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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 45.819 M - 99.664 M | 60.125 M |
| Discount Rate | 11.8% - 9.8% | 10.8% |
| Fair Value | €0.82 - €10.80 | €3.49 |
| Upside | -82.4% - 132.2% | -24.9% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Dec-19 | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Sep-24 | ||
| (EUR in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 1,727 | 1,480 | 1,624 | 1,798 | 1,847 | 1,790 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 42 | (14) | 101 | (56) | 53 | (3) | |
| (+) Net Interest Expense | 17 | 14 | 8 | 13 | 22 | 24 | |
| (+) Other Non Operating Exp. | 0 | 25 | (7) | (1) | 3 | 5 | |
| (+) D&A | 101 | 127 | 95 | 94 | 94 | 151 | |
| (+) Non-recurring Items | (14) | 8 | (13) | 85 | 11 | 11 | |
| Adjusted EBITDA | 146 | 161 | 183 | 135 | 184 | 188 | |
| (-) D&A | (101) | (127) | (95) | (94) | (94) | (151) | |
| Adjusted EBIT | 45 | 34 | 88 | 41 | 90 | 37 | |
| % of Revenue | 2.6% | 2.3% | 5.4% | 2.3% | 4.9% | 2.1% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 2.3% | 2.6% | 5.4% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (EUR in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 390 | 559 | 1,022 | 633 | |||
| (+) Cash & Short Term Investments | 100 | 100 | 100 | 100 | |||
| (+) Investments & Other | 24 | 24 | 24 | 24 | |||
| (-) Debt | (391) | (391) | (391) | (391) | |||
| (-) Other Liabilities | (70) | (70) | (70) | (70) | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 52 | 221 | 684 | 295 | |||
| (/) Shares Outstanding | 63.4 | 63.4 | 63.4 | 63.4 | |||
| Implied Stock Price (EUR) | 0.82 | 3.49 | 10.80 | 4.65 | |||
| FX Rate: EUR/EUR | 1.00 | 1.00 | 1.00 | 1.00 | |||
| Implied Stock Price (EUR) | 0.82 | 3.49 | 10.80 | 4.65 | |||
| Upside / (Downside) | -82.41% | -24.93% | 132.18% | ||||
| Stock Price | 4.65 | ||||||
| Stock Price Close | 4.65 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | EUR | ||||||
| Trading Currency | EUR | ||||||
| FX Rate: EUR/EUR | 1.00 | ||||||
| Market Cap | 299.1 | ||||||
| Shares Outstanding | 63.4 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||