Company Valuation: SAP SE

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 147,329 112,276 162,380 274,903 242,644 217,128 - -
Change - -23.79% 44.63% 69.3% -11.73% -10.52% - -
Enterprise Value (EV) 1 151,243 116,785 160,588 273,208 239,263 215,062 211,974 204,426
Change - -22.78% 37.51% 70.13% -12.42% -10.11% -1.44% -3.56%
P/E 28x 49.2x 45.7x 89.2x 33.2x 26.7x 23.1x 19.6x
PBR 3.78x 2.81x 3.78x 6.06x 5.43x 4.69x 4.38x 3.88x
PEG - -0.9x 0.8x -6.8x 0x 2.2x 1.5x 1.1x
Capitalization / Revenue 5.29x 3.64x 5.2x 8.04x 6.59x 5.39x 4.83x 4.31x
EV / Revenue 5.43x 3.78x 5.15x 7.99x 6.5x 5.34x 4.71x 4.06x
EV / EBITDA 15.1x 11.8x 15.9x 29x 20.4x 16.8x 14.4x 12.1x
EV / EBIT 18.4x 14.5x 18.4x 33.5x 23x 18.4x 15.7x 13.2x
EV / FCF 30.2x 26.9x 29x 66.4x 29x 21.5x 18.6x 15.9x
FCF Yield 3.31% 3.72% 3.44% 1.51% 3.44% 4.66% 5.37% 6.27%
Dividend per Share 2 1.95 2.05 2.2 2.35 2.5 2.676 3.002 3.39
Rate of return 1.56% 2.13% 1.58% 0.99% 1.2% 1.42% 1.6% 1.8%
EPS 2 4.46 1.96 3.05 2.65 6.28 7.044 8.148 9.607
Distribution rate 43.7% 105% 72.1% 88.7% 39.8% 38% 36.8% 35.3%
Net sales 1 27,842 30,871 31,207 34,176 36,800 40,252 44,986 50,387
EBITDA 1 10,005 9,929 10,094 9,433 11,730 12,808 14,733 16,898
EBIT 1 8,230 8,033 8,721 8,153 10,419 11,709 13,513 15,512
Net income 1 5,383 1,714 3,564 3,124 7,492 8,183 9,219 10,858
Net Debt 1 3,914 4,509 -1,792 -1,695 -3,381 -2,066 -5,154 -12,702
Reference price 2 124.90 96.39 139.48 236.30 208.35 188.12 188.12 188.12
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.($)
26.71x5.34x16.79x1.42% 253B
22.9x6.2x11.08x1.39% 422B
83.17x8.09x21.65x-.--% 133B
37.85x3.55x13.06x0.18% 46.81B
-60.28x97.92x843.93x-.--% 45.82B
31.07x12.04x19.66x-.--% 25.33B
38.61x2.56x23.33x-.--% 21.18B
108.59x10.42x44.42x-.--% 15.75B
-648.41x3.84x12.85x - 14.05B
24.77x4.08x15.03x2.14% 13.43B
Average -33.50x 15.40x 102.18x 0.57% 99.06B
Weighted average by Cap. 21.23x 10.43x 53.67x 1.01%

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