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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 3.116 M - 9.325 M | 5.062 M |
| Discount Rate | 10.0% - 8.0% | 9.0% |
| Fair Value | €1.11 - €3.39 | €1.78 |
| Upside | -22.9% - 135.7% | 23.7% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Mar-25 | ||
| (EUR in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 42 | 44 | 55 | 60 | 64 | 63 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | (1) | 1 | (2) | (21) | (19) | (21) | |
| (+) Net Interest Expense | 0 | 0 | (0) | (1) | (1) | (0) | |
| (+) Other Non Operating Exp. | 1 | (2) | (2) | 2 | (1) | (0) | |
| (+) D&A | 2 | 2 | 2 | 2 | 3 | 3 | |
| (+) Non-recurring Items | (0) | 3 | |||||
| Adjusted EBITDA | 2 | 0 | (3) | (14) | (18) | (19) | |
| (-) D&A | (2) | (2) | (2) | (2) | (3) | (3) | |
| Adjusted EBIT | 0 | (2) | (4) | (16) | (21) | (22) | |
| % of Revenue | 0.6% | -3.7% | -7.7% | -27.2% | -32.0% | -34.6% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 0.0% | 0.0% | 0.6% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (EUR in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 31 | 56 | 117 | 44 | |||
| (+) Cash & Short Term Investments | 23 | 23 | 23 | 23 | |||
| (+) Investments & Other | 0 | 0 | 0 | 0 | |||
| (-) Debt | (12) | (12) | (12) | (12) | |||
| (-) Other Liabilities | 0 | 0 | 0 | 0 | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 42 | 67 | 127 | 54 | |||
| (/) Shares Outstanding | 37.4 | 37.4 | 37.4 | 37.4 | |||
| Implied Stock Price (EUR) | 1.11 | 1.78 | 3.39 | 1.44 | |||
| FX Rate: EUR/EUR | 1.00 | 1.00 | 1.00 | 1.00 | |||
| Implied Stock Price (EUR) | 1.11 | 1.78 | 3.39 | 1.44 | |||
| Upside / (Downside) | -22.92% | 23.66% | 135.68% | ||||
| Stock Price | 1.44 | ||||||
| Stock Price Close | 1.44 | ||||||
| Restatment Type | Press Release | ||||||
| Reporting Currency | EUR | ||||||
| Trading Currency | EUR | ||||||
| FX Rate: EUR/EUR | 1.00 | ||||||
| Market Cap | 58.3 | ||||||
| Shares Outstanding | 37.4 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||