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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 609 M - 966.3 M | 749.2 M |
| Discount Rate | 10.3% - 8.3% | 9.3% |
| Fair Value | €39.84 - €71.69 | €51.75 |
| Upside | -13.0% - 56.6% | 13.0% |
| 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 | 3,224 | 3,447 | 3,998 | 4,320 | 4,313 | 4,313 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 700 | 635 | 589 | 1,141 | 1,093 | 1,093 | |
| (+) Net Interest Expense | 20 | 19 | 8 | (22) | (75) | (75) | |
| (+) Other Non Operating Exp. | (203) | (97) | (113) | (145) | (147) | (147) | |
| (+) D&A | 227 | 220 | 234 | 225 | 272 | 272 | |
| (+) Non-recurring Items | (3) | (22) | 252 | 6 | 133 | 133 | |
| Adjusted EBITDA | 742 | 754 | 971 | 1,205 | 1,276 | 1,276 | |
| (-) D&A | (227) | (220) | (234) | (225) | (272) | (272) | |
| Adjusted EBIT | 515 | 534 | 737 | 979 | 1,004 | 1,004 | |
| % of Revenue | 16.0% | 15.5% | 18.4% | 22.7% | 23.3% | 23.3% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 15.5% | 18.4% | 23.3% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (EUR in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 5,941 | 8,100 | 11,713 | 7,017 | |||
| (+) Cash & Short Term Investments | 1,410 | 1,410 | 1,410 | 1,410 | |||
| (+) Investments & Other | 478 | 478 | 478 | 478 | |||
| (-) Debt | (608) | (608) | (608) | (608) | |||
| (-) Other Liabilities | (3) | (3) | (3) | (3) | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 7,219 | 9,377 | 12,990 | 8,295 | |||
| (/) Shares Outstanding | 181.2 | 181.2 | 181.2 | 181.2 | |||
| Implied Stock Price (EUR) | 39.84 | 51.75 | 71.69 | 45.78 | |||
| FX Rate: EUR/EUR | 1.00 | 1.00 | 1.00 | 1.00 | |||
| Implied Stock Price (EUR) | 39.84 | 51.75 | 71.69 | 45.78 | |||
| Upside / (Downside) | -12.97% | 13.05% | 56.61% | ||||
| Stock Price | 45.78 | ||||||
| Stock Price Close | 45.78 | ||||||
| Restatment Type | Press Release | ||||||
| Reporting Currency | EUR | ||||||
| Trading Currency | EUR | ||||||
| FX Rate: EUR/EUR | 1.00 | ||||||
| Market Cap | 8,476.2 | ||||||
| Shares Outstanding | 181.2 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||