amadeus

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Amadeus close to pre-pandemic figures: Ebitda reaches €582m and revenue close to €1.5bn

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…


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Amadeus acquires payment management company Voxel Media for €113 million

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…


Amadeus

Amadeus acquires Portugal’s Vision-Box, specialised in passenger biometrics, for €320m, equivalent to 16x EBITDA 2023

Renta 4 | Amadeus has reached an agreement to acquire Vision-Box, a Lisbon-based company that provides biometric (facial recognition) solutions for passengers in airports, airlines and border systems. Vision-Box’s systems (hardware and software) facilitate passengers’ journey from airport check-in, check-out, lounges and security screening. Vision-Box is expected to generate €70 million in revenues and €20 million in EBITDA by 2023, is present in more than 100 countries, generates 50% of…


Amadeus

Amadeus: travel volumes to fall by -15% vs. pre-Covid levels on a permanent basis, ahead of expectations for segment recovery

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…


Amadeus

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…


Amadeus

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

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…


Amadeus

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

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…