Company Valuation: SAP SE

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 147,329 112,276 162,380 274,903 242,644 157,457 - -
Change - -23.79% 44.63% 69.3% -11.73% -35.11% - -
Enterprise Value (EV) 1 151,243 116,785 160,588 273,208 239,263 148,766 139,378 135,620
Change - -22.78% 37.51% 70.13% -12.42% -37.82% -6.31% -2.7%
P/E 28x 49.2x 45.7x 89.2x 33.2x 18.9x 16x 13.7x
PBR 3.78x 2.81x 3.78x 6.06x 5.43x 3.25x 2.94x 2.69x
PEG - -0.9x 0.8x -6.8x 0x 1.4x 0.9x 0.8x
Capitalization / Revenue 5.29x 3.64x 5.2x 8.04x 6.59x 3.92x 3.48x 3.14x
EV / Revenue 5.43x 3.78x 5.15x 7.99x 6.5x 3.7x 3.08x 2.7x
EV / EBITDA 15.1x 11.8x 15.9x 29x 20.4x 11.3x 9.2x 7.87x
EV / EBIT 18.4x 14.5x 18.4x 33.5x 23x 12.5x 10.1x 8.53x
EV / FCF 30.2x 26.9x 29x 66.4x 29x 14.9x 12.5x 11.1x
FCF Yield 3.31% 3.72% 3.44% 1.51% 3.44% 6.72% 8.03% 9.04%
Dividend per Share 2 1.95 2.05 2.2 2.35 - 2.694 3.043 3.451
Rate of return 1.56% 2.13% 1.58% 0.99% - 2% 2.26% 2.56%
EPS 2 4.46 1.96 3.05 2.65 6.28 7.136 8.436 9.84
Distribution rate 43.7% 105% 72.1% 88.7% - 37.8% 36.1% 35.1%
Net sales 1 27,842 30,871 31,207 34,176 36,800 40,158 45,241 50,190
EBITDA 1 10,005 9,929 10,094 9,433 11,730 13,162 15,155 17,243
EBIT 1 8,230 8,033 8,721 8,153 10,419 11,884 13,803 15,895
Net income 1 5,383 1,714 3,564 3,124 7,492 8,181 9,574 11,028
Net Debt 1 3,914 4,509 -1,792 -1,695 -3,381 -8,691 -18,079 -21,837
Reference price 2 124.90 96.39 139.48 236.30 208.35 134.86 134.86 134.86
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 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.($)
18.9x3.7x11.31x2% 181B
31.71x9.43x17.47x1.06% 530B
47.77x5.62x15.44x-.--% 98.02B
32.78x3.11x11.21x0.21% 41.23B
5.04x92.87x1089.73x-.--% 39.57B
28.9x11.4x18.58x-.--% 25.43B
27.74x1.64x14.98x-.--% 14.3B
21.88x3.14x10.59x - 11.46B
18.03x3.12x11.45x2.91% 9.59B
61.11x5.81x24.9x-.--% 8.98B
Average 29.39x 13.98x 122.56x 0.69% 95.93B
Weighted average by Cap. 29.77x 10.90x 59.98x 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

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