DDM Analysis: SAP.DE

Valuation Snapshot

Stable Growth	$199.24 - $1,109.41	$363.14
Multi-Stage	$134.50 - $147.14	$140.71
Blended Fair Value	$251.92
Current Price	$258.15
Upside	-2.41%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.46%	7.95%	2.18	2.04	2.44	1.86	1.59	1.52	1.42	1.27	1.17	1.12
YoY Growth	-	-	7.10%	-16.40%	31.30%	17.06%	4.13%	7.12%	11.47%	8.78%	4.71%	10.22%
Dividend Yield	-	-	0.89%	1.15%	2.10%	1.84%	1.52%	1.48%	1.38%	1.50%	1.27%	1.57%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7,082.00
(-) Cash Dividends Paid (M)	2,743.00
(=) Cash Retained (M)	4,339.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,416.40	885.25	531.15
Cash Retained (M)	4,339.00	4,339.00	4,339.00
(-) Cash Required (M)	-1,416.40	-885.25	-531.15
(=) Excess Retained (M)	2,922.60	3,453.75	3,807.85
(/) Shares Outstanding (M)	1,175.73	1,175.73	1,175.73
(=) Excess Retained per Share	2.49	2.94	3.24
LTM Dividend per Share	2.33	2.33	2.33
(+) Excess Retained per Share	2.49	2.94	3.24
(=) Adjusted Dividend	4.82	5.27	5.57
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	4.89%	5.89%	6.89%
Fair Value	$199.24	$363.14	$1,109.41
Upside / Downside	-22.82%	40.67%	329.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7,082.00	7,498.83	7,940.19	8,407.52	8,902.37	9,426.33	9,709.12
Payout Ratio	38.73%	48.99%	59.24%	69.49%	79.75%	90.00%	92.50%
Projected Dividends (M)	2,743.00	3,673.34	4,703.70	5,842.62	7,099.32	8,483.70	8,980.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	4.89%	5.89%	6.89%
Year 1 PV (M)	3,387.23	3,419.53	3,451.82
Year 2 PV (M)	3,999.51	4,076.14	4,153.50
Year 3 PV (M)	4,580.98	4,713.26	4,848.07
Year 4 PV (M)	5,132.76	5,331.32	5,535.59
Year 5 PV (M)	5,655.92	5,930.74	6,216.13
PV of Terminal Value (M)	135,384.68	141,962.84	148,794.25
Equity Value (M)	158,141.10	165,433.84	172,999.36
Shares Outstanding (M)	1,175.73	1,175.73	1,175.73
Fair Value	$134.50	$140.71	$147.14
Upside / Downside	-47.90%	-45.49%	-43.00%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 9 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
ATLO	Ames National Corporation	3.84%	$0.87	48.60%
FRME	First Merchants Corporation	3.83%	$1.44	35.39%
PCAR	PACCAR Inc	3.83%	$4.27	83.66%
0HJO.L	AvalonBay Communities, Inc.	3.82%	$6.86	84.26%
FE	FirstEnergy Corp.	3.82%	$1.73	75.49%
LXFR	Luxfer Holdings PLC	3.81%	$0.52	98.38%
LCII	LCI Industries	3.80%	$4.72	64.48%
NEN	New England Realty Associates Limited Partnership	3.78%	$2.44	73.23%
PAYX	Paychex, Inc.	3.78%	$4.10	91.97%
RGCO	RGC Resources, Inc.	3.78%	$0.81	63.02%
UBSI	United Bankshares, Inc.	3.78%	$1.45	48.05%
SLVM	Sylvamo Corporation	3.77%	$1.80	41.11%
CAC	Camden National Corporation	3.75%	$1.61	47.99%
ARCH	Arch Resources, Inc.	3.74%	$5.04	50.87%
USB	U.S. Bancorp	3.74%	$2.02	43.68%
WSR	Whitestone REIT	3.74%	$0.52	60.32%
FDBC	Fidelity D & D Bancorp, Inc.	3.73%	$1.61	35.71%
WNC	Wabash National Corporation	3.73%	$0.33	5.38%
VLY	Valley National Bancorp	3.72%	$0.43	47.26%
GHLD	Guild Holdings Company	3.71%	$0.74	36.91%
FNF	Fidelity National Financial, Inc.	3.69%	$2.00	46.79%
IPAR	Inter Parfums, Inc.	3.68%	$3.15	61.47%
WSBF	Waterstone Financial, Inc.	3.68%	$0.61	45.57%
AROW	Arrow Financial Corporation	3.66%	$1.15	54.67%
ASIX	AdvanSix Inc.	3.66%	$0.63	32.72%
ASRV	AmeriServ Financial, Inc.	3.66%	$0.12	78.81%
CVGW	Calavo Growers, Inc.	3.66%	$0.80	71.92%
OXY	Occidental Petroleum Corporation	3.65%	$1.55	75.62%
FMAO	Farmers & Merchants Bancorp, Inc.	3.64%	$0.89	37.59%
LNKB	LINKBANCORP, Inc.	3.64%	$0.30	29.21%
BHRB	Burke & Herbert Bank & Trust Company	3.63%	$2.24	31.71%
EOG	EOG Resources, Inc.	3.63%	$3.90	38.34%
FITB	Fifth Third Bancorp	3.61%	$1.72	47.89%
LNC	Lincoln National Corporation	3.61%	$1.63	14.98%
MCBS	MetroCity Bankshares, Inc.	3.61%	$0.95	36.60%
OZK	Bank OZK	3.61%	$1.70	26.69%
PCB	PCB Bancorp	3.61%	$0.78	31.72%
SFD	SMITHFIELD FOODS INC	3.60%	$0.80	36.46%
0HOB.L	H&R Block, Inc.	3.59%	$1.54	33.12%
ASB	Associated Banc-Corp	3.59%	$0.92	87.56%
PLOW	Douglas Dynamics, Inc.	3.59%	$1.18	66.47%
EXC	Exelon Corporation	3.58%	$1.57	56.50%
MC	Moelis & Company	3.58%	$2.55	85.89%
TIPT	Tiptree Inc.	3.57%	$0.64	49.10%
BPRN	Princeton Bancorp, Inc.	3.56%	$1.20	46.56%
EVRG	Evergy, Inc.	3.56%	$2.60	71.71%
CZFS	Citizens Financial Services, Inc.	3.55%	$1.97	27.82%
CNO-PA	CNO Financial Group, Inc. 5.125	3.54%	$0.67	22.53%
NBTB	NBT Bancorp Inc.	3.54%	$1.47	46.30%
0JQQ.L	Archer-Daniels-Midland Company	3.53%	$2.03	82.76%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Mode

Ticker

Industry

Sector

SAP SE (SAP.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener