Bankinter | Amadeus´Q119 results have slightly exceded market expectations, with slight gains in market share in Distribution thanks to the evolution of Soluciones Tecnológicas.
Principal data compared to market consensus (Bloomberg): Income 1.41 Bn€ (+14,6%) vs. 1.395 Bn€ estimated; Ebitda 600 M€ (+11,2%) vs. 593 M€ estimated; Net anual profits 335 M€ (+9,5%) vs.329 M€ estimated. The market share of airline reservations in travel agencies was 43.9% compared to 43.7% at the close of 2018.
In a breakdown by sectors, income from Distribution grew +5.6% to 840 M€ and income from Soluciones Tecnológicas increased +31,2% to 570 M€ (because of the change of scope following the incorporation of TravelClick). The number of passengers embarked rose to 436M (+4.6%). Net Financial Debt is 3.038 Bn€ (vs 3.074 Bn€ at the close of the previous quarter), equivalent to a Net Debt/EBITDA ratio of 1.33x.
The results for Net Annual Profits are above market expectations (1.7% better than expected). The principal operational data maintain the positive dynamics of previous quarters, given that the growth of income from Distribution and especially Soluciones Tecnológicas (with double digit growth) continues accelerating.