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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 498.2 M - 1.703 B | 1.037 B |
| Discount Rate | 10.5% - 8.5% | 9.5% |
| Fair Value | €9.54 - €59.14 | €29.55 |
| Upside | -75.2% - 54.0% | -23.1% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-24 | ||
| (USD in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 1,817 | 2,862 | 10,711 | 7,467 | 4,529 | 4,529 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 239 | 841 | 5,486 | 2,807 | 974 | 974 | |
| (+) Net Interest Expense | 71 | 77 | 45 | 7 | 85 | 85 | |
| (+) Other Non Operating Exp. | (4) | 7 | 9 | 33 | 7 | 7 | |
| (+) D&A | 194 | 204 | 234 | 264 | 318 | 318 | |
| (+) Non-recurring Items | (0) | 6 | 39 | 48 | 10 | 10 | |
| Adjusted EBITDA | 500 | 1,136 | 5,814 | 3,159 | 1,395 | 1,395 | |
| (-) D&A | (194) | (204) | (234) | (264) | (318) | (318) | |
| Adjusted EBIT | 305 | 932 | 5,580 | 2,895 | 1,077 | 1,077 | |
| % of Revenue | 16.8% | 32.6% | 52.1% | 38.8% | 23.8% | 23.8% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 16.8% | 32.6% | 52.1% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (USD in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 4,744 | 10,915 | 20,041 | 13,645 | |||
| (+) Cash & Short Term Investments | 2,439 | 2,439 | 2,439 | 2,439 | |||
| (+) Investments & Other | 644 | 644 | 644 | 644 | |||
| (-) Debt | (4,848) | (4,848) | (4,848) | (4,848) | |||
| (-) Other Liabilities | (37) | (37) | (37) | (37) | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 2,942 | 9,113 | 18,239 | 11,842 | |||
| (/) Shares Outstanding | 285.6 | 285.6 | 285.6 | 285.6 | |||
| Implied Stock Price (USD) | 10.30 | 31.90 | 63.85 | 41.46 | |||
| FX Rate: USD/EUR | 1.08 | 1.08 | 1.08 | 1.08 | |||
| Implied Stock Price (EUR) | 9.54 | 29.55 | 59.14 | 38.40 | |||
| Upside / (Downside) | -75.16% | -23.05% | 54.01% | ||||
| Stock Price | 38.40 | ||||||
| Stock Price Close | 38.40 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | USD | ||||||
| Trading Currency | EUR | ||||||
| FX Rate: USD/EUR | 1.08 | ||||||
| Market Cap | 10,735.8 | ||||||
| Shares Outstanding | 285.6 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||