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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 760.9 M - 1.366 B | 1.117 B |
| Discount Rate | 11.3% - 9.3% | 10.3% |
| Fair Value | €42.49 - €88.92 | €66.49 |
| Upside | -26.8% - 53.3% | 14.6% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Sep-20 | Sep-21 | Sep-22 | Sep-23 | Sep-24 | Dec-24 | ||
| (USD in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 3,356 | 5,109 | 5,486 | 4,772 | 4,178 | 4,045 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 892 | 1,599 | 1,477 | 1,079 | 636 | 575 | |
| (+) Net Interest Expense | 13 | 48 | 64 | 31 | 28 | ||
| (+) Other Non Operating Exp. | 0 | 1 | 3 | (18) | (30) | (42) | |
| (+) D&A | 330 | 368 | 493 | 421 | 266 | 269 | |
| (+) Non-recurring Items | 14 | 9 | 31 | 28 | 150 | 135 | |
| Adjusted EBITDA | 1,236 | 1,990 | 2,051 | 1,574 | 1,053 | 965 | |
| (-) D&A | (330) | (368) | (493) | (421) | (266) | (269) | |
| Adjusted EBIT | 906 | 1,622 | 1,558 | 1,153 | 787 | 696 | |
| % of Revenue | 27.0% | 31.7% | 28.4% | 24.2% | 18.8% | 17.2% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 18.8% | 27.0% | 31.7% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (USD in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 6,763 | 10,901 | 14,769 | 9,439 | |||
| (+) Cash & Short Term Investments | 1,739 | 1,739 | 1,739 | 1,739 | |||
| (+) Investments & Other | 16 | 16 | 16 | 16 | |||
| (-) Debt | (1,193) | (1,193) | (1,193) | (1,193) | |||
| (-) Other Liabilities | 0 | 0 | 0 | 0 | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 7,325 | 11,463 | 15,330 | 10,001 | |||
| (/) Shares Outstanding | 153.6 | 153.6 | 153.6 | 153.6 | |||
| Implied Stock Price (USD) | 47.70 | 74.64 | 99.82 | 65.12 | |||
| FX Rate: USD/EUR | 1.12 | 1.12 | 1.12 | 1.12 | |||
| Implied Stock Price (EUR) | 42.49 | 66.49 | 88.92 | 58.01 | |||
| Upside / (Downside) | -26.76% | 14.62% | 53.29% | ||||
| Stock Price | 58.01 | ||||||
| Stock Price Close | 58.01 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | USD | ||||||
| Trading Currency | EUR | ||||||
| FX Rate: USD/EUR | 1.12 | ||||||
| Market Cap | 9,149.5 | ||||||
| Shares Outstanding | 153.6 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||