Amadeus IT Group SA

Amadeus is a transaction processor for the global travel and tourism industry. Co. provides transaction processing power and technology solutions to both travel providers (including full service carriers and low-cost airlines, hotels, rail operators, cruise and ferry operators, car rental companies and tour operators) and travel agencies (both online and offline). Co. acts both as a worldwide network connecting travel providers and travel agencies through a processing platform for the distribution of travel products and services (through the Distribution business), and as a provider of a portfolio of IT solutions which automate certain business processes (through the IT solutions business).
  • TickerAMS
  • ISINES0109067019
  • ExchangeMadrid Stock Exchange
  • SectorSoftware & Computer Services
  • CountrySpain

Analysts

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/12/2019

...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/11/2019

...

Charles Lepetitpas ...
  • Yan Derocles

Amadeus IT Holding SA : Neutral vs Buy – Deterioration in premium demand and slowdown in the hospitality action plan

>Amadeus outperforms in Q3 in an adverse environment - Q3 2019 results came in ahead of forecasts despite a high number of airline failures and the transformation of the Indian market (GDS market down around 20% in Q3). Market share gains in distribution (+0.5% and +1.3% excluding India) and the recovery in western Europe (+0.8%) offset these adverse factors. EBITDA came to € 570m (ODDO BHF: € 558m, consensus: € 562m), up 11.9% on sales up 16.3%. However, the margin f...

Charles Lepetitpas ...
  • Yan Derocles

Amadeus IT Holding SA : Neutre vs Achat – Dégradation de la demande premium et écueil sur le plan de marche Hospitality

>Amadeus surperforme au T3 dans un environnement adverse - Le T3 2019 est ressorti au-delà des attentes en dépit d’un nombre élevé de faillites de compagnies aériennes et de la mutation du marché indien (marché GDS en recul de c20% au T3). Les gains de part de marché dans la Distribution (+0.5% et +1.3% hors Inde) et le redressement de l’Europe de l’Ouest (+0.8%) permettent de compenser ces éléments adverses. L’EBITDA est ressorti à 570 M€ (ODDO BHF: 558 M€, Cons : 56...

Alvaro del Pozo

AMADEUS: 3Q'19 RESULTS (ANÁLISIS BANCO SABADELL)

3Q'19 vs. 3Q'18 Results Sales: € 1.403 Bn (+16.3% vs. +15.7% BS(e) and +14.7% consensus); EBITDA: € 566.0 M (+11.0% vs. +11.8% BS(e) and +10.2% consensus); Net Profit: € 323.0 M (+42.0% vs. +39.8% BS(e) and +31.9% consensus); 9M'19 vs. 9M'18 Results Sales: € 4.236 Bn (+15.0% vs. +14.8% BS(e) and +14.5% consensus); EBITDA: € 1.759 Bn (+10.8% vs. +11.0% BS(e) and +10.5% consensus); Net Profit: € 989.7 M (+18.6% vs. +18.0% BS(e) and +15.9% consensus); The company released 3Q’19 results in line with our estimates and slightly above those of the consensus in Sales. EBITDA also beat the consensus ...

Amadeus IT Group S.A. - September 2018 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Amadeus IT Group S.A.: Update following the acquisition of TravelClick

Our credit view of Amadeus, covering its strong performance and market positions, industry disintermediation and technological risks, and expected leverage after the TravelClick acquisition

Amadeus IT Group S.A. - June 2018 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Amadeus IT Group S.A.: Amadeus’ acquisition of TravelClick will accelerate its hospitality segment’s expansion, a credit positive

The acquisition will create substantial cross-selling opportunities, despite temporarily increasing leverage.

Amadeus IT Group S.A. - March 2018 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Charles Lepetitpas ...
  • Yan Derocles

Amadeus IT Holding SA : Neutral vs Buy – Deterioration in premium demand and slowdown in the hospitality action plan

>Amadeus outperforms in Q3 in an adverse environment - Q3 2019 results came in ahead of forecasts despite a high number of airline failures and the transformation of the Indian market (GDS market down around 20% in Q3). Market share gains in distribution (+0.5% and +1.3% excluding India) and the recovery in western Europe (+0.8%) offset these adverse factors. EBITDA came to € 570m (ODDO BHF: € 558m, consensus: € 562m), up 11.9% on sales up 16.3%. However, the margin f...

