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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 570.7 M - 1.27 B | 890.7 M |
| Discount Rate | 16.3% - 14.2% | 15.3% |
| Fair Value | €5.87 - €48.20 | €24.12 |
| Upside | -69.2% - 153.0% | 26.6% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Mar-20 | Mar-21 | Mar-22 | Mar-23 | Mar-24 | Dec-24 | ||
| (USD in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 5,551 | 4,060 | 5,654 | 5,619 | 5,170 | 4,630 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | (215) | 3 | 915 | 648 | (283) | (1,182) | |
| (+) Net Interest Expense | 18 | 43 | (18) | 24 | 6 | (28) | |
| (+) Other Non Operating Exp. | 5 | (27) | 6 | 7 | 36 | 31 | |
| (+) D&A | 249 | 212 | 193 | 179 | 188 | 194 | |
| (+) Non-recurring Items | 867 | 345 | 91 | 143 | 628 | 1,327 | |
| Adjusted EBITDA | 924 | 576 | 1,187 | 1,001 | 575 | 342 | |
| (-) D&A | (249) | (212) | (193) | (179) | (188) | (194) | |
| Adjusted EBIT | 675 | 364 | 994 | 822 | 387 | 148 | |
| % of Revenue | 12.2% | 9.0% | 17.6% | 14.6% | 7.5% | 3.2% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 7.5% | 12.2% | 17.6% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (USD in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 3,512 | 5,840 | 8,911 | 5,194 | |||
| (+) Cash & Short Term Investments | 356 | 356 | 356 | 356 | |||
| (+) Investments & Other | 0 | 0 | 0 | 0 | |||
| (-) Debt | (3,117) | (3,117) | (3,117) | (3,117) | |||
| (-) Other Liabilities | (3) | (3) | (3) | (3) | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 748 | 3,076 | 6,147 | 2,430 | |||
| (/) Shares Outstanding | 117.9 | 117.9 | 117.9 | 117.9 | |||
| Implied Stock Price (USD) | 6.35 | 26.09 | 52.13 | 20.61 | |||
| FX Rate: USD/EUR | 1.08 | 1.08 | 1.08 | 1.08 | |||
| Implied Stock Price (EUR) | 5.87 | 24.12 | 48.20 | 19.05 | |||
| Upside / (Downside) | -69.21% | 26.61% | 152.98% | ||||
| Stock Price | 19.05 | ||||||
| Stock Price Close | 19.05 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | USD | ||||||
| Trading Currency | EUR | ||||||
| FX Rate: USD/EUR | 1.08 | ||||||
| Market Cap | 2,212.9 | ||||||
| Shares Outstanding | 117.9 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||