Company Valuation: SAP SE

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 147,329 112,276 162,380 274,903 242,644 188,537 - -
Change - -23.79% 44.63% 69.3% -11.73% -22.3% - -
Enterprise Value (EV) 1 151,243 116,785 160,588 273,208 239,263 180,681 172,703 167,724
Change - -22.78% 37.51% 70.13% -12.42% -24.48% -4.42% -2.88%
P/E ratio 28x 49.2x 45.7x 89.2x 33.2x 22.7x 19.2x 16.4x
PBR 3.78x 2.81x 3.78x 6.06x 5.43x 3.88x 3.52x 3.2x
PEG - -0.9x 0.8x -6.8x 0x 1.7x 1.1x 1x
Capitalization / Revenue 5.29x 3.64x 5.2x 8.04x 6.59x 4.69x 4.17x 3.75x
EV / Revenue 5.43x 3.78x 5.15x 7.99x 6.5x 4.5x 3.82x 3.34x
EV / EBITDA 15.1x 11.8x 15.9x 29x 20.4x 13.7x 11.4x 9.78x
EV / EBIT 18.4x 14.5x 18.4x 33.5x 23x 15.2x 12.5x 10.6x
EV / FCF 30.2x 26.9x 29x 66.4x 29x 18.1x 15.4x 13.7x
FCF Yield 3.31% 3.72% 3.44% 1.51% 3.44% 5.53% 6.48% 7.32%
Dividend per Share 2 1.95 2.05 2.2 2.35 - 2.696 3.055 3.452
Rate of return 1.56% 2.13% 1.58% 0.99% - 1.67% 1.89% 2.14%
EPS 2 4.46 1.96 3.05 2.65 6.28 7.119 8.411 9.841
Distribution rate 43.7% 105% 72.1% 88.7% - 37.9% 36.3% 35.1%
Net sales 1 27,842 30,871 31,207 34,176 36,800 40,168 45,257 50,223
EBITDA 1 10,005 9,929 10,094 9,433 11,730 13,155 15,140 17,145
EBIT 1 8,230 8,033 8,721 8,153 10,419 11,884 13,805 15,898
Net income 1 5,383 1,714 3,564 3,124 7,492 8,183 9,578 11,031
Net Debt 1 3,914 4,509 -1,792 -1,695 -3,381 -7,856 -15,834 -20,814
Reference price 2 124.90 96.39 139.48 236.30 208.35 161.48 161.48 161.48
Nbr of stocks (in thousands) 1,179,579 1,164,814 1,164,184 1,163,363 1,164,600 1,167,559 - -
Announcement Date 1/27/22 1/26/23 1/23/24 1/28/25 1/29/26 - - -
1EUR in Million2EUR
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.68x4.5x13.73x1.67% 218B
36.78x10.68x19.78x0.89% 615B
56.52x6.73x18.51x-.--% 116B
35.93x3.4x12.24x0.19% 45.19B
3.76x98.42x1154.81x-.--% 42.35B
29.98x11.77x19.15x-.--% 26.38B
27.79x1.64x14.97x-.--% 14.28B
24.12x3.44x11.6x - 12.63B
77.08x7.37x29.92x-.--% 11.33B
56.79x2.43x9.9x-.--% 10.89B
Average 37.14x 15.04x 130.46x 0.31% 111.13B
Weighted average by Cap. 34.97x 11.82x 61.25x 0.84%

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