Company Valuation: SAP SE

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 147,329 112,276 162,380 274,903 242,644 181,994 - -
Change - -23.79% 44.63% 69.3% -11.73% -25% - -
Enterprise Value (EV) 1 151,243 116,785 160,588 273,208 239,263 179,908 176,732 168,476
Change - -22.78% 37.51% 70.13% -12.42% -24.81% -1.77% -4.67%
P/E 28x 49.2x 45.7x 89.2x 33.2x 22.4x 19.4x 16.5x
PBR 3.78x 2.81x 3.78x 6.06x 5.43x 3.93x 3.67x 3.25x
PEG - -0.9x 0.8x -6.8x 0x 1.8x 1.2x 0.9x
Capitalization / Revenue 5.29x 3.64x 5.2x 8.04x 6.59x 4.52x 4.04x 3.61x
EV / Revenue 5.43x 3.78x 5.15x 7.99x 6.5x 4.47x 3.93x 3.34x
EV / EBITDA 15.1x 11.8x 15.9x 29x 20.4x 14x 11.9x 9.88x
EV / EBIT 18.4x 14.5x 18.4x 33.5x 23x 15.3x 13x 10.8x
EV / FCF 30.2x 26.9x 29x 66.4x 29x 17.8x 15.4x 12.9x
FCF Yield 3.31% 3.72% 3.44% 1.51% 3.44% 5.61% 6.51% 7.77%
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% 1.7% 1.91% 2.16%
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 11,751 13,579 15,606
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 96.39 139.48 236.30 208.35 157.68 157.68 157.68
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 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.($)
19.82x5.61x10.01x1.61% 367B
71.25x6.91x18.51x-.--% 114B
36.17x3.45x12.45x0.19% 45.67B
13.23x83.04x708.13x-.--% 35.63B
30.24x11.76x19.19x-.--% 24.61B
36.97x2.29x20.95x-.--% 19.04B
25.27x3.62x12.21x - 13.3B
87.59x8.33x35.72x-.--% 12.76B
62.16x2.71x11.05x-.--% 11.94B
Average 42.52x 14.19x 94.25x 0.22% 71.58B
Weighted average by Cap. 32.85x 10.06x 51.55x 0.95%

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