Company Valuation: SAP SE

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 147,329 112,276 162,380 274,903 242,644 204,593 - -
Change - -23.79% 44.63% 69.3% -11.73% -15.68% - -
Enterprise Value (EV) 1 151,243 116,785 160,588 273,208 239,263 202,598 199,885 192,228
Change - -22.78% 37.51% 70.13% -12.42% -15.32% -1.34% -3.83%
P/E 28x 49.2x 45.7x 89.2x 33.2x 25.1x 21.8x 18.5x
PBR 3.78x 2.81x 3.78x 6.06x 5.43x 4.42x 4.13x 3.65x
PEG - -0.9x 0.8x -6.8x 0x 2x 1.4x 1x
Capitalization / Revenue 5.29x 3.64x 5.2x 8.04x 6.59x 5.08x 4.55x 4.06x
EV / Revenue 5.43x 3.78x 5.15x 7.99x 6.5x 5.03x 4.44x 3.82x
EV / EBITDA 15.1x 11.8x 15.9x 29x 20.4x 15.9x 13.6x 11.4x
EV / EBIT 18.4x 14.5x 18.4x 33.5x 23x 17.3x 14.8x 12.4x
EV / FCF 30.2x 26.9x 29x 66.4x 29x 20.2x 17.6x 15x
FCF Yield 3.31% 3.72% 3.44% 1.51% 3.44% 4.95% 5.69% 6.66%
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% 1.51% 1.69% 1.91%
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 96.39 139.48 236.30 208.35 177.26 177.26 177.26
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 27/1/22 26/1/23 23/1/24 28/1/25 29/1/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
23.35x6.08x10.43x1.32% 433B
25.11x5.03x15.87x1.51% 237B
85.79x8.35x22.34x-.--% 137B
-5.01x103.52x1445.08x-.--% 50.32B
34.93x3.29x12.1x0.19% 43.2B
26.22x10.46x17.09x-.--% 21.28B
33.58x2.21x20.13x-.--% 18.57B
-207.78x3.68x12.33x - 13.44B
36.67x3.18x8.67x-.--% 12.27B
Average 5.87x 16.20x 173.78x 0.38% 107.38B
Weighted average by Cap. 28.89x 11.04x 88.57x 0.98%

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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