Company Valuation: SAP SE

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 147,329 112,276 162,380 274,903 242,644 205,401 - -
Change - -23.79% 44.63% 69.3% -11.73% -15.35% - -
Enterprise Value (EV) 1 151,243 116,785 160,588 273,208 239,263 203,316 200,139 191,883
Change - -22.78% 37.51% 70.13% -12.42% -15.02% -1.56% -4.13%
P/E 28x 49.2x 45.7x 89.2x 33.2x 25.3x 21.8x 18.6x
PBR 3.78x 2.81x 3.78x 6.06x 5.43x 4.44x 4.15x 3.67x
PEG - -0.9x 0.8x -6.8x 0x 2.1x 1.4x 1.1x
Capitalization / Revenue 5.29x 3.64x 5.2x 8.04x 6.59x 5.1x 4.56x 4.07x
EV / Revenue 5.43x 3.78x 5.15x 7.99x 6.5x 5.05x 4.45x 3.8x
EV / EBITDA 15.1x 11.8x 15.9x 29x 20.4x 15.8x 13.5x 11.3x
EV / EBIT 18.4x 14.5x 18.4x 33.5x 23x 17.3x 14.7x 12.3x
EV / FCF 30.2x 26.9x 29x 66.4x 29x 20.1x 17.4x 14.7x
FCF Yield 3.31% 3.72% 3.44% 1.51% 3.44% 4.97% 5.75% 6.82%
Dividend per Share 2 1.95 2.05 2.2 2.35 2.5 2.675 3.005 3.404
Rate of return 1.56% 2.13% 1.58% 0.99% 1.2% 1.5% 1.69% 1.91%
EPS 2 4.46 1.96 3.05 2.65 6.28 7.046 8.145 9.579
Distribution rate 43.7% 105% 72.1% 88.7% 39.8% 38% 36.9% 35.5%
Net sales 1 27,842 30,871 31,207 34,176 36,800 40,258 45,022 50,448
EBITDA 1 10,005 9,929 10,094 9,433 11,730 12,864 14,839 17,052
EBIT 1 8,230 8,033 8,721 8,153 10,419 11,751 13,579 15,606
Net income 1 5,383 1,714 3,564 3,124 7,492 8,183 9,219 10,776
Net Debt 1 3,914 4,509 -1,792 -1,695 -3,381 -2,086 -5,262 -13,518
Reference price 2 124.90 96.39 139.48 236.30 208.35 177.96 177.96 177.96
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.($)
22.85x6.23x11.13x1.39% 423B
25.26x5.05x15.8x1.5% 237B
80.84x7.86x21.03x-.--% 129B
38.79x3.68x13.31x0.17% 48.98B
-224.04x83.08x716.03x-.--% 38.43B
27.59x10.93x17.84x-.--% 22.49B
36.73x2.38x21.7x-.--% 19.93B
97.49x9.31x39.91x-.--% 14.2B
26.35x3.77x12.7x - 13.87B
Average 14.65x 14.70x 96.61x 0.38% 105.33B
Weighted average by Cap. 23.74x 9.18x 43.17x 1.02%

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