Financials SAP SE

Equities

SAP

DE0007164600

Software

Real-time Estimate Tradegate 09:46:45 2024-02-21 am EST 5-day change 1st Jan Change
162 EUR -0.63% Intraday chart for SAP SE -1.53% +16.40%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 103,760 143,620 127,680 147,329 112,276 189,828 189,828 -
Enterprise Value (EV) 1 106,811 154,503 136,688 151,243 116,785 160,588 186,965 182,840
P/E ratio 25.4 x 43 x 24.6 x 28 x 49.2 x 27 x 49.2 x 29.6 x
Yield 1.73% 1.31% 1.73% 1.56% 2.13% 1.28% 1.34% 1.42%
Capitalization / Revenue 4.19 x 5.2 x 4.67 x 5.29 x 3.64 x 5.2 x 5.61 x 5.06 x
EV / Revenue 4.32 x 5.59 x 5 x 5.43 x 3.78 x 5.15 x 5.52 x 4.87 x
EV / EBITDA 12.5 x 15.3 x 13.5 x 15.1 x 11.8 x 15.9 x 20.2 x 15.9 x
EV / FCF 37.6 x 67.9 x 22.8 x 30.2 x 26.9 x 29 x 49.5 x 22.7 x
FCF Yield 2.66% 1.47% 4.39% 3.31% 3.72% 3.44% 2.02% 4.41%
Price to Book 3.6 x 4.67 x 4.27 x 3.78 x 2.81 x 3.78 x 4.47 x 4.15 x
Nbr of stocks (in thousands) 1,193,600 1,193,650 1,190,824 1,179,579 1,164,814 1,164,163 1,164,163 -
Reference price 2 86.93 120.3 107.2 124.9 96.39 163.1 163.1 163.1
Announcement Date 1/29/19 1/28/20 1/29/21 1/27/22 1/26/23 1/23/24 - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 24,741 27,634 27,343 27,842 30,871 31,207 33,858 37,522
EBITDA 1 8,527 10,083 10,114 10,005 9,929 10,094 9,267 11,469
EBIT 1 7,165 8,211 8,283 8,230 8,033 8,721 8,565 10,444
Operating Margin 28.96% 29.71% 30.29% 29.56% 26.02% 27.95% 25.3% 27.83%
Earnings before Tax (EBT) 1 5,602 4,618 7,218 6,850 3,092 5,292 5,178 8,348
Net income 1 4,083 3,337 5,280 5,383 1,714 5,928 3,905 6,068
Net margin 16.5% 12.08% 19.31% 19.33% 5.55% 19% 11.53% 16.17%
EPS 2 3.420 2.800 4.350 4.460 1.960 5.170 3.312 5.506
Free Cash Flow 1 2,844 2,276 6,000 5,010 4,348 5,530 3,777 8,061
FCF margin 11.5% 8.24% 21.94% 17.99% 14.08% 17.72% 11.16% 21.48%
FCF Conversion (EBITDA) 33.35% 22.57% 59.32% 50.07% 43.79% 54.79% 40.76% 70.28%
FCF Conversion (Net income) 69.65% 68.2% 113.64% 93.07% 253.68% 93.29% 96.73% 132.86%
Dividend per Share 2 1.500 1.580 1.850 1.950 2.050 2.085 2.187 2.308
Announcement Date 1/29/19 1/28/20 1/29/21 1/27/22 1/26/23 1/23/24 - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 12,773 6,669 6,845 7,981 7,077 7,517 7,841 8,436 7,441 7,554 7,744 8,468 8,034 8,210 8,442 9,068
EBITDA 1 - 2,357 2,539 2,935 2,137 2,153 2,586 3,052 2,240 2,407 2,606 2,841 1,895 1,960 2,372 2,630
EBIT 1 3,283 1,922 2,100 2,468 1,677 1,680 2,094 2,581 1,875 2,058 2,278 2,510 1,793 1,914 2,161 2,447
Operating Margin 25.7% 28.82% 30.68% 30.92% 23.7% 22.35% 26.71% 30.6% 25.2% 27.24% 29.42% 29.64% 22.32% 23.32% 25.59% 26.98%
Earnings before Tax (EBT) 1 - 1,804 1,749 1,960 945 538 850 759 677 1,093 1,761 1,761 1,448 1,343 1,382 1,769
Net income 1 - 1,356 1,420 1,447 632 203 547 332 479 3,381 1,272 1,165 863.7 755.4 1,009 1,255
Net margin - 20.33% 20.75% 18.13% 8.93% 2.7% 6.98% 3.94% 6.44% 44.76% 16.43% 13.76% 10.75% 9.2% 11.96% 13.84%
EPS 2 - 1.150 1.190 1.240 0.6300 0.2800 0.5700 0.4700 0.4100 2.930 1.080 1.010 0.4099 0.4663 0.9898 1.217
Dividend per Share 2 - - - - - - - - - - - - - 2.156 - -
Announcement Date 7/18/19 7/21/21 10/12/21 1/27/22 4/22/22 7/21/22 10/25/22 1/26/23 4/21/23 7/20/23 10/18/23 1/23/24 - - - -
1EUR in Million2EUR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 3,051 10,883 9,008 3,914 4,509 - - -
Net Cash position 1 - - - - - 1,792 2,864 6,989
Leverage (Debt/EBITDA) 0.3578 x 1.079 x 0.8906 x 0.3912 x 0.4541 x - - -
Free Cash Flow 1 2,844 2,276 6,000 5,010 4,348 5,530 3,777 8,061
ROE (net income / shareholders' equity) 19.1% 20.5% 21.1% 24.3% 11.5% 14% 12.4% 16%
ROA (Net income/ Total Assets) 11% 10.9% 10.8% 12.9% 6.35% 8.32% 6.09% 8.61%
Assets 1 37,013 30,541 49,020 41,822 27,003 71,235 64,121 70,468
Book Value Per Share 2 24.10 25.80 25.10 33.00 34.30 36.90 36.50 39.30
Cash Flow per Share 2 3.600 2.930 6.090 5.260 4.810 5.350 3.910 7.790
Capex 1 1,458 817 816 825 874 785 952 1,033
Capex / Sales 5.89% 2.96% 2.98% 2.96% 2.83% 2.52% 2.81% 2.75%
Announcement Date 1/29/19 1/28/20 1/29/21 1/27/22 1/26/23 1/23/24 - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
26
Last Close Price
163.1 EUR
Average target price
171.6 EUR
Spread / Average Target
+5.23%
Consensus
1st Jan change Capi.
+16.40% 205 B $
+1.68% 298 B $
+4.41% 154 B $
+9.71% 58 379 M $
+5.14% 31 294 M $
+0.22% 30 169 M $
+17.75% 17 330 M $
+12.28% 14 958 M $
-0.17% 14 935 M $
+8.13% 11 962 M $
Enterprise Software
+229% on MICROSOFT CORPORATION since our purchase on January 11, 2019
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