Financials SAP SE

Equities

SAP

DE0007164600

Software

Real-time Estimate Tradegate Other stock markets 03:40:10 2024-09-06 am EDT			5-day change	1st Jan Change
191.35 ^EUR	-0.05%		-3.35%	+37.01%

Sep. 05	SAP SE: A matter of interpretation
Sep. 03	German Shares Retreat Amid Lingering Concerns for Eurozone Economy	MT

Projected Income Statement: SAP SE

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	27,634	27,343	27,842	30,871	31,207	33,903	37,674	42,136
Change	-	-1.05%	1.82%	10.88%	1.09%	8.64%	11.12%	11.84%
EBITDA ¹	10,083	10,114	10,005	9,929	10,094	9,267	11,702	13,445
Change	-	0.31%	-1.08%	-0.76%	1.66%	-8.19%	26.28%	14.89%
EBIT ¹	8,211	8,283	8,230	8,033	8,721	7,840	10,324	12,024
Change	-	0.88%	-0.64%	-2.39%	8.56%	-10.1%	31.68%	16.46%
Interest Paid ¹	196	597	2,191	-1,580	-493	-146.2	-178	-31
Earnings before Tax (EBT) ¹	4,618	7,218	6,850	3,092	5,292	4,703	9,520	11,007
Change	-	56.3%	-5.1%	-54.86%	71.15%	-11.13%	102.43%	15.63%
Net income ¹	3,337	5,280	5,383	1,714	5,928	2,946	6,519	7,652
Change	-	58.23%	1.95%	-68.16%	245.86%	-50.31%	121.3%	17.38%
Announcement Date	1/28/20	1/29/21	1/27/22	1/26/23	1/23/24	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	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	2025 Q3	2025 Q4	2026 Q1	2026 Q2
Net sales ¹	6,809	8,051	6,522	6,744	6,535	7,541	6,350	6,669	6,845	7,981	7,077	7,517	7,841	8,436	7,441	7,554	7,744	8,468	8,041	8,288	8,461	9,096	8,925	9,242	9,473	10,037	10,071	10,502
Change	-	18.24%	-18.99%	3.4%	-3.1%	15.39%	-15.79%	5.02%	2.64%	16.6%	-11.33%	6.22%	4.31%	7.59%	-11.79%	1.52%	2.52%	9.35%	-5.04%	3.07%	2.08%	7.51%	-1.88%	3.55%	2.5%	5.95%	0.34%	4.28%
EBITDA ¹	-	3,344	1,946	2,425	2,513	3,230	2,177	2,357	2,539	2,935	2,137	2,153	2,586	3,052	2,240	2,407	2,606	2,841	1,846	2,253	2,372	2,617	2,246	2,592	3,087	3,261	2,524	2,949
Change	-	-	-41.81%	24.61%	3.63%	28.53%	-32.6%	8.27%	7.72%	15.6%	-27.19%	0.75%	20.11%	18.02%	-26.61%	7.46%	8.27%	9.02%	-35.02%	22.05%	5.29%	10.31%	-14.17%	15.42%	19.07%	5.63%	-22.61%	16.86%
EBIT ¹	2,086	2,843	1,482	1,964	2,069	2,768	1,741	1,922	2,100	2,468	1,677	1,680	2,094	2,581	1,875	2,058	2,278	2,510	1,533	1,940	2,061	2,314	2,162	2,405	2,663	2,970	2,674	2,894
Change	-	36.29%	-47.87%	32.52%	5.35%	33.78%	-37.1%	10.4%	9.26%	17.52%	-32.05%	0.18%	24.64%	23.26%	-27.35%	9.76%	10.69%	10.18%	-38.92%	26.55%	6.24%	12.28%	-6.56%	11.23%	10.73%	11.5%	-9.96%	8.22%
Charge d'intérêts	42	125	-39	53	616	49	315	853	484	494	-56	-118	-389	-948	-112	-175	-75	-140	-193	-242	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	1,702	2,241	1,122	1,322	2,070	2,705	1,337	1,804	1,749	1,960	945	538	850	759	677	1,093	1,761	1,761	-980	1,387	1,713	2,003	1,726	1,920	2,070	2,466	2,185	2,284
Change	-	31.67%	-49.93%	17.83%	56.58%	30.68%	-50.57%	34.93%	-3.05%	12.06%	-51.79%	-43.07%	57.99%	-10.71%	-10.8%	61.45%	61.12%	0%	-	-	23.48%	16.96%	-13.8%	11.21%	7.84%	19.1%	-11.39%	4.53%
Net income ¹	1,246	1,636	814	866	1,556	1,932	1,040	1,356	1,420	1,447	632	203	547	332	479	3,381	1,272	1,165	-828	888	1,192	1,437	1,219	1,443	1,612	1,817	1,545	1,692
Change	-	31.3%	-50.24%	6.39%	79.68%	24.16%	-46.17%	30.38%	4.72%	1.9%	-56.32%	-67.88%	169.46%	-39.31%	44.28%	605.85%	-62.38%	-8.41%	-	-	34.25%	20.53%	-15.14%	18.34%	11.68%	12.73%	-14.93%	9.46%
Announcement Date	10/21/19	1/28/20	4/21/20	7/27/20	10/25/20	1/29/21	4/22/21	7/21/21	10/12/21	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	7/22/24	-	-	-	-	-	-	-	-

