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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 167.9 M - 387 M | 289 M |
| Discount Rate | 10.3% - 8.3% | 9.3% |
| Fair Value | €54.38 - €128.51 | €90.47 |
| Upside | -25.5% - 76.0% | 23.9% |
| 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 | 4,287 | 4,973 | 5,939 | 6,486 | 6,581 | 6,581 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 189 | 168 | 245 | 225 | 126 | 126 | |
| (+) Net Interest Expense | 5 | 5 | 5 | (6) | (9) | (9) | |
| (+) Other Non Operating Exp. | |||||||
| (+) D&A | 22 | 28 | 28 | 29 | 31 | 31 | |
| (+) Non-recurring Items | |||||||
| Adjusted EBITDA | 217 | 201 | 278 | 248 | 148 | 148 | |
| (-) D&A | (22) | (28) | (28) | (29) | (31) | (31) | |
| Adjusted EBIT | 195 | 173 | 250 | 219 | 117 | 117 | |
| % of Revenue | 4.5% | 3.5% | 4.2% | 3.4% | 1.8% | 1.8% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 1.8% | 3.5% | 4.5% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (USD in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 1,638 | 3,124 | 4,690 | 2,405 | |||
| (+) Cash & Short Term Investments | 1,055 | 1,055 | 1,055 | 1,055 | |||
| (+) Investments & Other | 0 | 0 | 0 | 0 | |||
| (-) Debt | (454) | (454) | (454) | (454) | |||
| (-) Other Liabilities | 0 | 0 | 0 | 0 | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 2,239 | 3,725 | 5,291 | 3,006 | |||
| (/) Shares Outstanding | 37.2 | 37.2 | 37.2 | 37.2 | |||
| Implied Stock Price (USD) | 60.14 | 100.05 | 142.13 | 80.73 | |||
| FX Rate: USD/EUR | 1.11 | 1.11 | 1.11 | 1.11 | |||
| Implied Stock Price (EUR) | 54.38 | 90.47 | 128.51 | 73.00 | |||
| Upside / (Downside) | -25.50% | 23.93% | 76.05% | ||||
| Stock Price | 73.00 | ||||||
| Stock Price Close | 73.00 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | USD | ||||||
| Trading Currency | EUR | ||||||
| FX Rate: USD/EUR | 1.11 | ||||||
| Market Cap | 2,640.9 | ||||||
| Shares Outstanding | 37.2 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||