Company Valuation: SAP SE

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 147,329 112,276 162,380 274,903 242,644 214,312 - -
Change - -23.79% 44.63% 69.3% -11.73% -11.68% - -
Enterprise Value (EV) 1 151,243 116,785 160,588 273,208 239,263 212,316 209,603 201,946
Change - -22.78% 37.51% 70.13% -12.42% -11.26% -1.28% -3.65%
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 4.33x 3.83x
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 13.1x
EV / FCF 30.2x 26.9x 29x 66.4x 29x 21.2x 18.5x 15.8x
FCF Yield 3.31% 3.72% 3.44% 1.51% 3.44% 4.72% 5.42% 6.33%
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 40,253 44,987 50,383
EBITDA 1 10,005 9,929 10,094 9,433 11,730 12,763 14,666 16,802
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 -4,709 -12,366
Reference price 2 124.90 96.39 139.48 236.30 208.35 185.68 185.68 185.68
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
24.82x6.59x11.7x1.28% 457B
26.3x5.27x16.64x1.44% 249B
91.44x8.9x23.83x-.--% 146B
-5.74x112.7x1501.37x-.--% 54.87B
37.45x3.51x12.93x0.18% 46.32B
24.83x10.01x16.38x-.--% 20.13B
35.5x2.36x21.42x-.--% 19.62B
93.23x8.9x37.94x-.--% 13.52B
-214.31x3.79x12.69x - 13.87B
Average 12.62x 18.00x 183.88x 0.36% 113.42B
Weighted average by Cap. 31.51x 12.14x 95.41x 0.95%

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