¹EUR in Million

Estimates

Forecast Balance Sheet: SAP SE

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	10,883	9,008	3,914	4,509	-1,792	-2,214	-6,630	-12,540
Change	-	-17.23%	-56.55%	15.2%	-139.74%	-223.55%	-399.46%	-289.14%
Announcement Date	1/28/20	1/29/21	1/27/22	1/26/23	1/23/24	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: SAP SE

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	817	816	825	874	785	822.5	976.3	1,070
Change	-	-0.12%	1.1%	5.94%	-10.18%	4.78%	18.69%	9.63%
Free Cash Flow (FCF) ¹	2,276	6,000	5,010	4,348	5,530	3,799	8,220	9,525
Change	-	163.62%	-16.5%	-13.21%	27.18%	-31.31%	116.41%	15.86%
Announcement Date	1/28/20	1/29/21	1/27/22	1/26/23	1/23/24	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: SAP SE

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	36.49%	36.99%	35.93%	32.16%	32.35%	27.33%	31.06%	31.91%
EBIT Margin (%)	29.71%	30.29%	29.56%	26.02%	27.95%	23.12%	27.4%	28.54%
EBT Margin (%)	16.71%	26.4%	24.6%	10.02%	16.96%	13.87%	25.27%	26.12%
Net margin (%)	12.08%	19.31%	19.33%	5.55%	19%	8.69%	17.3%	18.16%
FCF margin (%)	8.24%	21.94%	17.99%	14.08%	17.72%	11.2%	21.82%	22.6%
FCF / Net Income (%)	68.2%	113.64%	93.07%	253.68%	93.29%	128.95%	126.1%	124.47%
Profitability
ROA	10.93%	10.77%	12.87%	6.35%	8.32%	4.79%	8.56%	9.59%
ROE	20.48%	21.14%	24.3%	11.52%	14.03%	12.22%	15.89%	16.89%
Financial Health
Leverage (Debt/EBITDA)	1.08x	0.89x	0.39x	0.45x	-	-	-	-
Debt / Free cash flow	4.78x	1.5x	0.78x	1.04x	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	2.96%	2.98%	2.96%	2.83%	2.52%	2.43%	2.59%	2.54%
CAPEX / EBITDA (%)	8.1%	8.07%	8.25%	8.8%	7.78%	8.88%	8.34%	7.96%
CAPEX / FCF (%)	35.9%	13.6%	16.47%	20.1%	14.2%	21.65%	11.88%	11.24%
Items per share
Cash flow per share ¹	2.929	6.085	5.261	4.805	5.352	3.975	7.691	9.043
Change	-	107.78%	-13.55%	-8.67%	11.38%	-25.73%	93.5%	17.58%
Dividend per Share ¹	1.58	1.85	1.95	2.05	2.2	2.217	2.406	2.591
Change	-	17.09%	5.41%	5.13%	7.32%	0.76%	8.53%	7.7%
Book Value Per Share ¹	25.77	25.14	33.02	34.3	36.95	36.74	39.9	44.43
Change	-	-2.44%	31.34%	3.9%	7.7%	-0.55%	8.59%	11.35%
EPS ¹	2.8	4.35	4.46	1.96	5.17	2.523	5.652	6.59
Change	-	55.36%	2.53%	-56.05%	163.78%	-51.21%	124.06%	16.59%
Nbr of stocks (in thousands)	1,193,650	1,190,824	1,179,579	1,164,814	1,164,184	1,166,222	1,166,222	1,166,222
Announcement Date	1/28/20	1/29/21	1/27/22	1/26/23	1/23/24	-	-	-