Intermoney | Amadeus (Hold, PO 65 €) announced yesterday, with the market open, that it will distribute to its shareholders an interim dividend of €0.50/share on 17 January. The stock will trade ex date on 15 January. The Group reiterates its dividend policy of a pay-out of between 40 and 50% of consolidated profit for the year. Specifically, for 2024, the Board of Directors expects to be close to the…

Intermoney | Amadeus (Hold, PO €60) has just released its Q1 results, and will hold a conference call today at 1pm. Last quarter’s figures, which are shown in the attached table, have continued to converge, slowly, to those recorded in 2019, and were slightly above our estimates at the operational level. Air bookings and passengers boarded reached 77% and 109% of pre-pandemic figures at March 24, respectively, compared to IMVe…

Renta 4| The technology company has announced the acquisition of Voxel Media, dedicated to business-to-business (B2B) payment systems for travel agencies and hotels. The deal values Voxel Media at an Enterprise Value of €113 million. Voxel Media is headquartered in Barcelona, has around 200 employees, is present in around 100 countries and has more than 50,000 hotels and 1,000 tour operators and travel agencies as customers. Assessment: This acquisition allows…

Morgan Stanley| The 1H23 corporate travel survey results indicate that travel volumes would fall -15% from pre-Covid levels on a permanent basis, which is above the recovery expectations it had for Amadeus and for the segment. Given this improvement and the expectation of respondents to reduce the proportion of virtual meetings, our industry analysts believe we could see even more recovery in corporate travel. In addition, they think that the…