Financials SAP SE London S.E.

Equities

0A2W

US8030542042

Software

Real-time Estimate Cboe BZX 13:15:06 27/06/2024 BST 5-day change 1st Jan Change
200.3 USD +40.23% Intraday chart for SAP SE -24.67% -7.66%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 143,620 127,680 147,329 112,276 162,380 215,577 - -
Enterprise Value (EV) 1 154,503 136,688 151,243 116,785 160,588 213,010 208,517 203,088
P/E ratio 43 x 24.6 x 28 x 49.2 x 27 x 63.2 x 32.3 x 27.4 x
Yield 1.31% 1.73% 1.56% 2.13% 1.58% 1.21% 1.3% 1.42%
Capitalization / Revenue 5.2 x 4.67 x 5.29 x 3.64 x 5.2 x 6.36 x 5.73 x 5.13 x
EV / Revenue 5.59 x 5 x 5.43 x 3.78 x 5.15 x 6.28 x 5.54 x 4.84 x
EV / EBITDA 15.3 x 13.5 x 15.1 x 11.8 x 15.9 x 23.1 x 18.1 x 15.4 x
EV / FCF 67.9 x 22.8 x 30.2 x 26.9 x 29 x 56 x 25.5 x 21.7 x
FCF Yield 1.47% 4.39% 3.31% 3.72% 3.44% 1.79% 3.92% 4.6%
Price to Book 4.67 x 4.27 x 3.78 x 2.81 x 3.78 x 5.03 x 4.63 x 4.15 x
Nbr of stocks (in thousands) 1,193,650 1,190,824 1,179,579 1,164,814 1,164,184 1,158,893 - -
Reference price 2 120.3 107.2 124.9 96.39 139.5 186.0 186.0 186.0
Announcement Date 28/01/20 29/01/21 27/01/22 26/01/23 23/01/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 27,634 27,343 27,842 30,871 31,207 33,913 37,647 41,982
EBITDA 1 10,083 10,114 10,005 9,929 10,094 9,209 11,511 13,177
EBIT 1 8,211 8,283 8,230 8,033 8,721 7,776 10,166 11,796
Operating Margin 29.71% 30.29% 29.56% 26.02% 27.95% 22.93% 27% 28.1%
Earnings before Tax (EBT) 1 4,618 7,218 6,850 3,092 5,292 4,634 8,628 10,569
Net income 1 3,337 5,280 5,383 1,714 5,928 3,507 6,400 7,692
Net margin 12.08% 19.31% 19.33% 5.55% 19% 10.34% 17% 18.32%
EPS 2 2.800 4.350 4.460 1.960 5.170 2.943 5.763 6.797
Free Cash Flow 1 2,276 6,000 5,010 4,348 5,530 3,805 8,177 9,348
FCF margin 8.24% 21.94% 17.99% 14.08% 17.72% 11.22% 21.72% 22.27%
FCF Conversion (EBITDA) 22.57% 59.32% 50.07% 43.79% 54.79% 41.31% 71.04% 70.94%
FCF Conversion (Net income) 68.2% 113.64% 93.07% 253.68% 93.29% 108.49% 127.77% 121.54%
Dividend per Share 2 1.580 1.850 1.950 2.050 2.200 2.244 2.422 2.643
Announcement Date 28/01/20 29/01/21 27/01/22 26/01/23 23/01/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 7,981 7,077 7,517 7,841 8,436 7,441 7,554 7,744 8,468 8,041 8,241 8,469 9,114 8,907 9,131
EBITDA 1 2,935 2,137 2,153 2,586 3,052 2,240 2,407 2,606 2,841 1,846 2,048 2,380 2,729 2,328 2,565
EBIT 1 2,468 1,677 1,680 2,094 2,581 1,875 2,058 2,278 2,510 1,533 1,767 2,065 2,426 2,272 2,318
Operating Margin 30.92% 23.7% 22.35% 26.71% 30.6% 25.2% 27.24% 29.42% 29.64% 19.06% 21.44% 24.38% 26.62% 25.51% 25.38%
Earnings before Tax (EBT) 1 1,960 945 538 850 759 677 1,093 1,761 1,761 -980 1,590 1,658 2,033 1,782 1,802
Net income 1 1,447 632 203 547 332 479 3,381 1,272 1,165 -828 1,146 1,291 1,609 1,263 1,375
Net margin 18.13% 8.93% 2.7% 6.98% 3.94% 6.44% 44.76% 16.43% 13.76% -10.3% 13.91% 15.24% 17.65% 14.19% 15.06%
EPS 2 1.240 0.6300 0.2800 0.5700 0.4700 0.4100 2.930 1.080 1.010 -0.7100 0.9594 1.161 1.392 1.113 1.311
Dividend per Share 2 - - - - - - - - 2.200 - 1.101 - - - 2.356
Announcement Date 27/01/22 22/04/22 21/07/22 25/10/22 26/01/23 21/04/23 20/07/23 18/10/23 23/01/24 22/04/24 - - - - -
1EUR in Million2EUR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 10,883 9,008 3,914 4,509 - - - -
Net Cash position 1 - - - - 1,792 2,567 7,060 12,489
Leverage (Debt/EBITDA) 1.079 x 0.8906 x 0.3912 x 0.4541 x - - - -
Free Cash Flow 1 2,276 6,000 5,010 4,348 5,530 3,805 8,177 9,348
ROE (net income / shareholders' equity) 20.5% 21.1% 24.3% 11.5% 14% 12% 15.8% 16.9%
ROA (Net income/ Total Assets) 10.9% 10.8% 12.9% 6.35% 8.32% 5.09% 8.39% 9.31%
Assets 1 30,541 49,020 41,822 27,003 71,235 68,902 76,258 82,584
Book Value Per Share 2 25.80 25.10 33.00 34.30 36.90 37.00 40.20 44.90
Cash Flow per Share 2 2.930 6.090 5.260 4.810 5.350 4.070 7.740 9.200
Capex 1 817 816 825 874 785 943 1,003 1,112
Capex / Sales 2.96% 2.98% 2.96% 2.83% 2.52% 2.78% 2.67% 2.65%
Announcement Date 28/01/20 29/01/21 27/01/22 26/01/23 23/01/24 - - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
25
Last Close Price
186 EUR
Average target price
192 EUR
Spread / Average Target
+3.21%
Consensus