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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 349.3 M - 1.78 B | 1.338 B |
| Discount Rate | 9.5% - 7.5% | 8.5% |
| Fair Value | $6.12 - $88.23 | $55.52 |
| Upside | -93.9% - -11.8% | -44.5% |
| 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 | 8,106 | 7,269 | 8,390 | 10,627 | 12,799 | 12,799 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 563 | 953 | 599 | (654) | 427 | 427 | |
| (+) Net Interest Expense | 73 | 89 | 82 | 43 | 92 | 92 | |
| (+) Other Non Operating Exp. | 72 | 1 | 9 | 118 | 45 | 45 | |
| (+) D&A | 537 | 595 | 582 | 905 | 1,090 | 1,090 | |
| (+) Non-recurring Items | (36) | (333) | (38) | (67) | (55) | (55) | |
| Adjusted EBITDA | 1,209 | 1,305 | 1,234 | 345 | 1,599 | 1,599 | |
| (-) D&A | (537) | (595) | (582) | (905) | (1,090) | (1,090) | |
| Adjusted EBIT | 672 | 710 | 652 | (560) | 509 | 509 | |
| % of Revenue | 8.3% | 9.8% | 7.8% | -5.3% | 4.0% | 4.0% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 0.0% | 7.8% | 9.8% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (EUR in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 3,676 | 15,740 | 23,730 | 26,624 | |||
| (+) Cash & Short Term Investments | 2,717 | 2,717 | 2,717 | 2,717 | |||
| (+) Investments & Other | 568 | 568 | 568 | 568 | |||
| (-) Debt | (5,280) | (5,280) | (5,280) | (5,280) | |||
| (-) Other Liabilities | (186) | (186) | (186) | (186) | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 1,495 | 13,559 | 21,549 | 24,443 | |||
| (/) Shares Outstanding | 264.3 | 264.3 | 264.3 | 264.3 | |||
| Implied Stock Price (EUR) | 5.66 | 51.31 | 81.54 | 92.49 | |||
| FX Rate: EUR/USD | 0.92 | 0.92 | 0.92 | 0.92 | |||
| Implied Stock Price (USD) | 6.12 | 55.52 | 88.23 | 100.08 | |||
| Upside / (Downside) | -93.88% | -44.53% | -11.84% | ||||
| Stock Price | 100.08 | ||||||
| Stock Price Close | 100.08 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | EUR | ||||||
| Trading Currency | USD | ||||||
| FX Rate: EUR/USD | 0.92 | ||||||
| Market Cap | 26,198.5 | ||||||
| Shares Outstanding | 264.3 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||