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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 3.52 B - 6.095 B | 4.795 B |
| Discount Rate | 14.3% - 12.3% | 13.3% |
| Fair Value | $20.50 - $106.43 | $59.89 |
| Upside | -50.5% - 156.8% | 44.5% |
| 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 | 32,647 | 35,862 | 37,496 | 36,049 | 35,779 | 35,779 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | (678) | 3,912 | 3,223 | 3,305 | 1,431 | 1,431 | |
| (+) Net Interest Expense | 306 | 319 | 355 | 464 | 526 | 526 | |
| (+) Other Non Operating Exp. | (310) | (1,199) | (745) | (1,334) | (1,299) | (1,299) | |
| (+) D&A | 1,312 | 1,238 | 1,169 | 1,165 | 1,165 | 1,165 | |
| (+) Non-recurring Items | 3,146 | 1,303 | 930 | 1,779 | 2,721 | 2,721 | |
| Adjusted EBITDA | 3,776 | 5,573 | 4,932 | 5,379 | 4,544 | 4,544 | |
| (-) D&A | (1,312) | (1,238) | (1,169) | (1,165) | (1,165) | (1,165) | |
| Adjusted EBIT | 2,464 | 4,335 | 3,763 | 4,214 | 3,379 | 3,379 | |
| % of Revenue | 7.5% | 12.1% | 10.0% | 11.7% | 9.4% | 9.4% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 7.5% | 10.0% | 12.1% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (USD in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 24,698 | 36,186 | 49,757 | 30,808 | |||
| (+) Cash & Short Term Investments | 4,897 | 4,897 | 4,897 | 4,897 | |||
| (+) Investments & Other | 21,225 | 21,225 | 21,225 | 21,225 | |||
| (-) Debt | (19,402) | (19,402) | (19,402) | (19,402) | |||
| (-) Other Liabilities | (25,440) | (25,440) | (25,440) | (25,440) | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 5,978 | 17,466 | 31,037 | 12,088 | |||
| (/) Shares Outstanding | 291.6 | 291.6 | 291.6 | 291.6 | |||
| Implied Stock Price (USD) | 20.50 | 59.89 | 106.43 | 41.45 | |||
| FX Rate: USD/USD | 1.00 | 1.00 | 1.00 | 1.00 | |||
| Implied Stock Price (USD) | 20.50 | 59.89 | 106.43 | 41.45 | |||
| Upside / (Downside) | -50.54% | 44.50% | 156.77% | ||||
| Stock Price | 41.45 | ||||||
| Stock Price Close | 41.45 | ||||||
| Restatment Type | Press Release | ||||||
| Reporting Currency | USD | ||||||
| Trading Currency | USD | ||||||
| FX Rate: USD/USD | 1.00 | ||||||
| Market Cap | 12,353.0 | ||||||
| Shares Outstanding | 291.6 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||