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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 215.7 M - 327.4 M | 255.5 M |
| Discount Rate | 9.5% - 7.5% | 8.5% |
| Fair Value | €10.38 - €23.12 | €14.85 |
| Upside | -41.4% - 30.6% | -16.1% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Jun-20 | Jun-21 | Jun-22 | Jun-23 | Jun-24 | Dec-24 | ||
| (USD in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 1,614 | 2,027 | 1,952 | 1,655 | 1,619 | 1,854 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 199 | 318 | 208 | 190 | 109 | 157 | |
| (+) Net Interest Expense | 15 | 17 | 16 | 16 | 17 | 27 | |
| (+) Other Non Operating Exp. | 3 | (5) | 12 | 5 | 3 | 3 | |
| (+) D&A | 32 | 36 | 39 | 44 | 47 | 47 | |
| (+) Non-recurring Items | 17 | (3) | 66 | 58 | |||
| Adjusted EBITDA | 249 | 366 | 293 | 252 | 243 | 292 | |
| (-) D&A | (32) | (36) | (39) | (44) | (47) | (47) | |
| Adjusted EBIT | 217 | 330 | 254 | 208 | 196 | 245 | |
| % of Revenue | 13.4% | 16.3% | 13.0% | 12.6% | 12.1% | 13.2% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 12.1% | 13.0% | 16.3% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (USD in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 2,271 | 3,006 | 4,366 | 3,475 | |||
| (+) Cash & Short Term Investments | 269 | 269 | 269 | 269 | |||
| (+) Investments & Other | 9 | 9 | 9 | 9 | |||
| (-) Debt | (826) | (826) | (826) | (826) | |||
| (-) Other Liabilities | (17) | (17) | (17) | (17) | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 1,706 | 2,441 | 3,801 | 2,910 | |||
| (/) Shares Outstanding | 144.8 | 144.8 | 144.8 | 144.8 | |||
| Implied Stock Price (USD) | 11.78 | 16.86 | 26.25 | 20.10 | |||
| FX Rate: USD/EUR | 1.14 | 1.14 | 1.14 | 1.14 | |||
| Implied Stock Price (EUR) | 10.38 | 14.85 | 23.12 | 17.70 | |||
| Upside / (Downside) | -41.38% | -16.12% | 30.61% | ||||
| Stock Price | 17.70 | ||||||
| Stock Price Close | 17.70 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | USD | ||||||
| Trading Currency | EUR | ||||||
| FX Rate: USD/EUR | 1.14 | ||||||
| Market Cap | 2,593.8 | ||||||
| Shares Outstanding | 144.8 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||