Financials SAP SE Borsa Italiana

Equities

1SAP

DE0007164600

Software

End-of-day quote Borsa Italiana 06:00:00 2024-07-10 pm EDT 5-day change 1st Jan Change
186.6 EUR +0.35% Intraday chart for SAP SE -0.12% +35.84%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 143,620 127,680 147,329 112,276 162,380 216,068 - -
Enterprise Value (EV) 1 154,503 136,688 151,243 116,785 160,588 213,522 209,074 203,231
P/E ratio 43 x 24.6 x 28 x 49.2 x 27 x 63.6 x 32.4 x 27.4 x
Yield 1.31% 1.73% 1.56% 2.13% 1.58% 1.2% 1.29% 1.42%
Capitalization / Revenue 5.2 x 4.67 x 5.29 x 3.64 x 5.2 x 6.37 x 5.74 x 5.14 x
EV / Revenue 5.59 x 5 x 5.43 x 3.78 x 5.15 x 6.3 x 5.55 x 4.83 x
EV / EBITDA 15.3 x 13.5 x 15.1 x 11.8 x 15.9 x 23.3 x 18.2 x 15.4 x
EV / FCF 67.9 x 22.8 x 30.2 x 26.9 x 29 x 56.4 x 25.5 x 21.7 x
FCF Yield 1.47% 4.39% 3.31% 3.72% 3.44% 1.77% 3.92% 4.61%
Price to Book 4.67 x 4.27 x 3.78 x 2.81 x 3.78 x 5.04 x 4.64 x 4.15 x
Nbr of stocks (in thousands) 1,193,650 1,190,824 1,179,579 1,164,814 1,164,184 1,158,788 - -
Reference price 2 120.3 107.2 124.9 96.39 139.5 186.5 186.5 186.5
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 33,905 37,657 42,077
EBITDA 1 10,083 10,114 10,005 9,929 10,094 9,164 11,482 13,237
EBIT 1 8,211 8,283 8,230 8,033 8,721 7,741 10,144 11,823
Operating Margin 29.71% 30.29% 29.56% 26.02% 27.95% 22.83% 26.94% 28.1%
Earnings before Tax (EBT) 1 4,618 7,218 6,850 3,092 5,292 4,584 8,727 10,591
Net income 1 3,337 5,280 5,383 1,714 5,928 3,463 6,446 7,755
Net margin 12.08% 19.31% 19.33% 5.55% 19% 10.21% 17.12% 18.43%
EPS 2 2.800 4.350 4.460 1.960 5.170 2.932 5.757 6.816
Free Cash Flow 1 2,276 6,000 5,010 4,348 5,530 3,789 8,196 9,368
FCF margin 8.24% 21.94% 17.99% 14.08% 17.72% 11.18% 21.76% 22.26%
FCF Conversion (EBITDA) 22.57% 59.32% 50.07% 43.79% 54.79% 41.35% 71.38% 70.77%
FCF Conversion (Net income) 68.2% 113.64% 93.07% 253.68% 93.29% 109.42% 127.15% 120.8%
Dividend per Share 2 1.580 1.850 1.950 2.050 2.200 2.240 2.414 2.644
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 8,253 8,467 9,114 8,910 9,135
EBITDA 1 2,935 2,137 2,153 2,586 3,052 2,240 2,407 2,606 2,841 1,846 2,049 2,380 2,722 2,330 2,569
EBIT 1 2,468 1,677 1,680 2,094 2,581 1,875 2,058 2,278 2,510 1,533 1,762 2,065 2,424 2,273 2,320
Operating Margin 30.92% 23.7% 22.35% 26.71% 30.6% 25.2% 27.24% 29.42% 29.64% 19.06% 21.35% 24.39% 26.6% 25.51% 25.39%
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 1,147 1,291 1,606 1,264 1,376
Net margin 18.13% 8.93% 2.7% 6.98% 3.94% 6.44% 44.76% 16.43% 13.76% -10.3% 13.9% 15.24% 17.63% 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 0.9607 1.162 1.390 1.114 1.314
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 2,546 6,993 12,836
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 3,789 8,196 9,368
ROE (net income / shareholders' equity) 20.5% 21.1% 24.3% 11.5% 14% 12% 15.8% 17%
ROA (Net income/ Total Assets) 10.9% 10.8% 12.9% 6.35% 8.32% 5.07% 8.27% 9.34%
Assets 1 30,541 49,020 41,822 27,003 71,235 68,329 77,925 82,988
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 4.060 7.730 9.220
Capex 1 817 816 825 874 785 942 1,020 1,108
Capex / Sales 2.96% 2.98% 2.96% 2.83% 2.52% 2.78% 2.71% 2.63%
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
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
25
Last Close Price
186.5 EUR
Average target price
195.7 EUR
Spread / Average Target
+4.96%
Consensus