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

Dan Wasiolek

Morningstar | Amadeus' Network and Efficient Scale Advantages Remain, Despite Near-Term Share Loss

We expect Amadeus to expand its leadership position in global distribution systems over the next several years, driven by its leading network of airline content and travel agency customers as well as its superior position in technology solutions for these carriers and agents. Of the top three operators that control nearly 100% of market volume, we expect Amadeus' share of GDS bookings to remain in the low 40s, and its technology share of passenger boardings to be in the high 40s by 2020, up from 42% in 2017.Amadeus’ GDS enjoys a network effect. As more supplier content (mostly airline content)...

Dan Wasiolek

Amadeus' Network and Efficient Scale Advantages Remain, Despite Near-Term Share Loss

Narrow-moat Amadeus reported a mixed quarter with temporary share loss in its Distribution segment (60% of sales) and strength in its IT Solutions business (40%). We see minimal change to our 5% and 6% 2018 sales and EBITDA estimates, respectively, with year-to-date sales and EBITDA tracking up 5% and 6%. That said, we plan to lift our EUR 52 valuation a mid-single-digit percentage to account for the TravelClick acquisition (scheduled to close in fourth-quarter 2018). We see shares as overvalued...

Alex Koagne ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Léopold Authié
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Corby
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/08/2018

A few weeks after the French government officially mandated advisers to work on EDF’s “architecture”, we provide an update on the main scenarios and their financial consequences. Our status-quo approach gives a valuation of between € 18.0 (+20%) and € 19.2 (+28%), depending on the outcome of the Multiannual Energy Plan (MEP). Under alternative scenarios, with total regulation of the nuclear sector or segregation of nuclear power, our valuation ranges from € 22.5 (+50%) to € 24.0 (+71%...

Alex Koagne ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Léopold Authié
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Corby
  • Roland Pfaender
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/11/2018

Quelques semaines après que l’Etat ait officiellement mandaté des conseils pour travailler sur « l’architecture d’EDF », nous revenons sur les principales hypothèses d’évolution et leurs conséquences financières. Notre approche statu quo nous amène à une valorisation du titre entre 18.0 € (+20%) et 19.2 € (+28%), en fonction de la PPE, tandis que les hypothèses alternatives, avec régulation totale du nucléaire ou sanctuarisation du nucléaire, la porterait entre 22.5 € (+50%) et 24.0 €...

Charles Lepetitpas ...
  • Yan Derocles

Amadeus IT Holding SA : A reassuring message on GDS and NBUs still just as dynamic

>Q3 in line with forecasts but disappointment in GDS… - Amadeus yesterday reported Q3 results fully in line with forecasts with EBITDA at € 510m (+9.4%) on revenues up 5.5% to € 1,207m, i.e. a margin of 42.2% (+151bp). FCF was stable at € 341m owing to an increase of 11% in capex and resulted in net debt of € 1,892m, i.e. a net debt/EBITDA ratio of 0.95x (1.56x including Travel Click). However, pressure on air bookings increased in the quarter with a fall of 7.2% in w...

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.

Amadeus IT Group S.A. - December 2017 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Amadeus IT Group S.A. - September 2017 (LTM): Peer Snapshot

Peer Snapshot:  Amadeus IT Group S.A. - September 2017 (LTM) 15 December 2017 (in US millions) FYE Dec-15 FYE Dec-16 LTM Sep-17 FYE Dec-15 FYE Dec-16 LTM Sep-17 FYE Dec-15 FYE Dec-16 LTM Sep-17

Dan Wasiolek

Morningstar | Amadeus' Network and Efficient Scale Advantages Remain, Despite Near-Term Share Loss

We expect Amadeus to expand its leadership position in global distribution systems over the next several years, driven by its leading network of airline content and travel agency customers as well as its superior position in technology solutions for these carriers and agents. Of the top three operators that control nearly 100% of market volume, we expect Amadeus' share of GDS bookings to remain in the low 40s, and its technology share of passenger boardings to be in the high 40s by 2020, up from 42% in 2017.Amadeus’ GDS enjoys a network effect. As more supplier content (mostly airline content)...

Dan Wasiolek

Amadeus' Network and Efficient Scale Advantages Remain, Despite Near-Term Share Loss

Narrow-moat Amadeus reported a mixed quarter with temporary share loss in its Distribution segment (60% of sales) and strength in its IT Solutions business (40%). We see minimal change to our 5% and 6% 2018 sales and EBITDA estimates, respectively, with year-to-date sales and EBITDA tracking up 5% and 6%. That said, we plan to lift our EUR 52 valuation a mid-single-digit percentage to account for the TravelClick acquisition (scheduled to close in fourth-quarter 2018). We see shares as overvalued...

Charles Lepetitpas ...
  • Yan Derocles

Amadeus IT Holding SA : A reassuring message on GDS and NBUs still just as dynamic

>Q3 in line with forecasts but disappointment in GDS… - Amadeus yesterday reported Q3 results fully in line with forecasts with EBITDA at € 510m (+9.4%) on revenues up 5.5% to € 1,207m, i.e. a margin of 42.2% (+151bp). FCF was stable at € 341m owing to an increase of 11% in capex and resulted in net debt of € 1,892m, i.e. a net debt/EBITDA ratio of 0.95x (1.56x including Travel Click). However, pressure on air bookings increased in the quarter with a fall of 7.2% in w...

Charles Lepetitpas ...
  • Yan Derocles

Amadeus IT Holding SA : Un ton rassurant sur le GDS et des NBU toujours aussi dynamiques

>Un T3 en ligne avec les attentes mais une déception sur le GDS… - Amadeus a publié hier un T3 totalement en ligne avec les attentes avec un EBITDA à 510 M€ (+9.4%) pour un CA en croissance de 5.5% à 1 207 M€, soit une marge de 42.2% (+151 pb). Le FCF est stable à 341 M€ en raison d’une hausse de 11% des Capex et aboutit à une dette nette de 1 892 M€, soit un ratio dette nette/EBITDA de 0.95x (1.56x en incluant Travel Click). Toutefois, la pression sur les réservation...

Dan Wasiolek

Morningstar | Amadeus' Network and Efficient Scale Advantages Intact Despite Near-Term Share Loss

Narrow-moat Amadeus reported a mixed quarter with temporary share loss in its Distribution segment (60% of sales) and strength in its IT Solutions business (40%). We see minimal change to our 5% and 6% 2018 sales and EBITDA estimates, respectively, with year-to-date sales and EBITDA tracking up 5% and 6%. That said, we plan to lift our EUR 52 valuation a mid-single-digit percentage to account for the TravelClick acquisition (scheduled to close in fourth-quarter 2018). We see shares as overvalued and see narrow-moat Travelport trading at attractive margin to safety. Amadeus' air booking share ...

A director sold 11,120 shares at 64.000EUR and

A director at Amadeus It Group S.A. sold 11,120 shares at 64.000EUR and the significance rating of the trade was 69/100. 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 n...

Alex Koagne ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Léopold Authié
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Corby
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/08/2018

A few weeks after the French government officially mandated advisers to work on EDF’s “architecture”, we provide an update on the main scenarios and their financial consequences. Our status-quo approach gives a valuation of between € 18.0 (+20%) and € 19.2 (+28%), depending on the outcome of the Multiannual Energy Plan (MEP). Under alternative scenarios, with total regulation of the nuclear sector or segregation of nuclear power, our valuation ranges from € 22.5 (+50%) to € 24.0 (+71%...

Alex Koagne ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Léopold Authié
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Corby
  • Roland Pfaender
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/11/2018

Quelques semaines après que l’Etat ait officiellement mandaté des conseils pour travailler sur « l’architecture d’EDF », nous revenons sur les principales hypothèses d’évolution et leurs conséquences financières. Notre approche statu quo nous amène à une valorisation du titre entre 18.0 € (+20%) et 19.2 € (+28%), en fonction de la PPE, tandis que les hypothèses alternatives, avec régulation totale du nucléaire ou sanctuarisation du nucléaire, la porterait entre 22.5 € (+50%) et 24.0 €...

Christophe-Raphaël Ganet ...
  • François Maury
  • Georges Dieng
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/26/2018

...

Christophe-Raphaël Ganet ...
  • François Maury
  • Georges Dieng
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 26/09/2018

...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Anis Zgaya
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Eric Beaudet
  • Fatma Agnès Hamdani
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard, CFA
  • Olivier Lebrun
  • Pierre Tegner
  • Steven Gould
  • Sven Edelfelt
  • Valentin Pernet
  • Vincent Maulay
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/30/2018

...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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...

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.

Valérie GASTALDY

Analyse moyen terme - AMADEUS IT HOLDING SA-A SHS : La correction gagne en vigueur.

La tendance de fond est clairement orientée à la hausse. La correction en cours gagne en vigueur. Il est trop tôt pour parler de retournement baissier. La tendance serait invalidée sous le support à 66,88 €.

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