Company Valuation: SAP SE

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 147,329 112,276 162,380 274,903 242,644 214,196 - -
Change - -23.79% 44.63% 69.3% -11.73% -11.72% - -
Enterprise Value (EV) 1 151,243 116,785 160,588 273,208 239,263 212,200 209,487 201,828
Change - -22.78% 37.51% 70.13% -12.42% -11.31% -1.28% -3.66%
P/E 28x 49.2x 45.7x 89.2x 33.2x 26.3x 22.8x 19.4x
PBR 3.78x 2.81x 3.78x 6.06x 5.43x 4.63x 4.32x 3.82x
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 5.32x 4.76x 4.25x
EV / Revenue 5.43x 3.78x 5.15x 7.99x 6.5x 5.27x 4.66x 4.01x
EV / EBITDA 15.1x 11.8x 15.9x 29x 20.4x 16.6x 14.3x 12x
EV / EBIT 18.4x 14.5x 18.4x 33.5x 23x 18.1x 15.5x 13x
EV / FCF 30.2x 26.9x 29x 66.4x 29x 21.2x 18.4x 15.8x
FCF Yield 3.31% 3.72% 3.44% 1.51% 3.44% 4.72% 5.42% 6.34%
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% 1.44% 1.62% 1.83%
EPS 2 4.46 1.96 3.05 2.65 6.28 7.059 8.143 9.585
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 40,254 44,988 50,387
EBITDA 1 10,005 9,929 10,094 9,433 11,730 12,763 14,666 16,803
EBIT 1 8,230 8,033 8,721 8,153 10,419 11,702 13,494 15,472
Net income 1 5,383 1,714 3,564 3,124 7,492 8,184 9,220 10,858
Net Debt 1 3,914 4,509 -1,792 -1,695 -3,381 -1,996 -4,710 -12,369
Reference price 2 124.90 96.39 139.48 236.30 208.35 185.58 185.58 185.58
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.79x6.18x11.04x1.4% 420B
25.7x5.15x16.25x1.48% 243B
88.5x8.61x23.05x-.--% 141B
-4.95x100.35x1336.86x-.--% 47.33B
37.73x3.54x13.02x0.18% 46.66B
29.29x11.43x18.7x-.--% 23.75B
35.59x2.36x21.48x-.--% 19.68B
110.64x10.62x45.28x-.--% 16.05B
-213.01x3.77x12.62x - 13.78B
Average 14.70x 16.89x 166.48x 0.38% 107.91B
Weighted average by Cap. 30.97x 10.83x 79.79x 1%

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