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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 196 M - 362.3 M | 295.8 M |
| Discount Rate | 11.3% - 9.3% | 10.3% |
| Fair Value | $70.55 - $162.96 | $119.15 |
| Upside | -23.3% - 77.1% | 29.5% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-24 | ||
| (EUR in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 2,332 | 2,925 | 3,783 | 4,069 | 4,143 | 4,143 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 135 | 287 | 595 | 320 | 280 | 280 | |
| (+) Net Interest Expense | 2 | 3 | 4 | (2) | |||
| (+) Other Non Operating Exp. | (18) | (1) | (7) | 1 | (3) | (3) | |
| (+) D&A | 16 | 15 | 18 | 21 | 94 | 94 | |
| (+) Non-recurring Items | 15 | 11 | (204) | 30 | 79 | 79 | |
| Adjusted EBITDA | 150 | 314 | 407 | 371 | 451 | 451 | |
| (-) D&A | (16) | (15) | (18) | (21) | (94) | (94) | |
| Adjusted EBIT | 134 | 299 | 389 | 350 | 356 | 356 | |
| % of Revenue | 5.8% | 10.2% | 10.3% | 8.6% | 8.6% | 8.6% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 5.8% | 8.6% | 10.3% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (EUR in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 1,742 | 2,886 | 3,917 | 2,247 | |||
| (+) Cash & Short Term Investments | 288 | 288 | 288 | 288 | |||
| (+) Investments & Other | 1 | 1 | 1 | 1 | |||
| (-) Debt | (371) | (371) | (371) | (371) | |||
| (-) Other Liabilities | 0 | 0 | 0 | 0 | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 1,660 | 2,804 | 3,835 | 2,165 | |||
| (/) Shares Outstanding | 25.5 | 25.5 | 25.5 | 25.5 | |||
| Implied Stock Price (EUR) | 65.17 | 110.07 | 150.54 | 84.99 | |||
| FX Rate: EUR/USD | 0.92 | 0.92 | 0.92 | 0.92 | |||
| Implied Stock Price (USD) | 70.55 | 119.15 | 162.96 | 92.00 | |||
| Upside / (Downside) | -23.31% | 29.51% | 77.13% | ||||
| Stock Price | 92.00 | ||||||
| Stock Price Close | 92.00 | ||||||
| Restatment Type | Press Release | ||||||
| Reporting Currency | EUR | ||||||
| Trading Currency | USD | ||||||
| FX Rate: EUR/USD | 0.92 | ||||||
| Market Cap | 3,437.6 | ||||||
| Shares Outstanding | 34.8 | ||||||
| Share Exchange Ratio | 0.7 | ||||||
| Liquid Long-term Investments | 0 | ||||||