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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 29.738 M - 180.1 M | 79.111 M |
| Discount Rate | 12.3% - 10.3% | 11.3% |
| Fair Value | €0.49 - €11.41 | €3.81 |
| Upside | -93.2% - 57.8% | -47.3% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-24 | ||
| (EUR in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 1,296 | 1,617 | 1,892 | 2,063 | 1,814 | 1,814 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | (111) | 29 | 92 | 108 | 25 | 25 | |
| (+) Net Interest Expense | 3 | 4 | 5 | 14 | 18 | 18 | |
| (+) Other Non Operating Exp. | 4 | (7) | 3 | 11 | (7) | (7) | |
| (+) D&A | 56 | 57 | 56 | 56 | 65 | 65 | |
| (+) Non-recurring Items | 43 | (2) | (0) | (0) | (1) | (1) | |
| Adjusted EBITDA | (6) | 81 | 156 | 189 | 100 | 100 | |
| (-) D&A | (56) | (57) | (56) | (56) | (65) | (65) | |
| Adjusted EBIT | (61) | 24 | 100 | 133 | 35 | 35 | |
| % of Revenue | -4.7% | 1.5% | 5.3% | 6.4% | 1.9% | 1.9% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 0.0% | 1.9% | 6.4% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (EUR in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 243 | 703 | 1,757 | 1,178 | |||
| (+) Cash & Short Term Investments | 62 | 62 | 62 | 62 | |||
| (+) Investments & Other | 51 | 51 | 51 | 51 | |||
| (-) Debt | (288) | (288) | (288) | (288) | |||
| (-) Other Liabilities | 0 | 0 | 0 | 0 | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 68 | 529 | 1,583 | 1,003 | |||
| (/) Shares Outstanding | 138.8 | 138.8 | 138.8 | 138.8 | |||
| Implied Stock Price (EUR) | 0.49 | 3.81 | 11.41 | 7.23 | |||
| FX Rate: EUR/EUR | 1.00 | 1.00 | 1.00 | 1.00 | |||
| Implied Stock Price (EUR) | 0.49 | 3.81 | 11.41 | 7.23 | |||
| Upside / (Downside) | -93.20% | -47.30% | 57.76% | ||||
| Stock Price | 7.23 | ||||||
| Stock Price Close | 7.23 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | EUR | ||||||
| Trading Currency | EUR | ||||||
| FX Rate: EUR/EUR | 1.00 | ||||||
| Market Cap | 1,026.1 | ||||||
| Shares Outstanding | 138.8 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||