Company Valuation: SAP SE

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 147,329 112,276 162,380 274,903 242,644 203,093 - -
Change - -23.79% 44.63% 69.3% -11.73% -16.3% - -
Enterprise Value (EV) 1 151,243 116,785 160,588 273,208 239,263 201,036 197,947 190,397
Change - -22.78% 37.51% 70.13% -12.42% -15.98% -1.54% -3.81%
P/E 28x 49.2x 45.7x 89.2x 33.2x 25x 21.6x 18.4x
PBR 3.78x 2.81x 3.78x 6.06x 5.43x 4.39x 4.1x 3.62x
PEG - -0.9x 0.8x -6.8x 0x 2x 1.4x 1x
Capitalization / Revenue 5.29x 3.64x 5.2x 8.04x 6.59x 5.05x 4.51x 4.03x
EV / Revenue 5.43x 3.78x 5.15x 7.99x 6.5x 4.99x 4.4x 3.78x
EV / EBITDA 15.1x 11.8x 15.9x 29x 20.4x 15.7x 13.5x 11.3x
EV / EBIT 18.4x 14.5x 18.4x 33.5x 23x 17.2x 14.6x 12.3x
EV / FCF 30.2x 26.9x 29x 66.4x 29x 20.1x 17.4x 14.8x
FCF Yield 3.31% 3.72% 3.44% 1.51% 3.44% 4.99% 5.75% 6.74%
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% 1.52% 1.71% 1.93%
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 96.39 139.48 236.30 208.35 175.96 175.96 175.96
Nbr of stocks (in thousands) 1,179,579 1,164,814 1,164,184 1,163,363 1,164,600 1,154,200 - -
Announcement Date 1/27/22 A 1/26/23 A 1/23/24 A 1/28/25 A 1/29/26 A - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.72x6.18x11.05x1.4% 442B
25.65x5.13x16.15x1.48% 234B
80.88x7.86x21.04x-.--% 129B
38.8x3.68x13.32x0.17% 46.82B
-24.3x78.95x681.59x-.--% 36.44B
27.66x10.95x17.88x-.--% 22.55B
36.98x2.43x22.15x-.--% 19.69B
101.4x9.65x41.39x-.--% 14.41B
86.69x3.6x12.03x - 13.14B
Average 44.05x 14.27x 92.96x 0.38% 106.46B
Weighted average by Cap. 32.75x 8.85x 40.11x 1.03%

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