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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 512.4 M - 732.3 M | 629.8 M |
| Discount Rate | 11.8% - 9.8% | 10.8% |
| Fair Value | €34.90 - €91.40 | €61.76 |
| Upside | -65.9% - -10.7% | -39.6% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-24 | ||
| (USD in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 2,924 | 3,540 | 3,976 | 4,129 | 4,050 | 4,050 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 447 | 481 | 623 | 581 | 93 | 93 | |
| (+) Net Interest Expense | 86 | 73 | 59 | 132 | 118 | 118 | |
| (+) Other Non Operating Exp. | (114) | 54 | 92 | (1) | 11 | 11 | |
| (+) D&A | 235 | 266 | 304 | 314 | 352 | 352 | |
| (+) Non-recurring Items | 20 | 26 | (108) | (60) | 324 | 324 | |
| Adjusted EBITDA | 674 | 900 | 969 | 966 | 898 | 898 | |
| (-) D&A | (235) | (266) | (304) | (314) | (352) | (352) | |
| Adjusted EBIT | 439 | 634 | 666 | 652 | 546 | 546 | |
| % of Revenue | 15.0% | 17.9% | 16.7% | 15.8% | 13.5% | 13.5% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 13.5% | 15.8% | 17.9% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (USD in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 4,361 | 5,858 | 7,511 | 8,119 | |||
| (+) Cash & Short Term Investments | 195 | 195 | 195 | 195 | |||
| (+) Investments & Other | 218 | 218 | 218 | 218 | |||
| (-) Debt | (2,781) | (2,781) | (2,781) | (2,781) | |||
| (-) Other Liabilities | (47) | (47) | (47) | (47) | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 1,946 | 3,444 | 5,097 | 5,705 | |||
| (/) Shares Outstanding | 49.1 | 49.1 | 49.1 | 49.1 | |||
| Implied Stock Price (USD) | 39.63 | 70.11 | 103.77 | 116.14 | |||
| FX Rate: USD/EUR | 1.14 | 1.14 | 1.14 | 1.14 | |||
| Implied Stock Price (EUR) | 34.90 | 61.76 | 91.40 | 102.30 | |||
| Upside / (Downside) | -65.88% | -39.63% | -10.66% | ||||
| Stock Price | 102.30 | ||||||
| Stock Price Close | 102.30 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | USD | ||||||
| Trading Currency | EUR | ||||||
| FX Rate: USD/EUR | 1.14 | ||||||
| Market Cap | 4,960.3 | ||||||
| Shares Outstanding | 49.1 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||