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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 67.555 M - 185.6 M | 130.7 M |
| Discount Rate | 13.0% - 11.0% | 12.0% |
| Fair Value | €2.21 - €28.64 | €15.10 |
| Upside | -79.4% - 167.2% | 40.9% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Dec-19 | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Jun-24 | ||
| (EUR in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 2,395 | 1,946 | 1,898 | 2,483 | 2,859 | 2,849 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 42 | (78) | 26 | 43 | 6 | 6 | |
| (+) Net Interest Expense | 7 | 9 | 7 | 7 | 16 | 18 | |
| (+) Other Non Operating Exp. | (5) | (7) | (8) | (7) | (7) | (7) | |
| (+) D&A | 82 | 89 | 81 | 49 | 51 | 49 | |
| (+) Non-recurring Items | 1 | 62 | 3 | (14) | 12 | 13 | |
| Adjusted EBITDA | 127 | 75 | 109 | 78 | 78 | 79 | |
| (-) D&A | (82) | (89) | (81) | (49) | (51) | (49) | |
| Adjusted EBIT | 45 | (14) | 28 | 29 | 27 | 30 | |
| % of Revenue | 1.9% | -0.7% | 1.5% | 1.2% | 0.9% | 1.1% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 0.0% | 1.2% | 1.9% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (EUR in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 520 | 1,089 | 1,688 | 896 | |||
| (+) Cash & Short Term Investments | 23 | 23 | 23 | 23 | |||
| (+) Investments & Other | 54 | 54 | 54 | 54 | |||
| (-) Debt | (499) | (499) | (499) | (499) | |||
| (-) Other Liabilities | 0 | 0 | 0 | 0 | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 98 | 667 | 1,266 | 474 | |||
| (/) Shares Outstanding | 44.2 | 44.2 | 44.2 | 44.2 | |||
| Implied Stock Price (EUR) | 2.21 | 15.10 | 28.64 | 10.72 | |||
| FX Rate: EUR/EUR | 1.00 | 1.00 | 1.00 | 1.00 | |||
| Implied Stock Price (EUR) | 2.21 | 15.10 | 28.64 | 10.72 | |||
| Upside / (Downside) | -79.38% | 40.87% | 167.17% | ||||
| Stock Price | 10.72 | ||||||
| Stock Price Close | 10.72 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | EUR | ||||||
| Trading Currency | EUR | ||||||
| FX Rate: EUR/EUR | 1.00 | ||||||
| Market Cap | 473.7 | ||||||
| Shares Outstanding | 44.2 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||