Amadeus' network and efficient scale advantages are intact despite increased commission costs.
Narrow-moat Amadeus reported a mostly positive third quarter, as its GDS (70% of sales) segment grew share (air volume up 6% versus industry up 4.7%), its IT solutions (30% of sales) division benefited from the recent Southwest implementation, and the company announced new wins (notably Air Canada and Premier Inn). That said, the company’s costs of goods sold rose 13% through the first nine months of the year versus 10% and 6% for narrow-moat companies Sabre and Travelport, respectively. We plan...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.
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