Charles Lepetitpas ...
  • Yan Derocles

Amadeus IT Holding SA : Neutre vs Achat – Dégradation de la demande premium et écueil sur le plan de marche Hospitality

>Amadeus surperforme au T3 dans un environnement adverse - Le T3 2019 est ressorti au-delà des attentes en dépit d’un nombre élevé de faillites de compagnies aériennes et de la mutation du marché indien (marché GDS en recul de c20% au T3). Les gains de part de marché dans la Distribution (+0.5% et +1.3% hors Inde) et le redressement de l’Europe de l’Ouest (+0.8%) permettent de compenser ces éléments adverses. L’EBITDA est ressorti à 570 M€ (ODDO BHF: 558 M€, Cons : 56...

Alvaro del Pozo

AMADEUS: 3Q'19 RESULTS (ANÁLISIS BANCO SABADELL)

3Q'19 vs. 3Q'18 Results Sales: € 1.403 Bn (+16.3% vs. +15.7% BS(e) and +14.7% consensus); EBITDA: € 566.0 M (+11.0% vs. +11.8% BS(e) and +10.2% consensus); Net Profit: € 323.0 M (+42.0% vs. +39.8% BS(e) and +31.9% consensus); 9M'19 vs. 9M'18 Results Sales: € 4.236 Bn (+15.0% vs. +14.8% BS(e) and +14.5% consensus); EBITDA: € 1.759 Bn (+10.8% vs. +11.0% BS(e) and +10.5% consensus); Net Profit: € 989.7 M (+18.6% vs. +18.0% BS(e) and +15.9% consensus); The company released 3Q’19 results in line with our estimates and slightly above those of the consensus in Sales. EBITDA also beat the consensus ...

Alvaro del Pozo

AMADEUS: RDOS. 3T’19 (ANÁLISIS BANCO SABADELL)

Rdos. 3T'19 vs 3T'18: Ventas: 1.403 M euros (+16,3% vs +15,7% BS(e) y +14,7% consenso); EBITDA: 566,0 M euros (+11,0% vs +11,8% BS(e) y +10,2% consenso); BDI: 323,0 M euros (+42,0% vs +39,8% BS(e) y +31,9% consenso). Rdos. 9meses'19 vs 9meses'18: Ventas: 4.236 M euros (+15,0% vs +14,8% BS(e) y +14,5% consenso); EBITDA: 1.759 M euros (+10,8% vs +11,0% BS(e) y +10,5% consenso); BDI: 989,7 M euros (+18,6% vs +18,0% BS(e) y +15,9% consenso). Ha presentado Rdos 3T’19 en línea con nuestras estimaciones y algo por encima del consenso en Ventas. En EBITDA también han estado por encima del consenso, c...

Research Department

IBERIAN DAILY 07 NOVEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: AENA, ARCELOR MITTAL, ELECTRICITY AND GAS SECTOR, ENCE, ROVI, UNICAJA. MARKETS YESTERDAY AND TODAY Little movement on the markets European markets closed with slight gains in a session marked by a calendar full of macro data releases. In the Euro Stoxx we highlight the rises in Retail and Food (offsetting the poor performance over the past few days) compared to the worst performance in Basic Materials and Media. On the macro side, in Germany September’s factory orders rose slightly more than expected. In Spain, September’s industrial output slowed more than expected. Separate...

1 director sold

A director at Amadeus It Group S.A. sold 10,000 shares at 72.000EUR and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names o...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/12/2019

...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/11/2019

...

Alain William ...
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Philippe Ourpatian
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/01/2019

Market expectations of a cut in the Fed’s policy rates have come true... Unless that is, that the Fed that has aligned itself with investor expectations. Is this really good news for equity markets? Not necessarily, as the recent trend in the cost of capital, in a context of a slowdown in earnings growth, tends to demonstrate the latter’s inertia. In other words, the gain on the risk-free rate is absorbed by an equivalent (if not greater) increase in the risk premium. Conclusion: indi...

