Company Valuation: SAP SE

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 147,329 112,276 162,380 274,903 242,644 159,932 - -
Change - -23.79% 44.63% 69.3% -11.73% -34.09% - -
Enterprise Value (EV) 1 151,243 116,785 160,588 273,208 239,263 156,237 152,428 145,300
Change - -22.78% 37.51% 70.13% -12.42% -34.7% -2.44% -4.68%
P/E 28x 49.2x 45.7x 89.2x 33.2x 19.2x 16.4x 14x
PBR 3.78x 2.81x 3.78x 6.06x 5.43x 3.48x 3.23x 2.8x
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 3.98x 3.56x 3.18x
EV / Revenue 5.43x 3.78x 5.15x 7.99x 6.5x 3.89x 3.4x 2.89x
EV / EBITDA 15.1x 11.8x 15.9x 29x 20.4x 12.1x 10.3x 8.52x
EV / EBIT 18.4x 14.5x 18.4x 33.5x 23x 13.1x 11.1x 9.23x
EV / FCF 30.2x 26.9x 29x 66.4x 29x 15.5x 13.3x 11.1x
FCF Yield 3.31% 3.72% 3.44% 1.51% 3.44% 6.44% 7.51% 8.99%
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% 1.96% 2.22% 2.52%
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 8,011 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 96.39 139.48 236.30 208.35 136.98 136.98 136.98
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, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
19.16x3.89x12.14x1.96% 183B
20.74x5.77x10.17x1.53% 382B
52.08x6.22x17.11x-.--% 108B
32.05x3.04x10.96x0.21% 40.3B
9.09x83.25x709.9x-.--% 34.74B
31.81x12.4x20.2x-.--% 27.96B
34.29x2.1x19.14x-.--% 17.62B
23.11x3.31x11.14x - 12.1B
79.62x7.62x32.65x-.--% 11.7B
57.27x2.46x10.05x-.--% 11.03B
Average 35.92x 13.01x 85.35x 0.41% 82.8B
Weighted average by Cap. 26.55x 8.62x 41.77x 1.17%

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