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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 22.401 M - 84.036 M | 40.609 M |
| Discount Rate | 10.8% - 8.8% | 9.8% |
| Fair Value | €9.49 - €35.18 | €16.60 |
| Upside | -16.9% - 208.1% | 45.3% |
| 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 | 312 | 313 | 361 | 467 | 498 | 498 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 33 | 8 | (0) | (0) | 15 | 15 | |
| (+) Net Interest Expense | 3 | 2 | 1 | (0) | (0) | (0) | |
| (+) Other Non Operating Exp. | 4 | 3 | 5 | 4 | 1 | 1 | |
| (+) D&A | 5 | 3 | 4 | 4 | 4 | 4 | |
| (+) Non-recurring Items | 2 | 0 | 4 | 4 | 12 | 12 | |
| Adjusted EBITDA | 47 | 17 | 13 | 11 | 32 | 32 | |
| (-) D&A | (5) | (3) | (4) | (4) | (4) | (4) | |
| Adjusted EBIT | 42 | 14 | 9 | 8 | 28 | 28 | |
| % of Revenue | 13.4% | 4.4% | 2.6% | 1.6% | 5.6% | 5.6% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 1.6% | 4.4% | 13.4% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (EUR in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 208 | 417 | 960 | 265 | |||
| (+) Cash & Short Term Investments | 73 | 73 | 73 | 73 | |||
| (+) Investments & Other | 40 | 40 | 40 | 40 | |||
| (-) Debt | (44) | (44) | (44) | (44) | |||
| (-) Other Liabilities | 0 | 0 | 0 | 0 | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 278 | 486 | 1,030 | 334 | |||
| (/) Shares Outstanding | 29.3 | 29.3 | 29.3 | 29.3 | |||
| Implied Stock Price (EUR) | 9.49 | 16.60 | 35.18 | 11.42 | |||
| FX Rate: EUR/EUR | 1.00 | 1.00 | 1.00 | 1.00 | |||
| Implied Stock Price (EUR) | 9.49 | 16.60 | 35.18 | 11.42 | |||
| Upside / (Downside) | -16.92% | 45.35% | 208.08% | ||||
| Stock Price | 11.42 | ||||||
| Stock Price Close | 11.42 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | EUR | ||||||
| Trading Currency | EUR | ||||||
| FX Rate: EUR/EUR | 1.00 | ||||||
| Market Cap | 337.7 | ||||||
| Shares Outstanding | 29.3 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||