Financials SAP SE

Equities

SAP

DE0007164600

Software

Real-time Estimate Tradegate Other stock markets 07:48:09 2024-12-05 am EST			5-day change	1st Jan Change
242.08 ^EUR	+0.16%		+9.50%	+73.61%

Dec. 04	SHARES IN FOCUS 2: SAP and Salesforce continue to chase records	DP
Dec. 04	Frankfurt equities close: SAP record run continues to drive Dax above 20000 points	DP

Projected Income Statement: SAP SE

Fiscal Period: december	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	27,634	27,343	27,842	30,871	31,207	33,921	37,706	42,255
Change	-	-1.05%	1.82%	10.88%	1.09%	8.7%	11.16%	12.06%
EBITDA ¹	10,083	10,114	10,005	9,929	10,094	9,131	11,778	13,611
Change	-	0.31%	-1.08%	-0.76%	1.66%	-9.54%	28.99%	15.56%
EBIT ¹	8,211	8,283	8,230	8,033	8,721	7,949	10,370	12,096
Change	-	0.88%	-0.64%	-2.39%	8.56%	-8.85%	30.46%	16.64%
Interest Paid ¹	196	597	2,191	-1,580	-493	-77.02	-126	-5
Earnings before Tax (EBT) ¹	4,618	7,218	6,850	3,092	5,292	4,468	8,926	10,681
Change	-	56.3%	-5.1%	-54.86%	71.15%	-15.56%	99.75%	19.66%
Net income ¹	3,337	5,280	5,383	1,714	3,564	3,035	6,621	7,908
Change	-	58.23%	1.95%	-68.16%	107.93%	-14.83%	118.14%	19.43%
Announcement Date	1/28/20	1/29/21	1/27/22	1/26/23	1/23/24	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	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	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	8,051	6,522	6,744	6,535	7,541	6,350	6,669	6,845	7,981	7,077	7,517	7,841	8,436	7,441	7,554	7,744	8,468	8,041	8,288	8,470	9,103	8,937	9,226	9,465	10,004	10,030	10,415	10,683
Change	-	-18.99%	3.4%	-3.1%	15.39%	-15.79%	5.02%	2.64%	16.6%	-11.33%	6.22%	4.31%	7.59%	-11.79%	1.52%	2.52%	9.35%	-5.04%	3.07%	2.2%	7.48%	-1.83%	3.24%	2.58%	5.69%	0.27%	3.83%	2.58%
EBITDA ¹	3,344	1,946	2,425	2,513	3,230	2,177	2,357	2,539	2,935	2,137	2,153	2,586	3,052	2,240	2,407	2,606	2,841	1,846	2,253	2,561	2,636	2,395	2,735	3,060	3,055	2,583	3,006	3,574
Change	-	-41.81%	24.61%	3.63%	28.53%	-32.6%	8.27%	7.72%	15.6%	-27.19%	0.75%	20.11%	18.02%	-26.61%	7.46%	8.27%	9.02%	-35.02%	22.05%	13.67%	2.93%	-9.16%	14.22%	11.88%	-0.17%	-15.46%	16.4%	18.89%
EBIT ¹	2,843	1,482	1,964	2,069	2,768	1,741	1,922	2,100	2,468	1,677	1,680	2,094	2,581	1,875	2,058	2,278	2,510	1,533	1,940	2,244	2,291	2,167	2,460	2,745	2,945	2,628	2,838	3,098
Change	-	-47.87%	32.52%	5.35%	33.78%	-37.1%	10.4%	9.26%	17.52%	-32.05%	0.18%	24.64%	23.26%	-27.35%	9.76%	10.69%	10.18%	-38.92%	26.55%	15.67%	2.1%	-5.44%	13.55%	11.6%	7.28%	-10.79%	8.01%	9.16%
Charge d'intérêts	125	-39	53	616	49	315	853	484	494	-56	-118	-389	-948	-112	-175	-75	-140	-193	-242	-1	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	2,241	1,122	1,322	2,070	2,705	1,337	1,804	1,749	1,960	945	538	850	759	677	1,093	1,761	1,761	-980	1,387	2,151	1,873	1,747	2,104	2,327	2,635	2,114	2,212	2,208
Change	-	-49.93%	17.83%	56.58%	30.68%	-50.57%	34.93%	-3.05%	12.06%	-51.79%	-43.07%	57.99%	-10.71%	-10.8%	61.45%	61.12%	0%	-	-	55.08%	-12.94%	-6.73%	20.48%	10.6%	13.21%	-19.76%	4.64%	-0.18%
Net income ¹	1,636	814	866	1,556	1,932	1,040	1,356	1,420	1,447	632	203	547	332	407	728	1,272	1,185	-828	888	1,463	1,443	1,238	1,545	1,720	1,863	1,495	1,686	1,883
Change	-	-50.24%	6.39%	79.68%	24.16%	-46.17%	30.38%	4.72%	1.9%	-56.32%	-67.88%	169.46%	-39.31%	22.59%	78.87%	74.73%	-6.84%	-	-	64.75%	-1.39%	-14.2%	24.85%	11.33%	8.29%	-19.75%	12.74%	11.7%
Announcement Date	1/28/20	4/21/20	7/27/20	10/25/20	1/29/21	4/22/21	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	4/22/24	7/22/24	10/21/24	-	-	-	-	-	-	-	-