Alain William ...
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Philippe Ourpatian
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 01/08/2019

Les anticipations de baisse de taux FED du marché se sont réalisées… A moins que ce ne soit la FED qui ne se soit alignée sur les attentes des investisseurs. Est-ce vraiment une bonne nouvelle pour les marchés actions ? Pas forcément car l’évolution récente du coût du capital, dans un contexte de ralentissement de la croissance bénéficiaire, tend à démontrer l’inertie de ce dernier. En d’autres termes, le gain sur le taux sans risque est absorbé par une augmentation équivalente (sinon...

Alain William ...
  • Alexandre Iatrides
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Harald Eggeling
  • Jean Sassus
  • Johanna Jourdain
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Nicolas David
  • Olivier Lebrun
  • Philippe Ourpatian
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/09/2019

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An unfavourable environment weighs on AMADEUS IT GROUP, which sees a downgrade to Slightly Negative

The independent financial analyst theScreener just requalified the general evaluation of AMADEUS IT GROUP (ES), active in the Software industry. As regards its fundamental valuation, the title still shows 0 out of 4 stars and its market behaviour is seen as moderately risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Slightly Negative. As of the analysis date August 23, 2019, the closing price was EUR 66.90 and its target price was estimated at EUR 61.52.

Amadeus IT Group, S.A.

Amadeus IT Group, S.A.

Amadeus IT Group, S.A.

Amadeus IT Group, S.A.

MarketLine Department

Sabre Corporation - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Sabre Corporation Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Sabre Corporation since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key...

MarketLine Department

TripAdvisor Inc - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's TripAdvisor Inc Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by TripAdvisor Inc since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Hig...

Expert Corporate Governance Service (ECGS)

Amadeus IT - AGM 18 June 2019

In item 5, the Board of Directors seeks authorization to reduce the share capital by redeeming 7'554'070 treasury shares currently held by the Company (1.7% of issued share capital). We regret that the Board has not provided a clear justification for the requested authorization, and we note that 33% of the annual bonus and 50% of the long-term incentive depend on earnings per share (EPS). As concerns may arise over the possibility to use the authorization to increase the executive variable remuneration, we recommend opposition. In item 8, shareholders are called to an advisory vote on the Ann...

Amadeus Holding It – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Proxy Rapport 21/06/2018

In item 8, shareholders are called to an advisory vote on the Annual Remuneration Report, including the remuneration policy and the amounts paid in 2017. We regret that the CEO's base salary was increased by 5% in 2018, without a clear justification provided by the Board. Furthermore, the CEO's variable remuneration is capped at 350% of the base salary (150% the annual cash bonus and 200% a Performance Share Plan), exceeding the ECGS voting policy limit of 300%, and the Board has the discretionary power to increase the CEO's long-term incentive up to 400% of his base salary. Also taking into a...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Not too bullish, not too bearish Despite several indexes recently touching new 52+ week highs, broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) remain near logical resistance, and indicators continue to send mixed signals. As a result we are hesitant to get too bullish or bearish. Instead we want to focus on Sector/Group/industry themes where we bottoming price and RS, or attractive pullback opportunities within established price and RS uptrends. Below we highlight some of these themes along with indicators that support our overall constructive -- yet tempered -- outlook. • Positiv...

Valérie GASTALDY

Analyse court terme - AMADEUS IT HOLDING SA-A SHS : La tendance est incertaine.

La tendance est incertaine. Les cours baissent, mais la tendance manque de puissance pour le moment. Le prochain support est à 66,80 €.

Valérie GASTALDY

Short term view - AMADEUS IT HOLDING SA-A SHS : The trend is uncertain.

The trend is uncertain. Prices are falling, but the trend is lacking power for the time being. The next support is at €66.80.

Valérie GASTALDY

Analyse court terme - AMADEUS IT HOLDING SA-A SHS : Les cours baissent.

La tendance est incertaine. Les cours baissent, et il y a une possibilité d'accélération baissière. Une nouvelle tendance baissière tente de démarrer.

Valérie GASTALDY

Short term view - AMADEUS IT HOLDING SA-A SHS : Falling prices.

The trend is uncertain. Prices are falling and they may accelerate to the downside. A new bearish trend is attempting to emerge.

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