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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 1.54 B - 3.993 B | 2.959 B |
| Discount Rate | 11.8% - 9.8% | 10.8% |
| Fair Value | €6.93 - €28.36 | €18.03 |
| Upside | -79.7% - -17.1% | -47.3% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Sep-20 | Sep-21 | Sep-22 | Sep-23 | Sep-24 | Mar-25 | ||
| (EUR in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 8,567 | 11,060 | 14,218 | 16,309 | 14,955 | 14,635 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 424 | 1,319 | 2,723 | 3,921 | 2,158 | 1,536 | |
| (+) Net Interest Expense | 101 | 150 | 131 | 98 | 74 | 132 | |
| (+) Other Non Operating Exp. | 7 | (6) | (13) | (71) | (42) | (39) | |
| (+) D&A | 1,148 | 1,379 | 1,490 | 1,581 | 1,782 | 1,830 | |
| (+) Non-recurring Items | 320 | 285 | 228 | 349 | 773 | 1,002 | |
| Adjusted EBITDA | 2,000 | 3,127 | 4,559 | 5,878 | 4,745 | 4,461 | |
| (-) D&A | (1,148) | (1,379) | (1,490) | (1,581) | (1,782) | (1,830) | |
| Adjusted EBIT | 852 | 1,748 | 3,069 | 4,297 | 2,963 | 2,631 | |
| % of Revenue | 9.9% | 15.8% | 21.6% | 26.3% | 19.8% | 18.0% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 9.9% | 19.8% | 26.3% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (EUR in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 13,109 | 27,530 | 40,958 | 48,535 | |||
| (+) Cash & Short Term Investments | 1,687 | 1,687 | 1,687 | 1,687 | |||
| (+) Investments & Other | 101 | 101 | 101 | 101 | |||
| (-) Debt | (5,890) | (5,890) | (5,890) | (5,890) | |||
| (-) Other Liabilities | 0 | 0 | 0 | 0 | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 9,007 | 23,428 | 36,856 | 44,433 | |||
| (/) Shares Outstanding | 1,299.4 | 1,299.4 | 1,299.4 | 1,299.4 | |||
| Implied Stock Price (EUR) | 6.93 | 18.03 | 28.36 | 34.20 | |||
| FX Rate: EUR/EUR | 1.00 | 1.00 | 1.00 | 1.00 | |||
| Implied Stock Price (EUR) | 6.93 | 18.03 | 28.36 | 34.20 | |||
| Upside / (Downside) | -79.73% | -47.27% | -17.05% | ||||
| Stock Price | 34.20 | ||||||
| Stock Price Close | 34.20 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | EUR | ||||||
| Trading Currency | EUR | ||||||
| FX Rate: EUR/EUR | 1.00 | ||||||
| Market Cap | 44,536.6 | ||||||
| Shares Outstanding | 1,299.4 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||