Amadeus Faces Cyclical Headwinds in Europe, but Network and Efficient Scale Advantages Intact
Narrow-moat Amadeus joined the chorus heard from other travel companies in saying it is seeing signs of macro-related slowing in its core European market (33% of total air bookings and passengers boarded). On the increasing signs of slowdown in overseas markets, we plan to shift our modeled 2020 cyclical downturn into 2019, which will be mitigated by the time value of money. As a result, we don't expect a material change to our EUR 55 valuation, leaving shares overvalued. For those seeking trave...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).
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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