Sabre Already Leveraging Tech Investments That Support Its Long-Term Growth; Shares Undervalued
The key takeaway for us from Sabre’s better fourth-quarter results and in line 2018 outlook is that its technology investments are driving strong leverage and improving free cash flow. We believe this spend will support its narrow moat (sourced by network effect, efficient scale, and switching costs) advantages and long-term growth opportunity, something shares fail to account for, in our opinion. We plan to lift our $26 fair value estimate (which incorporates mid-single-digit annual sales growt...
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