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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 66.933 M - 146 M | 115.7 M |
| Discount Rate | 11.0% - 9.0% | 10.0% |
| Fair Value | €8.36 - €22.78 | €16.17 |
| Upside | -58.4% - 13.3% | -19.5% |
| 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 | 587 | 606 | 1,191 | 754 | 693 | 693 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 94 | 100 | 110 | 97 | 108 | 108 | |
| (+) Net Interest Expense | 39 | 37 | 36 | 30 | 26 | 26 | |
| (+) Other Non Operating Exp. | 1 | 0 | 1 | 3 | 0 | 0 | |
| (+) D&A | 166 | 165 | 157 | 153 | 178 | 178 | |
| (+) Non-recurring Items | 0 | (6) | (6) | ||||
| Adjusted EBITDA | 299 | 303 | 305 | 283 | 305 | 305 | |
| (-) D&A | (166) | (165) | (157) | (153) | (178) | (178) | |
| Adjusted EBIT | 133 | 138 | 147 | 130 | 128 | 128 | |
| % of Revenue | 22.7% | 22.8% | 12.4% | 17.2% | 18.4% | 18.4% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 12.4% | 18.4% | 22.8% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (EUR in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 608 | 1,157 | 1,622 | 1,433 | |||
| (+) Cash & Short Term Investments | 1,123 | 1,123 | 1,123 | 1,123 | |||
| (+) Investments & Other | 109 | 109 | 109 | 109 | |||
| (-) Debt | (1,252) | (1,252) | (1,252) | (1,252) | |||
| (-) Other Liabilities | (1) | (1) | (1) | (1) | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 587 | 1,136 | 1,601 | 1,412 | |||
| (/) Shares Outstanding | 70.3 | 70.3 | 70.3 | 70.3 | |||
| Implied Stock Price (EUR) | 8.36 | 16.17 | 22.78 | 20.10 | |||
| FX Rate: EUR/EUR | 1.00 | 1.00 | 1.00 | 1.00 | |||
| Implied Stock Price (EUR) | 8.36 | 16.17 | 22.78 | 20.10 | |||
| Upside / (Downside) | -58.40% | -19.53% | 13.34% | ||||
| Stock Price | 20.10 | ||||||
| Stock Price Close | 20.10 | ||||||
| Restatment Type | Press Release | ||||||
| Reporting Currency | EUR | ||||||
| Trading Currency | EUR | ||||||
| FX Rate: EUR/EUR | 1.00 | ||||||
| Market Cap | 1,299.9 | ||||||
| Shares Outstanding | 70.3 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||