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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 986.4 M - 1.238 B | 1.102 B |
| Discount Rate | 9.3% - 7.3% | 8.3% |
| Fair Value | €15.02 - €26.67 | €19.90 |
| Upside | -42.0% - 2.9% | -23.2% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Apr-21 | Apr-22 | Apr-23 | Apr-24 | Apr-25 | Apr-25 | ||
| (USD in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 3,461 | 3,933 | 4,228 | 4,178 | 3,975 | 3,975 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 1,081 | 1,114 | 1,017 | 1,298 | 1,081 | 1,081 | |
| (+) Net Interest Expense | 79 | 77 | 81 | 113 | 105 | 105 | |
| (+) Other Non Operating Exp. | (17) | (7) | (16) | (8) | (79) | (79) | |
| (+) D&A | 77 | 79 | 80 | 87 | 87 | 87 | |
| (+) Non-recurring Items | (127) | 52 | 96 | (258) | 52 | 52 | |
| Adjusted EBITDA | 1,093 | 1,315 | 1,258 | 1,232 | 1,246 | 1,246 | |
| (-) D&A | (77) | (79) | (80) | (87) | (87) | (87) | |
| Adjusted EBIT | 1,016 | 1,236 | 1,178 | 1,145 | 1,159 | 1,159 | |
| % of Revenue | 29.4% | 31.4% | 27.9% | 27.4% | 29.2% | 29.2% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 27.4% | 29.2% | 31.4% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (USD in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 10,664 | 13,357 | 17,082 | 16,666 | |||
| (+) Cash & Short Term Investments | 444 | 444 | 444 | 444 | |||
| (+) Investments & Other | 3 | 3 | 3 | 3 | |||
| (-) Debt | (2,837) | (2,837) | (2,837) | (2,837) | |||
| (-) Other Liabilities | 0 | 0 | 0 | 0 | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 8,274 | 10,967 | 14,692 | 14,276 | |||
| (/) Shares Outstanding | 472.8 | 472.8 | 472.8 | 472.8 | |||
| Implied Stock Price (USD) | 17.50 | 23.20 | 31.08 | 30.20 | |||
| FX Rate: USD/EUR | 1.17 | 1.17 | 1.17 | 1.17 | |||
| Implied Stock Price (EUR) | 15.02 | 19.90 | 26.67 | 25.91 | |||
| Upside / (Downside) | -42.04% | -23.18% | 2.92% | ||||
| Stock Price | 25.91 | ||||||
| Stock Price Close | 25.91 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | USD | ||||||
| Trading Currency | EUR | ||||||
| FX Rate: USD/EUR | 1.17 | ||||||
| Market Cap | 12,424.2 | ||||||
| Shares Outstanding | 472.8 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||