Ocenění akcií společnosti SAP

The bachelor thesis deals with the valuation of shares of SAP SE. The main aim of the thesis is to determine the intrinsic value of one ordinary share of SAP SE as of the valuation date and to compare it with the current market price, based on which an investment recommendation is formulated. The theoretical part defines the basic approaches to business valuation, focusing on the income approach and the discounted cash flow (DCF) method in the FCFF variant. It also describes methods of financial analysis, the calculation of the weighted average cost of capital (WACC), terminal value estimation and sensitivity analysis. Attention is also paid to the specifics of valuing technology companies and to the comparative approach using market multiples. The practical part includes the characteristics of SAP SE, an analysis of the external environment using PESTEL analysis, an analysis of the internal environment using SWOT analysis, and a financial analysis for the selected period. Based on these analyses, a forecast of future development is compiled and a valuation using the DCF method is performed. The thesis also includes a sensitivity analysis and a comparative valuation using market multiples. The results are discussed and an investment recommendation is formulated.