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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 3.385 M - 5.03 M | 4.49 M |
| Discount Rate | 10.3% - 8.3% | 9.3% |
| Fair Value | €21.90 - €37.25 | €30.42 |
| Upside | -14.5% - 45.5% | 18.8% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Sep-20 | Sep-21 | Sep-22 | Sep-23 | Sep-24 | Sep-24 | ||
| (EUR in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 17 | 16 | 19 | 17 | 17 | 17 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 6 | 5 | 8 | 5 | 5 | 5 | |
| (+) Net Interest Expense | (0) | (0) | (0) | (0) | (0) | ||
| (+) Other Non Operating Exp. | 0 | (0) | (1) | (0) | (1) | (1) | |
| (+) D&A | 0 | 0 | 0 | 0 | 0 | 0 | |
| (+) Non-recurring Items | (0) | 1 | |||||
| Adjusted EBITDA | 6 | 5 | 7 | 5 | 4 | 4 | |
| (-) D&A | (0) | (0) | (0) | (0) | (0) | (0) | |
| Adjusted EBIT | 6 | 5 | 6 | 5 | 4 | 4 | |
| % of Revenue | 32.5% | 30.9% | 34.5% | 28.0% | 23.5% | 23.5% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 23.5% | 30.9% | 34.5% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (EUR in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 33 | 49 | 61 | 40 | |||
| (+) Cash & Short Term Investments | 7 | 7 | 7 | 7 | |||
| (+) Investments & Other | 0 | 0 | 0 | 0 | |||
| (-) Debt | 0 | 0 | 0 | 0 | |||
| (-) Other Liabilities | 0 | 0 | 0 | 0 | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 40 | 55 | 68 | 47 | |||
| (/) Shares Outstanding | 1.8 | 1.8 | 1.8 | 1.8 | |||
| Implied Stock Price (EUR) | 21.90 | 30.42 | 37.25 | 25.60 | |||
| FX Rate: EUR/EUR | 1.00 | 1.00 | 1.00 | 1.00 | |||
| Implied Stock Price (EUR) | 21.90 | 30.42 | 37.25 | 25.60 | |||
| Upside / (Downside) | -14.47% | 18.84% | 45.53% | ||||
| Stock Price | 25.60 | ||||||
| Stock Price Close | 25.60 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | EUR | ||||||
| Trading Currency | EUR | ||||||
| FX Rate: EUR/EUR | 1.00 | ||||||
| Market Cap | 48.0 | ||||||
| Shares Outstanding | 1.8 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||