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SAP SE (BUD:SAP) Cyclically Adjusted FCF per Share : Ft1,573.31 (As of Mar. 2024)


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What is SAP SE Cyclically Adjusted FCF per Share?

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted FCF per Share and the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years.

SAP SE's adjusted free cash flow per share for the three months ended in Mar. 2024 was Ft838.898. Add all the adjusted free cash flow per share for the past 10 years together and divide the count will get our Cyclically Adjusted FCF per Share, which is Ft1,573.31 for the trailing ten years ended in Mar. 2024.

During the past 12 months, SAP SE's average Cyclically Adjusted FCF Growth Rate was 6.10% per year. During the past 3 years, the average Cyclically Adjusted FCF Growth Rate was 9.10% per year. During the past 5 years, the average Cyclically Adjusted FCF Growth Rate was 8.10% per year. During the past 10 years, the average Cyclically Adjusted FCF Growth Rate was 6.70% per year. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Cyclically Adjusted FCF Growth Rate using Cyclically Adjusted FCF per Share data.

During the past 13 years, the highest 3-Year average Cyclically Adjusted FCF Growth Rate of SAP SE was 10.30% per year. The lowest was 4.20% per year. And the median was 7.20% per year.

As of today (2024-05-25), SAP SE's current stock price is Ft66000.00. SAP SE's Cyclically Adjusted FCF per Share for the quarter that ended in Mar. 2024 was Ft1,573.31. SAP SE's Cyclically Adjusted Price-to-FCF of today is 41.95.

During the past 13 years, the highest Cyclically Adjusted Price-to-FCF of SAP SE was 47.22. The lowest was 23.09. And the median was 32.97.


SAP SE Cyclically Adjusted FCF per Share Historical Data

The historical data trend for SAP SE's Cyclically Adjusted FCF per Share can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

SAP SE Cyclically Adjusted FCF per Share Chart

SAP SE Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Cyclically Adjusted FCF per Share
Get a 7-Day Free Trial Premium Member Only Premium Member Only - - - - 1,501.42

SAP SE Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
Cyclically Adjusted FCF per Share Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1,411.72 1,392.56 1,542.12 1,501.42 1,573.31

Competitive Comparison of SAP SE's Cyclically Adjusted FCF per Share

For the Software - Application subindustry, SAP SE's Cyclically Adjusted Price-to-FCF, along with its competitors' market caps and Cyclically Adjusted Price-to-FCF data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


SAP SE's Cyclically Adjusted Price-to-FCF Distribution in the Software Industry

For the Software industry and Technology sector, SAP SE's Cyclically Adjusted Price-to-FCF distribution charts can be found below:

* The bar in red indicates where SAP SE's Cyclically Adjusted Price-to-FCF falls into.



SAP SE Cyclically Adjusted FCF per Share Calculation

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted FCF per Share and the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years.

What is Cyclically Adjusted FCF per Share? How do we calculate Cyclically Adjusted FCF per Share?

Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years. Let's use an example to explain.

If we want to calculate the Cyclically Adjusted FCF per Share of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the free cash flow per share from 2001 through 2010.

We adjusted the 2001 free cash flow per share data with the total inflation from 2001 through 2010 to the equivalent free cash flow in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart's free cash flow is $1 a share in 2001, then the 2001's equivalent free cash flow in 2010 is $1.4 a share. If Wal-Mart's free cash flow is $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 free cash flow in 2010 is $1.35. So on and so forth, you get the equivalent free cash flow per share of past 10 years. Then you add them together and divided the sum by the count to get Cyclically Adjusted FCF per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

For example, SAP SE's adjusted Free Cash Flow per Share data for the three months ended in Mar. 2024 was:

Adj_FreeCashFlowPerShare= Free Cash Flow per Share /CPI of Mar. 2024 (Change)*Current CPI (Mar. 2024)
=838.898/125.0381*125.0381
=838.898

Current CPI (Mar. 2024) = 125.0381.

SAP SE Quarterly Data

Free Cash Flow per Share CPI Adj_FreeCashFlowPerShare
201406 19.693 99.543 24.737
201409 129.110 99.823 161.724
201412 55.392 99.543 69.579
201503 712.310 99.717 893.190
201506 90.222 100.417 112.344
201509 105.812 100.417 131.756
201512 58.447 99.717 73.289
201603 760.931 100.017 951.295
201606 66.691 100.717 82.796
201609 148.145 101.017 183.373
201612 207.144 101.217 255.895
201703 814.829 101.417 1,004.612
201706 107.412 102.117 131.522
201709 91.234 102.717 111.060
201712 213.185 102.617 259.764
201803 786.123 102.917 955.091
201806 4.850 104.017 5.830
201809 59.860 104.718 71.476
201812 171.038 104.217 205.208
201903 818.230 104.217 981.697
201906 -101.190 105.718 -119.683
201909 154.798 106.018 182.570
201912 21.087 105.818 24.917
202003 870.817 105.718 1,029.964
202006 210.847 106.618 247.275
202009 412.791 105.818 487.770
202012 707.289 105.518 838.136
202103 1,048.036 107.518 1,218.815
202106 178.223 108.486 205.416
202109 345.941 109.435 395.266
202112 378.031 110.384 428.219
202203 752.064 113.968 825.114
202206 22.954 115.760 24.794
202209 171.243 118.818 180.208
202212 591.484 119.345 619.700
202303 683.570 122.402 698.289
202306 229.833 123.140 233.375
202309 302.613 124.195 304.668
202312 580.303 123.773 586.235
202403 838.898 125.038 838.898

Add all the adjusted free cash flow per share together and divide 10 will get our Cyclically Adjusted FCF per Share.


SAP SE  (BUD:SAP) Cyclically Adjusted FCF per Share Explanation

If a company grows much fast than inflation, Cyclically Adjusted FCF per Share may underestimate the company's free cash flow. Cyclically Adjusted Price-to-FCF can seem to be too high even the actual Price-to-Free-Cash-Flow is low.

For the Cyclically Adjusted Price-to-FCF, the free cash flow per share of the past 10 years are inflation-adjusted and averaged. The result is used for P/FCF calculation. Since it looks at the average over the last 10 years, the Cyclically Adjusted Price-to-FCF is also called CAPFCF Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted free cash flow per share of a company over the past 10 years.

SAP SE's Cyclically Adjusted Price-to-FCF of today is calculated as

Cyclically Adjusted Price-to-FCF=Share Price/Cyclically Adjusted FCF per Share
=66000.00/1573.31
=41.95

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

During the past 13 years, the highest Cyclically Adjusted Price-to-FCF of SAP SE was 47.22. The lowest was 23.09. And the median was 32.97.


Be Aware

Cyclically Adjusted Price-to-FCF works better for cyclical companies. It gives you a better idea on the company's real free cash flow value.


SAP SE Cyclically Adjusted FCF per Share Related Terms

Thank you for viewing the detailed overview of SAP SE's Cyclically Adjusted FCF per Share provided by GuruFocus.com. Please click on the following links to see related term pages.


SAP SE (BUD:SAP) Business Description

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Founded in 1972 by former IBM employees, SAP provides database technology and enterprise resource planning software to enterprises around the world. Across more than 180 countries, the company serves 440,000 customers, approximately 80% of which are small- to medium-size enterprises.