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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 567.9 M - 867.7 M | 756.9 M |
| Discount Rate | 9.3% - 7.3% | 8.3% |
| Fair Value | €31.18 - €61.48 | €46.97 |
| Upside | -48.9% - 0.8% | -23.0% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Jun-20 | Jun-21 | Jun-22 | Jun-23 | Jun-24 | Dec-24 | ||
| (AUD in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 7,919 | 8,916 | 9,232 | 9,626 | 9,592 | 10,101 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 448 | 720 | 775 | 747 | 627 | 659 | |
| (+) Net Interest Expense | 36 | 25 | 20 | 26 | 31 | 34 | |
| (+) Other Non Operating Exp. | (4) | (3) | (3) | (8) | (13) | (13) | |
| (+) D&A | 54 | 52 | 52 | 53 | 54 | 62 | |
| (+) Non-recurring Items | 2 | 6 | 4 | ||||
| Adjusted EBITDA | 537 | 800 | 848 | 819 | 699 | 742 | |
| (-) D&A | (54) | (52) | (52) | (53) | (54) | (62) | |
| Adjusted EBIT | 483 | 748 | 796 | 766 | 645 | 680 | |
| % of Revenue | 6.1% | 8.4% | 8.6% | 8.0% | 6.7% | 6.7% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 6.1% | 8.0% | 8.6% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (AUD in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 6,139 | 9,175 | 11,968 | 11,875 | |||
| (+) Cash & Short Term Investments | 556 | 556 | 556 | 556 | |||
| (+) Investments & Other | 0 | 0 | 0 | 0 | |||
| (-) Debt | (692) | (692) | (692) | (692) | |||
| (-) Other Liabilities | (5) | (5) | (5) | (5) | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 5,998 | 9,034 | 11,827 | 11,734 | |||
| (/) Shares Outstanding | 109.3 | 109.3 | 109.3 | 109.3 | |||
| Implied Stock Price (AUD) | 54.86 | 82.63 | 108.17 | 107.32 | |||
| FX Rate: AUD/EUR | 1.76 | 1.76 | 1.76 | 1.76 | |||
| Implied Stock Price (EUR) | 31.18 | 46.97 | 61.48 | 61.00 | |||
| Upside / (Downside) | -48.88% | -23.01% | 0.79% | ||||
| Stock Price | 61.00 | ||||||
| Stock Price Close | 61.00 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | AUD | ||||||
| Trading Currency | EUR | ||||||
| FX Rate: AUD/EUR | 1.76 | ||||||
| Market Cap | 6,726.5 | ||||||
| Shares Outstanding | 109.3 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||