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Metrics | Range | Conclusion |
---|---|---|
Adjusted Earnings | 631.9 M - 792.6 M | 696.2 M |
Discount Rate | 11.0% - 9.0% | 10.0% |
Fair Value | €9.18 - €26.87 | €16.22 |
Upside | -66.2% - -1.2% | -40.4% |
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 | 4,903 | 5,534 | 5,642 | 5,489 | 5,393 | 5,336 | |
Adjusted EBITDA Build-up | |||||||
EBT, Incl. Unusual Items | 626 | 716 | 729 | 430 | 458 | 466 | |
(+) Net Interest Expense | 174 | 168 | 162 | 263 | 248 | 239 | |
(+) Other Non Operating Exp. | (1) | 3 | 7 | 17 | (1) | 2 | |
(+) D&A | 174 | 186 | 185 | 233 | 241 | 240 | |
(+) Non-recurring Items | (0) | (13) | 63 | 113 | 99 | 91 | |
Adjusted EBITDA | 974 | 1,061 | 1,147 | 1,056 | 1,045 | 1,038 | |
(-) D&A | (174) | (186) | (185) | (233) | (241) | (240) | |
Adjusted EBIT | 799 | 874 | 962 | 823 | 804 | 798 | |
% of Revenue | 16.3% | 15.8% | 17.1% | 15.0% | 14.9% | 15.0% | |
Low | Median | High | |||||
Adjusted EBIT Margin | 14.9% | 15.8% | 17.1% |
Equity Waterfall | |||||||
Model | |||||||
(USD in millions) | Low | Mid | High | Market | |||
Enterprise Value | 5,744 | 6,962 | 8,807 | 8,864 | |||
(+) Cash & Short Term Investments | 335 | 335 | 335 | 335 | |||
(+) Investments & Other | 14 | 14 | 14 | 14 | |||
(-) Debt | (4,503) | (4,503) | (4,503) | (4,503) | |||
(-) Other Liabilities | 0 | 0 | 0 | 0 | |||
(-) Preferred Stock | 0 | 0 | 0 | 0 | |||
(-) Other | 0 | 0 | 0 | 0 | |||
Value of Common Equity | 1,590 | 2,808 | 4,652 | 4,710 | |||
(/) Shares Outstanding | 147.1 | 147.1 | 147.1 | 147.1 | |||
Implied Stock Price (USD) | 10.81 | 19.09 | 31.64 | 32.03 | |||
FX Rate: USD/EUR | 1.18 | 1.18 | 1.18 | 1.18 | |||
Implied Stock Price (EUR) | 9.18 | 16.22 | 26.87 | 27.20 | |||
Upside / (Downside) | -66.24% | -40.39% | -1.21% | ||||
Stock Price | 27.20 | ||||||
Stock Price Close | 27.20 | ||||||
Restatment Type | Original | ||||||
Reporting Currency | USD | ||||||
Trading Currency | EUR | ||||||
FX Rate: USD/EUR | 1.18 | ||||||
Market Cap | 4,054.0 | ||||||
Shares Outstanding | 147.1 | ||||||
Share Exchange Ratio | 1.0 | ||||||
Liquid Long-term Investments | 0 |