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 2,08,702 - -
Change - -23.79% 44.63% 69.3% -11.73% -13.99% - -
Enterprise Value (EV) 1 1,51,243 1,16,785 1,60,588 2,73,208 2,39,263 2,06,646 2,03,557 1,96,007
Change - -22.78% 37.51% 70.13% -12.42% -13.63% -1.5% -3.71%
P/E 28x 49.2x 45.7x 89.2x 33.2x 25.4x 22x 18.7x
PBR 3.78x 2.81x 3.78x 6.06x 5.43x 4.47x 4.18x 3.69x
PEG - -0.9x 0.8x -6.8x 0x 2.1x 1.4x 1.1x
Capitalization / Revenue 5.29x 3.64x 5.2x 8.04x 6.59x 5.19x 4.64x 4.14x
EV / Revenue 5.43x 3.78x 5.15x 7.99x 6.5x 5.13x 4.53x 3.89x
EV / EBITDA 15.1x 11.8x 15.9x 29x 20.4x 16.2x 13.8x 11.6x
EV / EBIT 18.4x 14.5x 18.4x 33.5x 23x 17.6x 15.1x 12.6x
EV / FCF 30.2x 26.9x 29x 66.4x 29x 20.6x 17.9x 15.3x
FCF Yield 3.31% 3.72% 3.44% 1.51% 3.44% 4.85% 5.59% 6.54%
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% 1.49% 1.67% 1.89%
EPS 2 4.46 1.96 3.05 2.65 6.28 7.046 8.145 9.579
Distribution rate 43.7% 105% 72.1% 88.7% 39.8% 38% 36.9% 35.4%
Net sales 1 27,842 30,871 31,207 34,176 36,800 40,250 44,983 50,352
EBITDA 1 10,005 9,929 10,094 9,433 11,730 12,784 14,709 16,845
EBIT 1 8,230 8,033 8,721 8,153 10,419 11,715 13,517 15,495
Net income 1 5,383 1,714 3,564 3,124 7,492 8,183 9,219 10,776
Net Debt 1 3,914 4,509 -1,792 -1,695 -3,381 -2,057 -5,146 -12,696
Reference price 2 124.90 96.39 139.48 236.30 208.35 179.30 179.30 179.30
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.($)
23.47x6.36x11.37x1.36% 44TCr
25.45x5.09x16.03x1.49% 24TCr
82.5x8.02x21.47x-.--% 13TCr
39.79x3.77x13.65x0.17% 5.02TCr
-24.94x80.88x698.21x-.--% 3.74TCr
27.81x11x17.95x-.--% 2.27TCr
37.84x2.49x22.72x-.--% 2.06TCr
99.27x9.45x40.49x-.--% 1.44TCr
25.88x3.71x12.49x - 1.36TCr
Average 37.45x 14.53x 94.93x 0.38% 10.72TCr
Weighted average by Cap. 32.57x 9.06x 41.49x 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