Company Valuation: SAP SE

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 147,329 112,276 162,380 274,903 242,644 206,579 - -
Change - -23.79% 44.63% 69.3% -11.73% -14.86% - -
Enterprise Value (EV) 1 151,243 116,785 160,588 273,208 239,263 204,522 201,433 193,883
Change - -22.78% 37.51% 70.13% -12.42% -14.52% -1.51% -3.75%
P/E 28x 49.2x 45.7x 89.2x 33.2x 25.5x 22x 18.7x
PBR 3.78x 2.81x 3.78x 6.06x 5.43x 4.48x 4.18x 3.7x
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 5.13x 4.59x 4.1x
EV / Revenue 5.43x 3.78x 5.15x 7.99x 6.5x 5.08x 4.48x 3.85x
EV / EBITDA 15.1x 11.8x 15.9x 29x 20.4x 16x 13.7x 11.5x
EV / EBIT 18.4x 14.5x 18.4x 33.5x 23x 17.5x 14.9x 12.5x
EV / FCF 30.2x 26.9x 29x 66.4x 29x 20.4x 17.7x 15.1x
FCF Yield 3.31% 3.72% 3.44% 1.51% 3.44% 4.9% 5.65% 6.61%
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 9.591
Distribution rate 43.7% 105% 72.1% 88.7% 39.8% 38% 36.9% 35.3%
Net sales 1 27,842 30,871 31,207 34,176 36,800 40,250 44,983 50,378
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 15,492
Net income 1 5,383 1,714 3,564 3,124 7,492 8,183 9,219 10,833
Net Debt 1 3,914 4,509 -1,792 -1,695 -3,381 -2,057 -5,146 -12,696
Reference price 2 124.90 96.39 139.48 236.30 208.35 179.58 179.58 179.58
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
23.53x6.33x11.31x1.36% 434B
25.57x5.11x16.1x1.49% 241B
80.27x7.8x20.88x-.--% 128B
38.15x3.57x13.13x0.18% 47.18B
-23.84x77.57x669.69x-.--% 35.75B
28.76x11.3x18.45x-.--% 23.45B
36.7x2.42x22.03x-.--% 20.09B
100.79x9.63x39.18x-.--% 14.62B
-619.89x3.68x12.32x - 13.43B
Average -34.44x 14.16x 91.46x 0.38% 106.33B
Weighted average by Cap. 23.15x 8.80x 39.32x 1.01%

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