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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 10.191 M - 51.51 M | 15.885 M |
| Discount Rate | 10.0% - 8.0% | 9.0% |
| Fair Value | €6.90 - €13.19 | €7.77 |
| Upside | -5.5% - 80.6% | 6.4% |
| 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 | 302 | 318 | 346 | 292 | 256 | 256 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 62 | 88 | 21 | (11) | 3 | 3 | |
| (+) Net Interest Expense | 3 | 4 | 2 | (8) | 3 | 3 | |
| (+) Other Non Operating Exp. | (34) | (49) | (27) | (25) | (30) | (30) | |
| (+) D&A | 21 | 15 | 17 | 33 | 14 | 14 | |
| (+) Non-recurring Items | 4 | 7 | (1) | 18 | 4 | 4 | |
| Adjusted EBITDA | 57 | 65 | 11 | 7 | (5) | (5) | |
| (-) D&A | (21) | (15) | (17) | (33) | (14) | (14) | |
| Adjusted EBIT | 36 | 49 | (6) | (26) | (19) | (19) | |
| % of Revenue | 11.9% | 15.5% | -1.6% | -9.0% | -7.4% | -7.4% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 0.0% | 0.0% | 15.5% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (EUR in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 102 | 177 | 644 | 136 | |||
| (+) Cash & Short Term Investments | 185 | 185 | 185 | 185 | |||
| (+) Investments & Other | 661 | 661 | 661 | 661 | |||
| (-) Debt | (318) | (318) | (318) | (318) | |||
| (-) Other Liabilities | (35) | (35) | (35) | (35) | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 595 | 670 | 1,137 | 629 | |||
| (/) Shares Outstanding | 86.2 | 86.2 | 86.2 | 86.2 | |||
| Implied Stock Price (EUR) | 6.90 | 7.77 | 13.19 | 7.30 | |||
| FX Rate: EUR/EUR | 1.00 | 1.00 | 1.00 | 1.00 | |||
| Implied Stock Price (EUR) | 6.90 | 7.77 | 13.19 | 7.30 | |||
| Upside / (Downside) | -5.47% | 6.38% | 80.63% | ||||
| Stock Price | 7.30 | ||||||
| Stock Price Close | 7.30 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | EUR | ||||||
| Trading Currency | EUR | ||||||
| FX Rate: EUR/EUR | 1.00 | ||||||
| Market Cap | 644.1 | ||||||
| Shares Outstanding | 86.2 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||