Company Valuation: SAP SE

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 147,329 112,276 162,380 274,903 242,644 154,445 - -
Change - -23.79% 44.63% 69.3% -11.73% -36.35% - -
Enterprise Value (EV) 1 151,243 116,785 160,588 273,208 239,263 152,450 148,002 140,090
Change - -22.78% 37.51% 70.13% -12.42% -36.28% -2.92% -5.35%
P/E 28x 49.2x 45.7x 89.2x 33.2x 18.3x 15.5x 13.1x
PBR 3.78x 2.81x 3.78x 6.06x 5.43x 3.41x 3.16x 2.73x
PEG - -0.9x 0.8x -6.8x 0x 1.2x 0.9x 0.7x
Capitalization / Revenue 5.29x 3.64x 5.2x 8.04x 6.59x 3.85x 3.45x 3.08x
EV / Revenue 5.43x 3.78x 5.15x 7.99x 6.5x 3.8x 3.3x 2.79x
EV / EBITDA 15.1x 11.8x 15.9x 29x 20.4x 11.9x 10x 8.17x
EV / EBIT 18.4x 14.5x 18.4x 33.5x 23x 12.7x 10.7x 8.79x
EV / FCF 30.2x 26.9x 29x 66.4x 29x 15.1x 12.8x 10.5x
FCF Yield 3.31% 3.72% 3.44% 1.51% 3.44% 6.61% 7.83% 9.52%
Dividend per Share 2 1.95 2.05 2.2 2.35 - 2.694 3.052 3.451
Rate of return 1.56% 2.13% 1.58% 0.99% - 2.04% 2.31% 2.61%
EPS 2 4.46 1.96 3.05 2.65 6.28 7.247 8.528 10.12
Distribution rate 43.7% 105% 72.1% 88.7% - 37.2% 35.8% 34.1%
Net sales 1 27,842 30,871 31,207 34,176 36,800 40,165 44,814 50,170
EBITDA 1 10,005 9,929 10,094 9,433 11,730 12,833 14,755 17,150
EBIT 1 8,230 8,033 8,721 8,153 10,419 11,966 13,784 15,943
Net income 1 5,383 1,714 3,564 3,124 7,492 8,015 9,333 11,173
Net Debt 1 3,914 4,509 -1,792 -1,695 -3,381 -1,994 -6,443 -14,354
Reference price 2 124.90 96.39 139.48 236.30 208.35 132.28 132.28 132.28
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 27/01/22 26/01/23 23/01/24 28/01/25 29/01/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
24.83x6.57x11.86x1.29% 454B
47.15x5.54x15.22x-.--% 96.74B
33.97x3.22x11.59x0.2% 42.72B
3.03x78.08x664.97x-.--% 33.1B
30.06x11.8x19.23x-.--% 26.45B
29.27x1.75x15.95x-.--% 15.08B
22.32x3.2x10.78x - 11.69B
18.15x3.12x11.47x2.88% 9.55B
62.51x5.95x25.5x-.--% 9.19B
Average 30.14x 13.25x 87.40x 0.55% 77.59B
Weighted average by Cap. 28.10x 9.60x 43.79x 0.9%

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