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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 70.692 M - 113.8 M | 95.648 M |
| Discount Rate | 11.0% - 9.0% | 10.0% |
| Fair Value | $31.63 - $68.20 | $50.08 |
| Upside | -53.5% - 0.3% | -26.4% |
| 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 | 870 | 943 | 1,046 | 1,214 | 1,210 | 1,210 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 59 | 65 | 68 | 83 | 91 | 91 | |
| (+) Net Interest Expense | 13 | 0 | 10 | 15 | 14 | 14 | |
| (+) Other Non Operating Exp. | (17) | (4) | (1) | (8) | (5) | (5) | |
| (+) D&A | 49 | 40 | 42 | 46 | 42 | 42 | |
| (+) Non-recurring Items | (3) | (1) | 2 | 7 | (3) | (3) | |
| Adjusted EBITDA | 100 | 101 | 119 | 143 | 138 | 138 | |
| (-) D&A | (49) | (40) | (42) | (46) | (42) | (42) | |
| Adjusted EBIT | 51 | 60 | 78 | 96 | 96 | 96 | |
| % of Revenue | 5.8% | 6.4% | 7.4% | 7.9% | 7.9% | 7.9% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 5.8% | 7.4% | 7.9% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (EUR in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 643 | 956 | 1,265 | 1,261 | |||
| (+) Cash & Short Term Investments | 95 | 95 | 95 | 95 | |||
| (+) Investments & Other | 58 | 58 | 58 | 58 | |||
| (-) Debt | (232) | (232) | (232) | (232) | |||
| (-) Other Liabilities | (26) | (26) | (26) | (26) | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 538 | 852 | 1,160 | 1,157 | |||
| (/) Shares Outstanding | 19.3 | 19.3 | 19.3 | 19.3 | |||
| Implied Stock Price (EUR) | 27.85 | 44.10 | 60.05 | 59.87 | |||
| FX Rate: EUR/USD | 0.88 | 0.88 | 0.88 | 0.88 | |||
| Implied Stock Price (USD) | 31.63 | 50.08 | 68.20 | 68.00 | |||
| Upside / (Downside) | -53.48% | -26.35% | 0.30% | ||||
| Stock Price | 68.00 | ||||||
| Stock Price Close | 68.00 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | EUR | ||||||
| Trading Currency | USD | ||||||
| FX Rate: EUR/USD | 0.88 | ||||||
| Market Cap | 1,432.9 | ||||||
| Shares Outstanding | 19.3 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||