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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 1.195 B - 3.291 B | 2.302 B |
| Discount Rate | 12.0% - 10.0% | 11.0% |
| Fair Value | €41.35 - €177.74 | €106.56 |
| Upside | -64.0% - 54.7% | -7.2% |
| 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 | 9,601 | 18,409 | 22,261 | 18,795 | 17,540 | 17,216 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 705 | 4,209 | 5,021 | 3,219 | 1,983 | 1,498 | |
| (+) Net Interest Expense | 128 | 57 | 62 | (35) | (34) | (34) | |
| (+) Other Non Operating Exp. | 14 | 35 | 9 | (32) | (6) | 3 | |
| (+) D&A | 326 | 348 | 384 | 438 | 479 | 497 | |
| (+) Non-recurring Items | 19 | ||||||
| Adjusted EBITDA | 1,192 | 4,649 | 5,476 | 3,589 | 2,422 | 1,965 | |
| (-) D&A | (326) | (348) | (384) | (438) | (479) | (497) | |
| Adjusted EBIT | 867 | 4,301 | 5,092 | 3,151 | 1,943 | 1,467 | |
| % of Revenue | 9.0% | 23.4% | 22.9% | 16.8% | 11.1% | 8.5% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 9.0% | 16.8% | 23.4% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (USD in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 9,957 | 20,930 | 32,908 | 22,326 | |||
| (+) Cash & Short Term Investments | 1,207 | 1,207 | 1,207 | 1,207 | |||
| (+) Investments & Other | 0 | 0 | 0 | 0 | |||
| (-) Debt | (4,196) | (4,196) | (4,196) | (4,196) | |||
| (-) Other Liabilities | (9) | (9) | (9) | (9) | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 6,958 | 17,932 | 29,909 | 19,328 | |||
| (/) Shares Outstanding | 149.9 | 149.9 | 149.9 | 149.9 | |||
| Implied Stock Price (USD) | 46.42 | 119.63 | 199.53 | 128.94 | |||
| FX Rate: USD/EUR | 1.12 | 1.12 | 1.12 | 1.12 | |||
| Implied Stock Price (EUR) | 41.35 | 106.56 | 177.74 | 114.86 | |||
| Upside / (Downside) | -64.00% | -7.22% | 54.75% | ||||
| Stock Price | 114.86 | ||||||
| Stock Price Close | 114.86 | ||||||
| Restatment Type | Press Release | ||||||
| Reporting Currency | USD | ||||||
| Trading Currency | EUR | ||||||
| FX Rate: USD/EUR | 1.12 | ||||||
| Market Cap | 17,452.1 | ||||||
| Shares Outstanding | 149.9 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||