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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 103.3 M - 805.5 M | 625.9 M |
| Discount Rate | 10.3% - 8.3% | 9.3% |
| Fair Value | €0 - €140.42 | €76.59 |
| Upside | -100.0% - 43.3% | -21.8% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Mar-25 | ||
| (EUR in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 1,540 | 2,294 | 3,087 | 3,636 | 4,025 | 4,102 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | (82) | 442 | 550 | 464 | 335 | 345 | |
| (+) Net Interest Expense | 35 | 37 | 39 | 110 | 151 | 152 | |
| (+) Other Non Operating Exp. | 11 | 1 | 5 | 12 | 9 | 12 | |
| (+) D&A | 23 | 21 | 22 | 24 | 32 | 44 | |
| (+) Non-recurring Items | 36 | (8) | (7) | 18 | 19 | 19 | |
| Adjusted EBITDA | 23 | 492 | 610 | 629 | 547 | 572 | |
| (-) D&A | (23) | (21) | (22) | (24) | (32) | (44) | |
| Adjusted EBIT | (1) | 472 | 587 | 605 | 514 | 528 | |
| % of Revenue | 0.0% | 20.6% | 19.0% | 16.6% | 12.8% | 12.9% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 0.0% | 16.6% | 20.6% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (EUR in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 1,008 | 6,767 | 9,763 | 7,772 | |||
| (+) Cash & Short Term Investments | 391 | 391 | 391 | 391 | |||
| (+) Investments & Other | 16 | 16 | 16 | 16 | |||
| (-) Debt | (3,578) | (3,578) | (3,578) | (3,578) | |||
| (-) Other Liabilities | 0 | 0 | 0 | 0 | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | (2,164) | 3,595 | 6,592 | 4,600 | |||
| (/) Shares Outstanding | 46.9 | 46.9 | 46.9 | 46.9 | |||
| Implied Stock Price (EUR) | 0.00 | 76.59 | 140.42 | 98.00 | |||
| FX Rate: EUR/EUR | 1.00 | 1.00 | 1.00 | 1.00 | |||
| Implied Stock Price (EUR) | 0.00 | 76.59 | 140.42 | 98.00 | |||
| Upside / (Downside) | -100.00% | -21.85% | 43.29% | ||||
| Stock Price | 98.00 | ||||||
| Stock Price Close | 98.00 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | EUR | ||||||
| Trading Currency | EUR | ||||||
| FX Rate: EUR/EUR | 1.00 | ||||||
| Market Cap | 4,044.9 | ||||||
| Shares Outstanding | 46.9 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||