SAP

SAP — Valuation Models

Interactive models with editable assumptions. All calculations run client-side.

Valuation Summary

ModelIntrinsic Valuevs Price ($201.53)
DCF$129.59-35.7%
Graham Number$86.56-57.0%
Reverse DCFimplied g: 12.7%
DDM$61.18-69.6%
EV/EBITDA$202.46+0.5%

Values reflect default assumptions. Adjust inputs in each model below to update.

1 — Discounted Cash Flow (DCF)

Assumptions

Yahoo: $8.48B
Rev: 3.3% / EPS: 5.0%
Default: 9% (no SEC data)

Results

Intrinsic Value / share$129.59
Current Price$201.53
Upside / Downside-35.7%
Net Debt (used)-$2.06B
Sensitivity: WACC (rows) × Near-term g (cols)
WACC \ Near-term-3.0%1.0%5.0%9.0%13.0%
7.0%$130.69$156.76$187.09$222.19$262.63
8.0%$107.75$128.73$153.11$181.28$213.69
9.0%$91.85$109.33$129.59$152.98$179.86
10.0%$80.18$95.09$112.35$132.25$155.09
11.0%$71.25$84.20$99.18$116.42$136.19

2 — Graham Number

Assumptions

Graham used 22.5 (15× P/E × 1.5× P/B)
Yahoo: $7.38
Yahoo: $45.13

Results

Graham Number$86.56
Current Price$201.53
Margin of Safety-57.0%
Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

Default: 9% (no SEC data)

Results

Current Price$201.53
Implied Near-term FCF Growth12.7%
Historical Revenue Growth3.3%
Historical Earnings Growth5.0%
Base FCF (TTM)$8.48B
Implied growth is the FCF growth rate (yrs 1–5) that makes the DCF intrinsic value equal the current price. Long-term growth is set to half the implied near-term rate.

4 — Dividend Discount Model (DDM)

Assumptions

Yahoo: $2.97

Results

DDM Intrinsic Value / share$61.18
Current Price$201.53
Upside / Downside-69.6%
Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

Yahoo: $11.23B
Current: 20.8×
Default: -$2.06B

Results

Implied Equity Value / share$202.46
Current Price$201.53
Upside / Downside+0.5%
Implied EV$233.72B
Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)
Mult \ Net Debt-$4.06B-$3.06B-$2.06B-$1.06B-$62.00M
16.8x$165.59$164.73$163.87$163.02$162.16
18.8x$184.88$184.03$183.17$182.31$181.45
20.8x$204.18$203.32$202.46$201.60$200.74
22.8x$223.47$222.61$221.75$220.89$220.03
24.8x$242.76$241.90$241.04$240.19$239.33