Company Valuation: SAP SE

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 147,329 112,276 162,380 274,903 242,644 183,795 - -
Change - -23.79% 44.63% 69.3% -11.73% -24.25% - -
Enterprise Value (EV) 1 151,243 116,785 160,588 273,208 239,263 181,709 178,532 170,277
Change - -22.78% 37.51% 70.13% -12.42% -24.05% -1.75% -4.62%
P/E 28x 49.2x 45.7x 89.2x 33.2x 22.6x 19.5x 16.6x
PBR 3.78x 2.81x 3.78x 6.06x 5.43x 3.97x 3.71x 3.28x
PEG - -0.9x 0.8x -6.8x 0x 1.9x 1.2x 0.9x
Capitalization / Revenue 5.29x 3.64x 5.2x 8.04x 6.59x 4.57x 4.08x 3.64x
EV / Revenue 5.43x 3.78x 5.15x 7.99x 6.5x 4.51x 3.97x 3.38x
EV / EBITDA 15.1x 11.8x 15.9x 29x 20.4x 14.1x 12x 9.99x
EV / EBIT 18.4x 14.5x 18.4x 33.5x 23x 15.4x 13.1x 10.8x
EV / FCF 30.2x 26.9x 29x 66.4x 29x 18x 15.5x 13x
FCF Yield 3.31% 3.72% 3.44% 1.51% 3.44% 5.56% 6.44% 7.69%
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% 1.68% 1.89% 2.14%
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 11,824 13,666 15,735
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 96.39 139.48 236.30 208.35 159.24 159.24 159.24
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.($)
18.63x5.36x9.57x1.71% 346B
71.01x6.92x18.22x-.--% 114B
33.74x3.22x11.65x0.2% 45.42B
13.02x80.85x689.46x-.--% 34.54B
35.09x13.6x22.11x-.--% 30.99B
36.48x2.25x20.58x-.--% 18.75B
25.85x3.7x12.48x - 13.61B
91.13x8.68x37.21x-.--% 13.27B
63.48x2.78x11.33x-.--% 12.19B
Average 43.16x 14.15x 92.51x 0.24% 69.85B
Weighted average by Cap. 32.84x 9.93x 50.27x 0.97%

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