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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 23.377 M - 202.2 M | 50.142 M |
| Discount Rate | 10.0% - 8.0% | 9.0% |
| Fair Value | €0.19 - €13.33 | €2.05 |
| Upside | -94.6% - 268.0% | -43.5% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-24 | ||
| (USD in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 20 | 50 | 110 | 164 | 203 | 203 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | (91) | (123) | (96) | (64) | (57) | (57) | |
| (+) Net Interest Expense | 9 | 6 | 12 | 22 | 25 | 25 | |
| (+) Other Non Operating Exp. | 0 | 1 | (2) | (0) | (0) | (0) | |
| (+) D&A | 1 | 2 | 12 | 12 | 12 | 12 | |
| (+) Non-recurring Items | 1 | 10 | 4 | (2) | 4 | 4 | |
| Adjusted EBITDA | (80) | (104) | (70) | (32) | (15) | (15) | |
| (-) D&A | (1) | (2) | (12) | (12) | (12) | (12) | |
| Adjusted EBIT | (82) | (105) | (82) | (44) | (28) | (28) | |
| % of Revenue | -399.1% | -212.7% | -74.3% | -26.8% | -13.6% | -13.6% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 0.0% | 0.0% | 0.0% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (USD in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 234 | 557 | 2,527 | 832 | |||
| (+) Cash & Short Term Investments | 72 | 72 | 72 | 72 | |||
| (+) Investments & Other | 0 | 0 | 0 | 0 | |||
| (-) Debt | (271) | (271) | (271) | (271) | |||
| (-) Other Liabilities | 0 | 0 | 0 | 0 | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 34 | 357 | 2,327 | 632 | |||
| (/) Shares Outstanding | 153.9 | 153.9 | 153.9 | 153.9 | |||
| Implied Stock Price (USD) | 0.22 | 2.32 | 15.12 | 4.11 | |||
| FX Rate: USD/EUR | 1.13 | 1.13 | 1.13 | 1.13 | |||
| Implied Stock Price (EUR) | 0.19 | 2.05 | 13.33 | 3.62 | |||
| Upside / (Downside) | -94.63% | -43.51% | 268.01% | ||||
| Stock Price | 3.62 | ||||||
| Stock Price Close | 3.62 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | USD | ||||||
| Trading Currency | EUR | ||||||
| FX Rate: USD/EUR | 1.13 | ||||||
| Market Cap | 564.6 | ||||||
| Shares Outstanding | 153.9 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||