Amadeus emerges as potential leader in single platform concept: market share may increase from ~10% in 2022 to ~13-15% in 2026

Morgan Stanley | Our analyst, Laura Metayer, believes that the Hospitality & Other solutions division is Amadeus’ fastest growing segment (AMS), which is made up of its centralised reservations product (CRS), leading a €1.8bn market, and the newer hotel management system (PMS) in a €2.2bn market. The analyst team estimates that the hospitality IT market, with a size of €7.4bn MSe and growth of >8% CAGR, is moving towards a…


Consensus expects close to 22% growth in Amadeus’ revenues in 2023, optimistic without a hike in capacity from the airlines

Morgan Stanley | The tech team is expecting a complicated year, with a slowdown in growth and inflation and interest rates still at high levels. Although rates will become more moderate, they believe it will be difficult for stocks to perform well if earnings expectations come under pressure. For that reason, they prefer to stick with defensive stocks. ASML, SAP and Sage. Further along, it will make sense to add…


Amadeus CEO: “The company’s revenues do not depend on ticket prices, but on the added value we offer”

MS| Amadeus CEO, Luis Maroto, indicated that demand remains solid, with airlines still planning to increase capacity. And once that is in place, they will cut prices to fill planes. He also flagged that the company’s revenues do not depend on ticket prices or those of hotel rooms, but on the added value it provides, (charging more for tickets reserved outside the airline’s country of origin). So the re-opening of…


Downward revision in Amadeus to take into account a more complicated macro backdrop; Hold (T.P. 58,5 vs 63,50 euros/share)

Renta 4 | Q3 figures have consolidated the trend towards a recovery of 2019 levels. The decline in revenues is close to one digit: -13% vs Q3’19 (-17% in Q2), EBITDA: -20%, also improves, +4pp vs Q2 (ex German government aid). That said, this recovery has been held back by disruptions in European airports and travel restrictions in Asia. Recovery continues in Q4, at a slow pace Reservations show a…


Amadeus: the re-opening may offset the macroeconomic context

Morgan Stanley | The Q3’22 survey of CIOs (Chief Information Officers) suggests a slowdown in IT budgets’ growth. Expectations for spending in 2022 have been cut by 100bp to 3%. For 2023, growth of 2.8% is expected, so both figures would be below the pre-Covid average of 4.1%. The ratio of those CIOs who expect an increase in budgets vs a cut has fallen to 0.4x (vs 1.1x Q2’22), registering…

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Multimodality: Accessible For All Or Just For a Few?

Juan Girón Roger (journalist) | You might have thought why you can leave your house, take a taxi, jump into a plane, get a bus, take a train and get to your destination. That is because of multimodal travel. This vision was developed to make people’s life easier. But is this something anybody can use and benefit from? Let’s take it one step at a time. Multimodal travel implies that…


Amadeus Obtains €200 M EIB Loan For Innovation In The Tourism Sector

Amadeus continues to raise financing in the current difficult situation. The EIB’s loan’s principal will be used to finance research and development activities for a variety of new technology solutions for airlines, airports, travel agencies and railways. The company will carry out this R&D in 2020-2021.


Amadeus increases 12.2% share value this year

José Benito de Vega | Amadeus has seen a revaluation in 2019 of 12.2% including dividends, compared to 5% for the Ibex 35 with dividends. This relatively strong performance partially compensates for the poor close to 2018, when it fell 24% in the last quarter compared to -8% for the index.

Air traffic Amadeus

Amadeus: Solid business, but lack of potential, Sabadell recommends to sell

In a difficult year for the sector, major Spanish IT provider for the global travel and tourism industry Amadeus (AMS) has shown solidity in its operations thanks to the high visibility of its revenues (dependent on transactions vs. price) and the global reach of its business, well diversified geographically, analysts at Sabadell argue.