 2 4.46 1.96 3.05 2.65 6.28 7.146 8.351 9.813
Distribution rate 43.7% 105% 72.1% 88.7% 39.8% 37.5% 36.5% 35.1%
Net sales 1 27,842 30,871 31,207 34,176 36,800 40,179 44,878 50,231
EBITDA 1 10,005 9,929 10,094 9,433 11,730 12,871 14,769 17,053
EBIT 1 8,230 8,033 8,721 8,153 10,419 11,894 13,682 15,746
Net income 1 5,383 1,714 3,564 3,124 7,492 8,007 9,276 10,990
Net Debt 1 3,914 4,509 -1,792 -1,695 -3,381 -3,695 -7,504 -14,632
Reference price 2 124.90 96.39 139.48 236.30 208.35 137.92 137.92 137.92
Nbr of stocks (in thousands) 11,79,579 11,64,814 11,64,184 11,63,363 11,64,600 11,67,559 - -
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.($)
19.79x5.57x9.83x1.61% 36TCr
51.39x6.1x16.78x-.--% 11TCr
33.68x3.19x11.5x0.2% 4.24TCr
5.62x79.5x677.05x-.--% 3.38TCr
33.17x12.85x20.95x-.--% 2.92TCr
33.94x2.07x18.91x-.--% 1.74TCr
23.47x3.35x11.3x - 1.23TCr
84.99x8.16x34.94x-.--% 1.25TCr
59.65x2.59x10.56x-.--% 1.15TCr
Average 38.41x 13.71x 90.20x 0.23% 7TCr
Weighted average by Cap. 28.41x 9.66x 48.25x 0.96%

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