Company Valuation: SAP SE

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 147,329 112,276 162,380 274,903 242,644 214,981 - -
Change - -23.79% 44.63% 69.3% -11.73% -11.4% - -
Enterprise Value (EV) 1 151,243 116,785 160,588 273,208 239,263 212,986 210,273 202,616
Change - -22.78% 37.51% 70.13% -12.42% -10.98% -1.27% -3.64%
P/E 28x 49.2x 45.7x 89.2x 33.2x 26.4x 22.9x 19.4x
PBR 3.78x 2.81x 3.78x 6.06x 5.43x 4.65x 4.34x 3.84x
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 5.34x 4.78x 4.27x
EV / Revenue 5.43x 3.78x 5.15x 7.99x 6.5x 5.29x 4.67x 4.02x
EV / EBITDA 15.1x 11.8x 15.9x 29x 20.4x 16.7x 14.3x 12.1x
EV / EBIT 18.4x 14.5x 18.4x 33.5x 23x 18.2x 15.6x 13.1x
EV / FCF 30.2x 26.9x 29x 66.4x 29x 21.3x 18.5x 15.8x
FCF Yield 3.31% 3.72% 3.44% 1.51% 3.44% 4.7% 5.41% 6.32%
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% 1.61% 1.82%
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 96.39 139.48 236.30 208.35 186.26 186.26 186.26
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.($)
26.39x5.29x16.69x1.44% 248B
22.21x6.13x10.5x1.38% 438B
92.15x8.97x24.01x-.--% 147B
-5.24x108.09x1508.9x-.--% 52.62B
36.45x3.42x12.6x0.19% 45.07B
26.65x10.6x17.31x-.--% 21.63B
34.81x2.3x20.96x-.--% 19.24B
-211.68x3.75x12.55x - 13.7B
38.97x3.4x9.27x-.--% 13.04B
22.44x3.79x13.96x2.33% 12.2B
Average 8.31x 15.58x 164.67x 0.59% 101.06B
Weighted average by Cap. 30.01x 11.45x 92.49x 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

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