Company Valuation: SAP SE

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 147,329 112,276 162,380 274,903 242,644 165,466 - -
Change - -23.79% 44.63% 69.3% -11.73% -31.81% - -
Enterprise Value (EV) 1 151,243 116,785 160,588 273,208 239,263 163,472 159,024 151,112
Change - -22.78% 37.51% 70.13% -12.42% -31.68% -2.72% -4.98%
P/E 28x 49.2x 45.7x 89.2x 33.2x 19.6x 16.6x 14x
PBR 3.78x 2.81x 3.78x 6.06x 5.43x 3.66x 3.38x 2.93x
PEG - -0.9x 0.8x -6.8x 0x 1.3x 0.9x 0.7x
Capitalization / Revenue 5.29x 3.64x 5.2x 8.04x 6.59x 4.12x 3.69x 3.3x
EV / Revenue 5.43x 3.78x 5.15x 7.99x 6.5x 4.07x 3.55x 3.01x
EV / EBITDA 15.1x 11.8x 15.9x 29x 20.4x 12.7x 10.8x 8.81x
EV / EBIT 18.4x 14.5x 18.4x 33.5x 23x 13.7x 11.5x 9.48x
EV / FCF 30.2x 26.9x 29x 66.4x 29x 16.2x 13.7x 11.3x
FCF Yield 3.31% 3.72% 3.44% 1.51% 3.44% 6.16% 7.29% 8.83%
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% - 1.9% 2.15% 2.44%
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 96.39 139.48 236.30 208.35 141.72 141.72 141.72
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.($)
21.96x6.02x10.62x1.45% 404B
53.44x6.33x17.41x-.--% 110B
33.01x3.13x11.28x0.2% 41.51B
4.65x83.2x704.68x-.--% 35.43B
33.5x12.99x21.16x-.--% 29.47B
32.42x1.97x17.96x-.--% 16.71B
23.61x3.37x11.37x - 12.36B
76.18x7.28x31.18x-.--% 11.2B
18.84x3.22x11.84x2.78% 10.06B
Average 33.07x 14.17x 93.05x 0.55% 74.49B
Weighted average by Cap. 28.53x 10.10x 49.47x 0.94%

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