Company Valuation: SAP SE

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 147,329 112,276 162,380 274,903 242,644 215,212 - -
Change - -23.79% 44.63% 69.3% -11.73% -11.31% - -
Enterprise Value (EV) 1 151,243 116,785 160,588 273,208 239,263 213,223 210,518 202,867
Change - -22.78% 37.51% 70.13% -12.42% -10.88% -1.27% -3.63%
P/E 28x 49.2x 45.7x 89.2x 33.2x 26.4x 22.9x 19.5x
PBR 3.78x 2.81x 3.78x 6.06x 5.43x 4.65x 4.35x 3.84x
PEG - -0.9x 0.8x -6.8x 0x 2.1x 1.5x 1.1x
Capitalization / Revenue 5.29x 3.64x 5.2x 8.04x 6.59x 5.35x 4.78x 4.27x
EV / Revenue 5.43x 3.78x 5.15x 7.99x 6.5x 5.3x 4.68x 4.03x
EV / EBITDA 15.1x 11.8x 15.9x 29x 20.4x 16.7x 14.3x 12.1x
EV / EBIT 18.4x 14.5x 18.4x 33.5x 23x 18.2x 15.6x 13.1x
EV / FCF 30.2x 26.9x 29x 66.4x 29x 21.3x 18.5x 15.9x
FCF Yield 3.31% 3.72% 3.44% 1.51% 3.44% 4.7% 5.4% 6.31%
Dividend per Share 2 1.95 2.05 2.2 2.35 2.5 2.679 3.004 3.39
Rate of return 1.56% 2.13% 1.58% 0.99% 1.2% 1.44% 1.61% 1.82%
EPS 2 4.46 1.96 3.05 2.65 6.28 7.065 8.146 9.581
Distribution rate 43.7% 105% 72.1% 88.7% 39.8% 37.9% 36.9% 35.4%
Net sales 1 27,842 30,871 31,207 34,176 36,800 40,259 44,993 50,380
EBITDA 1 10,005 9,929 10,094 9,433 11,730 12,769 14,677 16,807
EBIT 1 8,230 8,033 8,721 8,153 10,419 11,703 13,498 15,471
Net income 1 5,383 1,714 3,564 3,124 7,492 8,188 9,224 10,853
Net Debt 1 3,914 4,509 -1,792 -1,695 -3,381 -1,989 -4,694 -12,345
Reference price 2 124.90 96.39 139.48 236.30 208.35 186.46 186.46 186.46
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.($)
21.76x6.12x10.73x1.38% 437B
26.39x5.3x16.7x1.44% 245B
91.13x8.87x23.74x-.--% 146B
-7.39x127.57x1699.51x-.--% 62.32B
33.86x3.19x11.75x0.2% 41.88B
23.41x9.57x15.62x-.--% 19B
31.17x2.04x18.5x-.--% 17.23B
-213.77x3.78x12.66x - 13.83B
38.23x3.39x9.54x-.--% 12.99B
Average 4.98x 18.87x 202.08x 0.38% 110.57B
Weighted average by Cap. 28.87x 13.73x 120.15x 0.98%

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