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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 992.2 M - 2.055 B | 1.356 B |
| Discount Rate | 8.8% - 6.8% | 7.8% |
| Fair Value | €53.30 - €153.82 | €85.72 |
| Upside | -66.0% - -2.0% | -45.4% |
| 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 | 5,347 | 5,777 | 5,447 | 5,182 | 6,152 | 6,152 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 880 | 1,225 | 511 | 441 | 1,163 | 1,163 | |
| (+) Net Interest Expense | 54 | 36 | 60 | 114 | 132 | 132 | |
| (+) Other Non Operating Exp. | 37 | 23 | 12 | 49 | 29 | 29 | |
| (+) D&A | 306 | 279 | 539 | 691 | 641 | 641 | |
| (+) Non-recurring Items | 65 | 30 | 16 | (26) | (476) | (476) | |
| Adjusted EBITDA | 1,342 | 1,593 | 1,138 | 1,269 | 1,489 | 1,489 | |
| (-) D&A | (306) | (279) | (539) | (691) | (641) | (641) | |
| Adjusted EBIT | 1,036 | 1,314 | 599 | 578 | 848 | 848 | |
| % of Revenue | 19.4% | 22.7% | 11.0% | 11.2% | 13.8% | 13.8% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 11.0% | 13.8% | 22.7% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (EUR in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 11,340 | 17,501 | 30,443 | 31,028 | |||
| (+) Cash & Short Term Investments | 1,672 | 1,672 | 1,672 | 1,672 | |||
| (+) Investments & Other | 144 | 144 | 144 | 144 | |||
| (-) Debt | (3,026) | (3,026) | (3,026) | (3,026) | |||
| (-) Other Liabilities | 0 | 0 | 0 | 0 | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 10,130 | 16,291 | 29,233 | 29,818 | |||
| (/) Shares Outstanding | 190.0 | 190.0 | 190.0 | 190.0 | |||
| Implied Stock Price (EUR) | 53.30 | 85.72 | 153.82 | 156.90 | |||
| FX Rate: EUR/EUR | 1.00 | 1.00 | 1.00 | 1.00 | |||
| Implied Stock Price (EUR) | 53.30 | 85.72 | 153.82 | 156.90 | |||
| Upside / (Downside) | -66.03% | -45.37% | -1.96% | ||||
| Stock Price | 156.90 | ||||||
| Stock Price Close | 156.90 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | EUR | ||||||
| Trading Currency | EUR | ||||||
| FX Rate: EUR/EUR | 1.00 | ||||||
| Market Cap | 29,770.1 | ||||||
| Shares Outstanding | 190.0 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||