¹EUR in Million

Estimates

Forecast Balance Sheet: SAP SE

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	10,883	9,008	3,914	4,509	-1,792	-1,887	-6,428	-13,044
Change	-	-17.23%	-56.55%	15.2%	-139.74%	-205.3%	-440.65%	-302.92%
Announcement Date	1/28/20	1/29/21	1/27/22	1/26/23	1/23/24	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: SAP SE

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	817	816	825	874	785	827.4	907.4	1,004
Change	-	-0.12%	1.1%	5.94%	-10.18%	5.4%	9.68%	10.61%
Free Cash Flow (FCF) ¹	2,276	6,000	5,010	4,348	5,530	3,886	8,366	9,912
Change	-	163.62%	-16.5%	-13.21%	27.18%	-29.72%	115.27%	18.48%
Announcement Date	1/28/20	1/29/21	1/27/22	1/26/23	1/23/24	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: SAP SE

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	36.49%	36.99%	35.93%	32.16%	32.35%	26.92%	31.24%	32.21%
EBIT Margin (%)	29.71%	30.29%	29.56%	26.02%	27.95%	23.43%	27.5%	28.63%
EBT Margin (%)	16.71%	26.4%	24.6%	10.02%	16.96%	13.17%	23.67%	25.28%
Net margin (%)	12.08%	19.31%	19.33%	5.55%	11.42%	8.95%	17.56%	18.71%
FCF margin (%)	8.24%	21.94%	17.99%	14.08%	17.72%	11.46%	22.19%	23.46%
FCF / Net Income (%)	68.2%	113.64%	93.07%	253.68%	155.16%	128.04%	126.36%	125.34%
Profitability
ROA	10.93%	10.77%	12.87%	6.35%	8.32%	5.53%	8.9%	9.78%
ROE	20.48%	21.14%	24.3%	11.52%	14.03%	12.27%	16.27%	17.5%
Financial Health
Leverage (Debt/EBITDA)	1.08x	0.89x	0.39x	0.45x	-	-	-	-
Debt / Free cash flow	4.78x	1.5x	0.78x	1.04x	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	2.96%	2.98%	2.96%	2.83%	2.52%	2.44%	2.41%	2.38%
CAPEX / EBITDA (%)	8.1%	8.07%	8.25%	8.8%	7.78%	9.06%	7.7%	7.37%
CAPEX / FCF (%)	35.9%	13.6%	16.47%	20.1%	14.2%	21.29%	10.85%	10.13%
Items per share
Cash flow per share ¹	2.929	6.085	5.261	4.805	5.352	4.142	7.735	9.058
Change	-	107.78%	-13.55%	-8.67%	11.38%	-22.6%	86.75%	17.09%
Dividend per Share ¹	1.58	1.85	1.95	2.05	2.2	2.237	2.392	2.584
Change	-	17.09%	5.41%	5.13%	7.32%	1.7%	6.92%	8.03%
Book Value Per Share ¹	25.77	25.14	33.02	34.3	36.95	36.14	39.25	43.35
Change	-	-2.44%	31.34%	3.9%	7.7%	-2.18%	8.6%	10.44%
EPS ¹	2.8	4.35	4.46	1.96	3.05	2.598	5.693	6.743
Change	-	55.36%	2.53%	-56.05%	55.61%	-14.83%	119.15%	18.44%
Nbr of stocks (in thousands)	1,193,650	1,190,824	1,179,579	1,164,814	1,164,184	1,163,363	1,163,363	1,163,363
Announcement Date	1/28/20	1/29/21	1/27/22	1/26/23	1/23/24	-	-	-