Company Valuation: SAP SE

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 147,329 112,276 162,380 274,903 242,644 163,762 - -
Change - -23.79% 44.63% 69.3% -11.73% -32.51% - -
Enterprise Value (EV) 1 151,243 116,785 160,588 273,208 239,263 155,071 145,683 141,925
Change - -22.78% 37.51% 70.13% -12.42% -35.19% -6.05% -2.58%
P/E Ratio 28x 49.2x 45.7x 89.2x 33.2x 19.7x 16.6x 14.3x
PBR 3.78x 2.81x 3.78x 6.06x 5.43x 3.38x 3.06x 2.79x
PEG - -0.9x 0.8x -6.8x 0x 1.4x 0.9x 0.9x
Capitalization / Revenue 5.29x 3.64x 5.2x 8.04x 6.59x 4.08x 3.62x 3.26x
EV / Revenue 5.43x 3.78x 5.15x 7.99x 6.5x 3.86x 3.22x 2.83x
EV / EBITDA 15.1x 11.8x 15.9x 29x 20.4x 11.8x 9.63x 8.29x
EV / EBIT 18.4x 14.5x 18.4x 33.5x 23x 13x 10.6x 8.93x
EV / FCF 30.2x 26.9x 29x 66.4x 29x 15.5x 13x 11.6x
FCF Yield 3.31% 3.72% 3.44% 1.51% 3.44% 6.45% 7.68% 8.64%
Dividend per Share 2 1.95 2.05 2.2 2.35 - 2.694 3.043 3.451
Rate of return 1.56% 2.13% 1.58% 0.99% - 1.92% 2.17% 2.46%
EPS 2 4.46 1.96 3.05 2.65 6.28 7.136 8.436 9.84
Distribution rate 43.7% 105% 72.1% 88.7% - 37.8% 36.1% 35.1%
Net sales 1 27,842 30,871 31,207 34,176 36,800 40,158 45,241 50,190
EBITDA 1 10,005 9,929 10,094 9,433 11,730 13,155 15,123 17,124
EBIT 1 8,230 8,033 8,721 8,153 10,419 11,884 13,803 15,895
Net income 1 5,383 1,714 3,564 3,124 7,492 8,181 9,574 11,028
Net Debt 1 3,914 4,509 -1,792 -1,695 -3,381 -8,691 -18,079 -21,837
Reference price 2 124.90 96.39 139.48 236.30 208.35 140.26 140.26 140.26
Nbr of stocks (in thousands) 1,179,579 1,164,814 1,164,184 1,163,363 1,164,600 1,167,559 - -
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 Ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
31.68x9.42x17.46x1.06% 530B
51.35x6.07x16.71x-.--% 105B
35.29x3.34x12.03x0.19% 44.38B
5.55x100.89x1183.86x-.--% 43.59B
31.08x12.15x19.8x-.--% 27.35B
27.92x1.65x15.09x-.--% 14.39B
22.45x3.22x10.84x - 11.75B
69.44x6.64x28.45x-.--% 10.2B
18.38x3.17x11.64x2.85% 9.91B
Average 32.57x 16.29x 146.21x 0.51% 88.5B
Weighted average by Cap. 33.14x 13.40x 80.90x 0.76%

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

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