Company Valuation: SAP

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 147,329 112,276 162,380 274,903 242,644 161,240 - -
Change - -23.79% 44.63% 69.3% -11.73% -33.55% - -
Enterprise Value (EV) 1 151,243 116,785 160,588 273,208 239,263 159,245 154,797 146,886
Change - -22.78% 37.51% 70.13% -12.42% -33.44% -2.79% -5.11%
P/E 28x 49.2x 45.7x 89.2x 33.2x 20.1x 17.2x 14.2x
PBR 3.78x 2.81x 3.78x 6.06x 5.43x 3.71x 3.44x 2.97x
PEG - -0.9x 0.8x -6.8x 0x 1.4x 1x 0.7x
Capitalization / Revenue 5.29x 3.64x 5.2x 8.04x 6.59x 4.01x 3.6x 3.22x
EV / Revenue 5.43x 3.78x 5.15x 7.99x 6.5x 3.97x 3.45x 2.93x
EV / EBITDA 15.1x 11.8x 15.9x 29x 20.4x 12.4x 10.5x 8.61x
EV / EBIT 18.4x 14.5x 18.4x 33.5x 23x 13.4x 11.3x 9.29x
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% 6.32% 7.41% 8.91%
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% - 1.87% 2.12% 2.4%
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% - 37.7% 36.5% 34%
Net sales 1 27,842 30,871 31,207 34,176 36,800 40,163 44,824 50,142
EBITDA 1 10,005 9,929 10,094 9,433 11,730 12,863 14,747 17,057
EBIT 1 8,230 8,033 8,721 8,153 10,419 11,924 13,712 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 96.39 139.48 236.30 208.35 143.90 143.90 143.90
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.($)
22.16x6.06x10.69x1.43% 408B
55.66x6.61x18.18x-.--% 114B
33.82x3.21x11.54x0.2% 42.53B
4.49x80.79x684.28x-.--% 34.23B
34.27x13.25x21.6x-.--% 30.15B
33.31x2.03x18.52x-.--% 17.16B
23.92x3.42x11.51x - 12.53B
77.65x7.43x31.81x-.--% 11.41B
18.97x3.24x11.91x2.76% 10.14B
Average 33.81x 14.00x 91.12x 0.55% 75.58B
Weighted average by Cap. 29.36x 9.88x 46.97x 0.93%

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