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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 22.284 M - 72.551 M | 36.827 M |
| Discount Rate | 10.3% - 8.3% | 9.3% |
| Fair Value | €12.73 - €57.31 | €24.90 |
| Upside | -64.5% - 59.6% | -30.6% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Dec-19 | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Jun-24 | ||
| (EUR in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 214 | 192 | 262 | 399 | 442 | 479 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 10 | 17 | 23 | 66 | 88 | 77 | |
| (+) Net Interest Expense | 1 | 1 | 1 | 1 | 0 | (0) | |
| (+) Other Non Operating Exp. | (2) | (2) | (1) | (9) | (17) | (12) | |
| (+) D&A | 17 | 15 | 15 | 15 | 19 | 21 | |
| (+) Non-recurring Items | 4 | 1 | 0 | 8 | 8 | ||
| Adjusted EBITDA | 30 | 32 | 38 | 74 | 98 | 94 | |
| (-) D&A | (17) | (15) | (15) | (15) | (19) | (21) | |
| Adjusted EBIT | 13 | 16 | 23 | 58 | 79 | 73 | |
| % of Revenue | 6.1% | 8.5% | 8.9% | 14.7% | 18.0% | 15.3% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 6.1% | 8.9% | 18.0% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (EUR in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 217 | 398 | 879 | 562 | |||
| (+) Cash & Short Term Investments | 49 | 49 | 49 | 49 | |||
| (+) Investments & Other | 18 | 18 | 18 | 18 | |||
| (-) Debt | (87) | (87) | (87) | (87) | |||
| (-) Other Liabilities | (8) | (8) | (8) | (8) | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 189 | 370 | 851 | 533 | |||
| (/) Shares Outstanding | 14.9 | 14.9 | 14.9 | 14.9 | |||
| Implied Stock Price (EUR) | 12.73 | 24.90 | 57.31 | 35.90 | |||
| FX Rate: EUR/EUR | 1.00 | 1.00 | 1.00 | 1.00 | |||
| Implied Stock Price (EUR) | 12.73 | 24.90 | 57.31 | 35.90 | |||
| Upside / (Downside) | -64.55% | -30.65% | 59.63% | ||||
| Stock Price | 35.90 | ||||||
| Stock Price Close | 35.90 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | EUR | ||||||
| Trading Currency | EUR | ||||||
| FX Rate: EUR/EUR | 1.00 | ||||||
| Market Cap | 522.7 | ||||||
| Shares Outstanding | 14.9 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||