Company Valuation: SAP SE

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 147,329 112,276 162,380 274,903 242,644 209,395 - -
Change - -23.79% 44.63% 69.3% -11.73% -13.7% - -
Enterprise Value (EV) 1 151,243 116,785 160,588 273,208 239,263 207,399 204,685 197,026
Change - -22.78% 37.51% 70.13% -12.42% -13.32% -1.31% -3.74%
P/E 28x 49.2x 45.7x 89.2x 33.2x 26.1x 22.6x 19.2x
PBR 3.78x 2.81x 3.78x 6.06x 5.43x 4.6x 4.29x 3.8x
PEG - -0.9x 0.8x -6.8x 0x 2.1x 1.5x 1.1x
Capitalization / Revenue 5.29x 3.64x 5.2x 8.04x 6.59x 5.2x 4.65x 4.16x
EV / Revenue 5.43x 3.78x 5.15x 7.99x 6.5x 5.15x 4.55x 3.91x
EV / EBITDA 15.1x 11.8x 15.9x 29x 20.4x 16.3x 14x 11.7x
EV / EBIT 18.4x 14.5x 18.4x 33.5x 23x 17.7x 15.2x 12.7x
EV / FCF 30.2x 26.9x 29x 66.4x 29x 20.7x 18x 15.4x
FCF Yield 3.31% 3.72% 3.44% 1.51% 3.44% 4.83% 5.55% 6.49%
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% 1.45% 1.63% 1.84%
EPS 2 4.46 1.96 3.05 2.65 6.28 7.059 8.143 9.585
Distribution rate 43.7% 105% 72.1% 88.7% 39.8% 37.9% 36.9% 35.4%
Net sales 1 27,842 30,871 31,207 34,176 36,800 40,254 44,988 50,387
EBITDA 1 10,005 9,929 10,094 9,433 11,730 12,763 14,666 16,803
EBIT 1 8,230 8,033 8,721 8,153 10,419 11,702 13,494 15,472
Net income 1 5,383 1,714 3,564 3,124 7,492 8,184 9,220 10,858
Net Debt 1 3,914 4,509 -1,792 -1,695 -3,381 -1,996 -4,710 -12,369
Reference price 2 124.90 96.39 139.48 236.30 208.35 184.26 184.26 184.26
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.($)
26.1x5.23x16.51x1.45% 247B
22.09x6.04x10.78x1.44% 407B
92.5x9.01x24.11x-.--% 148B
-5.93x101.65x881.35x-.--% 47.98B
37.6x3.53x12.98x0.18% 46.5B
29.4x11.47x18.76x-.--% 23.84B
35.18x2.33x21.19x-.--% 19.42B
115.42x11.1x47.3x-.--% 16.74B
-212.4x3.76x12.59x - 13.74B
24.16x3.99x14.71x2.19% 13B
Average 16.41x 15.81x 106.03x 0.59% 98.26B
Weighted average by Cap. 31.83x 10.92x 57.94x 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