Financials SAP SE

Equities

SAP

DE0007164600

Software

Market Closed - Xetra 11:36:55 2024-05-31 am EDT 5-day change 1st Jan Change
166 EUR -1.55% Intraday chart for SAP SE -7.83% +18.98%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 143,620 127,680 147,329 112,276 162,380 192,586 - -
Enterprise Value (EV) 1 154,503 136,688 151,243 116,785 160,588 190,019 185,524 179,407
P/E ratio 43 x 24.6 x 28 x 49.2 x 27 x 55.7 x 29 x 24.8 x
Yield 1.31% 1.73% 1.56% 2.13% 1.58% 1.35% 1.47% 1.59%
Capitalization / Revenue 5.2 x 4.67 x 5.29 x 3.64 x 5.2 x 5.68 x 5.13 x 4.59 x
EV / Revenue 5.59 x 5 x 5.43 x 3.78 x 5.15 x 5.6 x 4.95 x 4.28 x
EV / EBITDA 15.3 x 13.5 x 15.1 x 11.8 x 15.9 x 21.3 x 16.1 x 13.6 x
EV / FCF 67.9 x 22.8 x 30.2 x 26.9 x 29 x 50.1 x 22.7 x 19.2 x
FCF Yield 1.47% 4.39% 3.31% 3.72% 3.44% 2% 4.41% 5.21%
Price to Book 4.67 x 4.27 x 3.78 x 2.81 x 3.78 x 4.49 x 4.13 x 3.7 x
Nbr of stocks (in thousands) 1,193,650 1,190,824 1,179,579 1,164,814 1,164,184 1,160,437 - -
Reference price 2 120.3 107.2 124.9 96.39 139.5 166.0 166.0 166.0
Announcement Date 1/28/20 1/29/21 1/27/22 1/26/23 1/23/24 - - -
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 33,908 37,509 41,960
EBITDA 1 10,083 10,114 10,005 9,929 10,094 8,927 11,513 13,180
EBIT 1 8,211 8,283 8,230 8,033 8,721 7,776 10,095 11,842
Operating Margin 29.71% 30.29% 29.56% 26.02% 27.95% 22.93% 26.91% 28.22%
Earnings before Tax (EBT) 1 4,618 7,218 6,850 3,092 5,292 4,404 8,574 10,405
Net income 1 3,337 5,280 5,383 1,714 5,928 3,530 6,366 7,583
Net margin 12.08% 19.31% 19.33% 5.55% 19% 10.41% 16.97% 18.07%
EPS 2 2.800 4.350 4.460 1.960 5.170 2.982 5.715 6.694
Free Cash Flow 1 2,276 6,000 5,010 4,348 5,530 3,796 8,180 9,340
FCF margin 8.24% 21.94% 17.99% 14.08% 17.72% 11.2% 21.81% 22.26%
FCF Conversion (EBITDA) 22.57% 59.32% 50.07% 43.79% 54.79% 42.52% 71.05% 70.87%
FCF Conversion (Net income) 68.2% 113.64% 93.07% 253.68% 93.29% 107.55% 128.49% 123.17%
Dividend per Share 2 1.580 1.850 1.950 2.050 2.200 2.234 2.435 2.635
Announcement Date 1/28/20 1/29/21 1/27/22 1/26/23 1/23/24 - - -
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 8,236 8,468 9,113 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 1,834 2,119 2,465 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% 22.26% 25.02% 27.05% 25.51% 25.38%
Earnings before Tax (EBT) 1 1,960 945 538 850 759 677 1,093 1,761 1,761 -980 1,594 1,657 2,030 1,782 1,802
Net income 1 1,447 632 203 547 332 479 3,381 1,272 1,165 -828 1,145 1,283 1,599 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% 15.15% 17.55% 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 0.9741 1.182 1.425 1.056 1.283
Dividend per Share 2 - - - - - - - - 2.200 - 1.101 - - - 2.356
Announcement Date 1/27/22 4/22/22 7/21/22 10/25/22 1/26/23 4/21/23 7/20/23 10/18/23 1/23/24 4/22/24 - - - - -
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 7,062 13,179
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 3,796 8,180 9,340
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% 9.32%
Assets 1 30,541 49,020 41,822 27,003 71,235 69,412 75,847 81,398
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 3.990 7.750 9.110
Capex 1 817 816 825 874 785 947 1,007 1,118
Capex / Sales 2.96% 2.98% 2.96% 2.83% 2.52% 2.79% 2.69% 2.66%
Announcement Date 1/28/20 1/29/21 1/27/22 1/26/23 1/23/24 - - -
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
B+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
25
Last Close Price
166 EUR
Average target price
191.5 EUR
Spread / Average Target
+15.39%
Consensus