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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 738.3 M - 2.618 B | 1.737 B |
| Discount Rate | 10.5% - 8.5% | 9.5% |
| Fair Value | €14.45 - €143.74 | €75.65 |
| Upside | -81.7% - 82.1% | -4.1% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Mar-25 | ||
| (USD in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 4,124 | 6,538 | 11,186 | 6,631 | 5,936 | 6,129 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 463 | 1,543 | 5,095 | 2,248 | 1,762 | 1,899 | |
| (+) Net Interest Expense | 161 | 183 | 279 | (8) | (2) | 11 | |
| (+) Other Non Operating Exp. | (6) | (60) | (65) | 9 | (4) | (3) | |
| (+) D&A | 892 | 888 | 850 | 869 | 925 | 893 | |
| (+) Non-recurring Items | (22) | 514 | 262 | 14 | (31) | (15) | |
| Adjusted EBITDA | 1,488 | 3,068 | 6,421 | 3,132 | 2,650 | 2,785 | |
| (-) D&A | (892) | (888) | (850) | (869) | (925) | (893) | |
| Adjusted EBIT | 596 | 2,180 | 5,571 | 2,263 | 1,725 | 1,892 | |
| % of Revenue | 14.5% | 33.3% | 49.8% | 34.1% | 29.1% | 30.9% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 14.5% | 33.3% | 49.8% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (USD in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 7,031 | 18,282 | 30,800 | 18,884 | |||
| (+) Cash & Short Term Investments | 1,406 | 1,406 | 1,406 | 1,406 | |||
| (+) Investments & Other | 33 | 33 | 33 | 33 | |||
| (-) Debt | (3,296) | (3,296) | (3,296) | (3,296) | |||
| (-) Other Liabilities | (2,517) | (2,517) | (2,517) | (2,517) | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 2,657 | 13,908 | 26,426 | 14,510 | |||
| (/) Shares Outstanding | 162.0 | 162.0 | 162.0 | 162.0 | |||
| Implied Stock Price (USD) | 16.40 | 85.84 | 163.11 | 89.56 | |||
| FX Rate: USD/EUR | 1.13 | 1.13 | 1.13 | 1.13 | |||
| Implied Stock Price (EUR) | 14.45 | 75.65 | 143.74 | 78.92 | |||
| Upside / (Downside) | -81.69% | -4.15% | 82.13% | ||||
| Stock Price | 78.92 | ||||||
| Stock Price Close | 78.92 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | USD | ||||||
| Trading Currency | EUR | ||||||
| FX Rate: USD/EUR | 1.13 | ||||||
| Market Cap | 12,864.4 | ||||||
| Shares Outstanding | 162.0 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||