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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 1.231 B - 1.802 B | 1.378 B |
| Discount Rate | 10.0% - 8.0% | 9.0% |
| Fair Value | €15.29 - €45.92 | €24.27 |
| Upside | -50.7% - 48.1% | -21.7% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Jul-20 | Jul-21 | Jul-22 | Jul-23 | Jul-24 | Jan-25 | ||
| (USD in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 8,691 | 8,476 | 8,562 | 9,357 | 9,636 | 10,119 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 766 | 1,336 | 975 | 1,128 | 757 | 707 | |
| (+) Net Interest Expense | 341 | 209 | 188 | 184 | 243 | 312 | |
| (+) Other Non Operating Exp. | |||||||
| (+) D&A | 328 | 317 | 337 | 380 | 384 | 411 | |
| (+) Non-recurring Items | 182 | 64 | 31 | 105 | 399 | 437 | |
| Adjusted EBITDA | 1,617 | 1,926 | 1,531 | 1,797 | 1,783 | 1,867 | |
| (-) D&A | (328) | (317) | (337) | (380) | (384) | (411) | |
| Adjusted EBIT | 1,289 | 1,609 | 1,194 | 1,417 | 1,399 | 1,456 | |
| % of Revenue | 14.8% | 19.0% | 13.9% | 15.1% | 14.5% | 14.4% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 13.9% | 14.8% | 19.0% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (USD in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 12,312 | 15,308 | 22,527 | 17,552 | |||
| (+) Cash & Short Term Investments | 829 | 829 | 829 | 829 | |||
| (+) Investments & Other | 0 | 0 | 0 | 0 | |||
| (-) Debt | (8,039) | (8,039) | (8,039) | (8,039) | |||
| (-) Other Liabilities | (2) | (2) | (2) | (2) | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 5,100 | 8,096 | 15,315 | 10,340 | |||
| (/) Shares Outstanding | 298.2 | 298.2 | 298.2 | 298.2 | |||
| Implied Stock Price (USD) | 17.10 | 27.15 | 51.36 | 34.68 | |||
| FX Rate: USD/EUR | 1.12 | 1.12 | 1.12 | 1.12 | |||
| Implied Stock Price (EUR) | 15.29 | 24.27 | 45.92 | 31.00 | |||
| Upside / (Downside) | -50.67% | -21.70% | 48.12% | ||||
| Stock Price | 31.00 | ||||||
| Stock Price Close | 31.00 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | USD | ||||||
| Trading Currency | EUR | ||||||
| FX Rate: USD/EUR | 1.12 | ||||||
| Market Cap | 9,468.7 | ||||||
| Shares Outstanding | 298.2 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||