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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 172.2 M - 571 M | 375.4 M |
| Discount Rate | 11.8% - 9.8% | 10.8% |
| Fair Value | €1.51 - €19.13 | €9.64 |
| Upside | -86.1% - 76.3% | -11.1% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Mar-25 | ||
| (EUR in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 4,671 | 6,708 | 8,716 | 6,616 | 5,416 | 5,486 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 130 | 765 | 831 | 355 | 341 | 298 | |
| (+) Net Interest Expense | 38 | 42 | 37 | 21 | 17 | 42 | |
| (+) Other Non Operating Exp. | (6) | 2 | 8 | (3) | (10) | (10) | |
| (+) D&A | 176 | 170 | 182 | 162 | 150 | 158 | |
| (+) Non-recurring Items | 60 | (2) | 204 | 178 | (143) | (143) | |
| Adjusted EBITDA | 399 | 978 | 1,262 | 714 | 355 | 345 | |
| (-) D&A | (176) | (170) | (182) | (162) | (150) | (158) | |
| Adjusted EBIT | 222 | 807 | 1,079 | 552 | 205 | 187 | |
| % of Revenue | 4.8% | 12.0% | 12.4% | 8.3% | 3.8% | 3.4% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 3.8% | 8.3% | 12.4% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (EUR in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 1,465 | 3,492 | 5,857 | 3,793 | |||
| (+) Cash & Short Term Investments | 1,191 | 1,191 | 1,191 | 1,191 | |||
| (+) Investments & Other | 0 | 0 | 0 | 0 | |||
| (-) Debt | (2,279) | (2,279) | (2,279) | (2,279) | |||
| (-) Other Liabilities | 0 | 0 | 0 | 0 | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 377 | 2,404 | 4,769 | 2,705 | |||
| (/) Shares Outstanding | 249.3 | 249.3 | 249.3 | 249.3 | |||
| Implied Stock Price (EUR) | 1.51 | 9.64 | 19.13 | 10.85 | |||
| FX Rate: EUR/EUR | 1.00 | 1.00 | 1.00 | 1.00 | |||
| Implied Stock Price (EUR) | 1.51 | 9.64 | 19.13 | 10.85 | |||
| Upside / (Downside) | -86.05% | -11.13% | 76.28% | ||||
| Stock Price | 10.85 | ||||||
| Stock Price Close | 10.85 | ||||||
| Restatment Type | Press Release | ||||||
| Reporting Currency | EUR | ||||||
| Trading Currency | EUR | ||||||
| FX Rate: EUR/EUR | 1.00 | ||||||
| Market Cap | 2,697.5 | ||||||
| Shares Outstanding | 249.3 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||