Narrow-Moat Amadeus Reports Solid 4Q, but Shares Are Flying Too High
Although narrow-moat Amadeus reported in-line fourth-quarter results, we plan to lift our EUR 45 fair value estimate by EUR 2-3 to account for higher distribution sales (65% of the total) resulting from stronger global economic growth, especially in Amadeus’ international markets; less than 20% of sales comes from North America for Amadeus versus around 40% for Sabre. Still, we see Amadeus' shares as overvalued, trading near 24 times 2018 estimated earnings versus the 20 times average on a forwa...
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