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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 1.627 B - 3.801 B | 2.702 B |
| Discount Rate | 10.5% - 8.5% | 9.5% |
| Fair Value | €3.52 - €53.68 | €25.74 |
| Upside | -91.2% - 33.5% | -36.0% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Mar-25 | ||
| (USD in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 10,420 | 11,933 | 13,509 | 12,093 | 21,109 | 25,835 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 914 | 1,078 | 1,426 | 1,138 | 560 | 683 | |
| (+) Net Interest Expense | 153 | 165 | 139 | 139 | 398 | 540 | |
| (+) Other Non Operating Exp. | 7 | (3) | (15) | 36 | 25 | 25 | |
| (+) D&A | 558 | 554 | 564 | 580 | 1,464 | 1,919 | |
| (+) Non-recurring Items | 38 | (6) | 171 | 88 | 395 | 4,338 | |
| Adjusted EBITDA | 1,670 | 1,788 | 2,285 | 1,981 | 2,842 | 7,505 | |
| (-) D&A | (558) | (554) | (564) | (580) | (1,464) | (1,919) | |
| Adjusted EBIT | 1,112 | 1,234 | 1,721 | 1,401 | 1,378 | 5,586 | |
| % of Revenue | 10.7% | 10.3% | 12.7% | 11.6% | 6.5% | 21.6% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 6.5% | 10.7% | 12.7% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (USD in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 15,497 | 28,443 | 44,715 | 36,865 | |||
| (+) Cash & Short Term Investments | 797 | 797 | 797 | 797 | |||
| (+) Investments & Other | 0 | 0 | 0 | 0 | |||
| (-) Debt | (14,219) | (14,219) | (14,219) | (14,219) | |||
| (-) Other Liabilities | (25) | (25) | (25) | (25) | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 2,050 | 14,996 | 31,268 | 23,418 | |||
| (/) Shares Outstanding | 520.5 | 520.5 | 520.5 | 520.5 | |||
| Implied Stock Price (USD) | 3.94 | 28.81 | 60.07 | 44.99 | |||
| FX Rate: USD/EUR | 1.12 | 1.12 | 1.12 | 1.12 | |||
| Implied Stock Price (EUR) | 3.52 | 25.74 | 53.68 | 40.20 | |||
| Upside / (Downside) | -91.24% | -35.96% | 33.52% | ||||
| Stock Price | 40.20 | ||||||
| Stock Price Close | 40.20 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | USD | ||||||
| Trading Currency | EUR | ||||||
| FX Rate: USD/EUR | 1.12 | ||||||
| Market Cap | 20,932.1 | ||||||
| Shares Outstanding | 520.5 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||