Company Valuation: SAP SE

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 147,329 112,276 162,380 274,903 242,644 156,453 - -
Change - -23.79% 44.63% 69.3% -11.73% -35.52% - -
Enterprise Value (EV) 1 151,243 116,785 160,588 273,208 239,263 154,458 150,010 142,099
Change - -22.78% 37.51% 70.13% -12.42% -35.44% -2.88% -5.27%
P/E 28x 49.2x 45.7x 89.2x 33.2x 18.5x 15.7x 13.2x
PBR 3.78x 2.81x 3.78x 6.06x 5.43x 3.46x 3.2x 2.77x
PEG - -0.9x 0.8x -6.8x 0x 1.2x 0.9x 0.7x
Capitalization / Revenue 5.29x 3.64x 5.2x 8.04x 6.59x 3.9x 3.49x 3.12x
EV / Revenue 5.43x 3.78x 5.15x 7.99x 6.5x 3.85x 3.35x 2.83x
EV / EBITDA 15.1x 11.8x 15.9x 29x 20.4x 12x 10.2x 8.29x
EV / EBIT 18.4x 14.5x 18.4x 33.5x 23x 12.9x 10.9x 8.91x
EV / FCF 30.2x 26.9x 29x 66.4x 29x 15.3x 12.9x 10.7x
FCF Yield 3.31% 3.72% 3.44% 1.51% 3.44% 6.52% 7.73% 9.39%
Dividend per Share 2 1.95 2.05 2.2 2.35 - 2.694 3.052 3.451
Rate of return 1.56% 2.13% 1.58% 0.99% - 2.01% 2.28% 2.58%
EPS 2 4.46 1.96 3.05 2.65 6.28 7.247 8.528 10.12
Distribution rate 43.7% 105% 72.1% 88.7% - 37.2% 35.8% 34.1%
Net sales 1 27,842 30,871 31,207 34,176 36,800 40,165 44,814 50,170
EBITDA 1 10,005 9,929 10,094 9,433 11,730 12,833 14,755 17,150
EBIT 1 8,230 8,033 8,721 8,153 10,419 11,966 13,784 15,943
Net income 1 5,383 1,714 3,564 3,124 7,492 8,015 9,333 11,173
Net Debt 1 3,914 4,509 -1,792 -1,695 -3,381 -1,994 -6,443 -14,354
Reference price 2 124.90 96.39 139.48 236.30 208.35 134.00 134.00 134.00
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.($)
23.29x6.26x11.29x1.37% 426B
50.25x5.93x16.3x-.--% 103B
32.8x3.11x11.21x0.21% 41.25B
2.99x77.48x656.3x-.--% 32.59B
31.04x12.14x19.78x-.--% 27.31B
31.68x1.92x17.49x-.--% 16.32B
22.6x3.24x10.91x - 11.84B
68.48x6.55x28.05x-.--% 10.06B
18.53x3.18x11.67x2.83% 9.81B
Average 31.30x 13.31x 87.00x 0.55% 75.32B
Weighted average by Cap. 28.10x 9.48x 43.79x 0.93%

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