Company Valuation: SAP SE

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 147,329 112,276 162,380 274,903 242,644 212,396 - -
Change - -23.79% 44.63% 69.3% -11.73% -12.47% - -
Enterprise Value (EV) 1 151,243 116,785 160,588 273,208 239,263 210,407 207,702 200,051
Change - -22.78% 37.51% 70.13% -12.42% -12.06% -1.29% -3.68%
P/E 28x 49.2x 45.7x 89.2x 33.2x 26x 22.6x 19.2x
PBR 3.78x 2.81x 3.78x 6.06x 5.43x 4.59x 4.29x 3.79x
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 5.28x 4.72x 4.22x
EV / Revenue 5.43x 3.78x 5.15x 7.99x 6.5x 5.23x 4.62x 3.97x
EV / EBITDA 15.1x 11.8x 15.9x 29x 20.4x 16.5x 14.1x 11.9x
EV / EBIT 18.4x 14.5x 18.4x 33.5x 23x 18x 15.4x 12.9x
EV / FCF 30.2x 26.9x 29x 66.4x 29x 21x 18.3x 15.6x
FCF Yield 3.31% 3.72% 3.44% 1.51% 3.44% 4.76% 5.48% 6.39%
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% 1.46% 1.63% 1.84%
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 40,264 44,999 50,380
EBITDA 1 10,005 9,929 10,094 9,433 11,730 12,772 14,681 16,807
EBIT 1 8,230 8,033 8,721 8,153 10,419 11,705 13,500 15,471
Net income 1 5,383 1,714 3,564 3,124 7,492 8,190 9,227 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 96.39 139.48 236.30 208.35 184.02 184.02 184.02
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 1/26/23 1/23/24 1/28/25 1/29/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.64x5.89x10.31x1.46% 416B
26.32x5.28x16.65x1.44% 245B
87.79x8.53x22.82x-.--% 140B
-7.23x124.82x1662.84x-.--% 60.94B
34.82x3.28x12.06x0.2% 43.06B
22.97x9.43x15.39x-.--% 18.64B
31.95x2.1x19.01x-.--% 17.69B
-208.47x3.7x12.38x - 13.49B
37.13x3.28x9.25x-.--% 12.62B
Average 5.10x 18.48x 197.86x 0.39% 107.42B
Weighted average by Cap. 27.96x 13.43x 118.24x 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