DCF Tool


Sap SE – Software Publishers
SAP SE is a German multinational software company based in Walldorf, Baden-W├╝rttemberg. It develops enterprise software to manage business operations and customer relations.
Analysis Results
Intrinsic Value $88.32
Latest Price $112.03
Relative Value 27% overvalued
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Cash Flow (Billions)
Analysis Parameters
New Ticker
Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 7.5%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 1.9%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 7.5%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2022 6.75 6.19
2023 7.26 6.11
2024 7.8 6.03
2025 8.39 5.94
2026 9.02 5.86
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 131 billion. This corresponds to a present value of 78.4 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 30.1 billion. Adding in the terminal value gives a total present value of 109 billion.

There are presently 1.23 billion outstanding shares, so the intrinsic value per share is 88.32.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 22,671,361,400
Current Cash 10,064,347,123
Current Liabilities 18,249,970,873
Current Debt 5,121,528,857
Non-Cash Working Capital (NCWC) -521,427,739
Change in NCWC 380,643,460
EBIT 5,443,886,570
Tax Provision 1,663,818,230
Depreciation and Amortization 2,007,666,458
Capital Expenditure -904,863,755
Unlevered Free Cash Flow 5,757,775,680
Current Assets 18,520,726,130
Current Cash 6,527,111,909
Current Liabilities 15,781,330,075
Current Debt 2,885,644,655
Non-Cash Working Capital (NCWC) -902,071,199
Change in NCWC 542,505,362
EBIT 8,137,075,494
Tax Provision 2,381,762,922
Depreciation and Amortization 2,250,262,079
Capital Expenditure -1,002,847,546
Unlevered Free Cash Flow 7,743,135,493
Current Assets 17,049,141,379
Current Cash 5,955,376,144
Current Liabilities 16,206,378,326
Current Debt 3,668,036,530
Non-Cash Working Capital (NCWC) -1,444,576,562
Change in NCWC 201,310,777
EBIT 6,279,257,158
Tax Provision 1,373,972,742
Depreciation and Amortization 2,097,942,066
Capital Expenditure -915,608,263
Unlevered Free Cash Flow 5,988,251,036
Current Assets 18,995,140,061
Current Cash 9,948,474,582
Current Liabilities 11,978,402,301
Current Debt 1,285,849,483
Non-Cash Working Capital (NCWC) -1,645,887,339
Change in NCWC -727,568,777
EBIT 6,541,259,195
Tax Provision 1,727,038,728
Depreciation and Amortization 1,556,735,108
Capital Expenditure -1,666,460,930
Unlevered Free Cash Flow 3,939,307,813
Current Assets 14,248,864,866
Current Cash 4,836,398,148
Current Liabilities 12,194,888,369
Current Debt 1,864,103,088
Non-Cash Working Capital (NCWC) -918,318,562
Change in NCWC -711,305,459
EBIT 6,040,123,910
Tax Provision 1,158,347,210
Depreciation and Amortization 1,518,987,270
Capital Expenditure -1,522,569,787
Unlevered Free Cash Flow 4,159,281,667
Current Assets 12,213,773,049
Current Cash 4,117,025,885
Current Liabilities 10,218,631,463
Current Debt 1,914,871,198
Non-Cash Working Capital (NCWC) -207,013,102
Change in NCWC 552,622,177
EBIT 5,450,992,970
Tax Provision 1,298,056,647
Depreciation and Amortization 1,339,248,030
Capital Expenditure -1,057,245,487
Unlevered Free Cash Flow 4,907,450,573

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