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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 1.033 B - 2.81 B | 1.746 B |
| Discount Rate | 10.3% - 8.3% | 9.3% |
| Fair Value | €44.04 - €291.90 | €134.95 |
| Upside | -81.5% - 22.6% | -43.3% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Jun-25 | ||
| (USD in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 13,979 | 13,136 | 11,864 | 12,162 | 13,009 | 13,484 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 2,219 | 2,888 | 1,237 | 569 | 960 | 974 | |
| (+) Net Interest Expense | 197 | 203 | 172 | 171 | 186 | 201 | |
| (+) Other Non Operating Exp. | 29 | 20 | 27 | (76) | (144) | (103) | |
| (+) D&A | 502 | 503 | 470 | 508 | 563 | 589 | |
| (+) Non-recurring Items | 530 | 51 | 316 | 449 | 136 | 162 | |
| Adjusted EBITDA | 3,478 | 3,664 | 2,222 | 1,621 | 1,701 | 1,823 | |
| (-) D&A | (502) | (503) | (470) | (508) | (563) | (589) | |
| Adjusted EBIT | 2,976 | 3,161 | 1,752 | 1,113 | 1,138 | 1,234 | |
| % of Revenue | 21.3% | 24.1% | 14.8% | 9.2% | 8.7% | 9.2% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 8.7% | 14.8% | 24.1% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (USD in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 10,074 | 18,874 | 34,064 | 28,847 | |||
| (+) Cash & Short Term Investments | 647 | 647 | 647 | 647 | |||
| (+) Investments & Other | 160 | 160 | 160 | 160 | |||
| (-) Debt | (6,603) | (6,603) | (6,603) | (6,603) | |||
| (-) Other Liabilities | (17) | (17) | (17) | (17) | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 4,262 | 13,062 | 28,251 | 23,035 | |||
| (/) Shares Outstanding | 83.1 | 83.1 | 83.1 | 83.1 | |||
| Implied Stock Price (USD) | 51.29 | 157.18 | 339.97 | 277.20 | |||
| FX Rate: USD/EUR | 1.16 | 1.16 | 1.16 | 1.16 | |||
| Implied Stock Price (EUR) | 44.04 | 134.95 | 291.90 | 238.00 | |||
| Upside / (Downside) | -81.50% | -43.30% | 22.65% | ||||
| Stock Price | 238.00 | ||||||
| Stock Price Close | 238.00 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | USD | ||||||
| Trading Currency | EUR | ||||||
| FX Rate: USD/EUR | 1.16 | ||||||
| Market Cap | 19,842.3 | ||||||
| Shares Outstanding | 83.1 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||