Amadeus' network and efficient scale advantages intact, but awarded too much credit from investors.
Narrow-moat Amadeus reported a mixed first-half 2018 with solid high-single-digit underlying sales and EBITDA growth (excluding currency), aided by healthy IT Solutions (37% of total revenue), and despite anemic distribution (63%) results. We don't expect a material change to our EUR 48.50 fair value estimate, as slightly lower 2018 distribution sales are offset by the time value of money. Trading at over 25 times next 12-month earnings per share, well above the 21 times averaged over 2014-2017,...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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