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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 39.035 M - 2.867 B | 51.485 M |
| Discount Rate | 9.8% - 7.8% | 8.8% |
| Fair Value | €65.67 - €6,165 | €97.01 |
| Upside | 1.8% - 9,457.5% | 50.4% |
| 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 | 390 | 545 | 712 | 600 | 582 | 582 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 31 | 49 | 53 | 45 | 38 | 38 | |
| (+) Net Interest Expense | 0 | 0 | 1 | 3 | 2 | 2 | |
| (+) Other Non Operating Exp. | (1) | (2) | 2 | 0 | (6) | (6) | |
| (+) D&A | 18 | 18 | 20 | 21 | 23 | 23 | |
| (+) Non-recurring Items | 0 | (4) | (4) | 427 | 176 | 176 | |
| Adjusted EBITDA | 48 | 61 | 72 | 496 | 232 | 232 | |
| (-) D&A | (18) | (18) | (20) | (21) | (23) | (23) | |
| Adjusted EBIT | 30 | 44 | 52 | 475 | 210 | 210 | |
| % of Revenue | 7.7% | 8.0% | 7.3% | 79.1% | 36.0% | 36.0% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 7.3% | 8.0% | 79.1% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (EUR in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 400 | 588 | 36,994 | 393 | |||
| (+) Cash & Short Term Investments | 73 | 73 | 73 | 73 | |||
| (+) Investments & Other | 1 | 1 | 1 | 1 | |||
| (-) Debt | (70) | (70) | (70) | (70) | |||
| (-) Other Liabilities | (11) | (11) | (11) | (11) | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 394 | 582 | 36,988 | 387 | |||
| (/) Shares Outstanding | 6.0 | 6.0 | 6.0 | 6.0 | |||
| Implied Stock Price (EUR) | 65.67 | 97.01 | 6,164.62 | 64.50 | |||
| FX Rate: EUR/EUR | 1.00 | 1.00 | 1.00 | 1.00 | |||
| Implied Stock Price (EUR) | 65.67 | 97.01 | 6,164.62 | 64.50 | |||
| Upside / (Downside) | 1.82% | 50.41% | 9457.54% | ||||
| Stock Price | 64.50 | ||||||
| Stock Price Close | 64.50 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | EUR | ||||||
| Trading Currency | EUR | ||||||
| FX Rate: EUR/EUR | 1.00 | ||||||
| Market Cap | 387.0 | ||||||
| Shares Outstanding | 6.0 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||