Company Valuation: SAP SE

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 147,329 112,276 162,380 274,903 242,644 160,796 - -
Change - -23.79% 44.63% 69.3% -11.73% -33.73% - -
Enterprise Value (EV) 1 151,243 116,785 160,588 273,208 239,263 158,802 154,354 146,442
Change - -22.78% 37.51% 70.13% -12.42% -33.63% -2.8% -5.13%
P/E 28x 49.2x 45.7x 89.2x 33.2x 19.2x 16.5x 13.6x
PBR 3.78x 2.81x 3.78x 6.06x 5.43x 3.55x 3.29x 2.84x
PEG - -0.9x 0.8x -6.8x 0x 1.4x 1x 0.6x
Capitalization / Revenue 5.29x 3.64x 5.2x 8.04x 6.59x 4x 3.59x 3.21x
EV / Revenue 5.43x 3.78x 5.15x 7.99x 6.5x 3.95x 3.44x 2.92x
EV / EBITDA 15.1x 11.8x 15.9x 29x 20.4x 12.3x 10.5x 8.6x
EV / EBIT 18.4x 14.5x 18.4x 33.5x 23x 13.3x 11.3x 9.26x
EV / FCF 30.2x 26.9x 29x 66.4x 29x 15.8x 13.5x 11.2x
FCF Yield 3.31% 3.72% 3.44% 1.51% 3.44% 6.34% 7.43% 8.93%
Dividend per Share 2 1.95 2.05 2.2 2.35 - 2.68 3.045 3.451
Rate of return 1.56% 2.13% 1.58% 0.99% - 1.95% 2.21% 2.51%
EPS 2 4.46 1.96 3.05 2.65 6.28 7.151 8.358 10.14
Distribution rate 43.7% 105% 72.1% 88.7% - 37.5% 36.4% 34%
Net sales 1 27,842 30,871 31,207 34,176 36,800 40,165 44,823 50,102
EBITDA 1 10,005 9,929 10,094 9,433 11,730 12,865 14,754 17,030
EBIT 1 8,230 8,033 8,721 8,153 10,419 11,927 13,720 15,812
Net income 1 5,383 1,714 3,564 3,124 7,492 8,016 9,283 11,007
Net Debt 1 3,914 4,509 -1,792 -1,695 -3,381 -1,994 -6,443 -14,354
Reference price 2 124.90 96.39 139.48 236.30 208.35 137.58 137.58 137.58
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
19.26x3.95x12.35x1.95% 184B
22.57x6.14x10.84x1.41% 415B
54.71x6.49x17.85x-.--% 112B
32.53x3.09x11.12x0.21% 40.92B
6.28x78.34x663.54x-.--% 33.01B
33.75x13.07x21.3x-.--% 29.67B
32.55x1.98x18.03x-.--% 16.72B
23.46x3.35x11.3x - 12.29B
76.51x7.31x31.32x-.--% 11.24B
54.78x2.33x9.52x-.--% 10.55B
Average 35.64x 12.61x 80.72x 0.4% 86.59B
Weighted average by Cap. 27.57x 8.42x 37.72x 1.11%

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