This seemed at first to be a very straight forward topic, but it turns out to be more complex than I thought.
My player, Cambridge 751bd, when playing a SACD, sends a PCM signal to my tv via the HDMI, unless I select the multi channel track. However, what I hear is the DSD signal decoded by the player's internal DAC and fed to my pre-amp via the dedicated stereo analog outputs.
So I support Dougmc's statement regarding stereo, however (I am not sure about this) but I believe that my player will decode the multi channel SACD track and send the signal to multi channel analog outputs. The unit has 5 Wolfsen DACs in it.