Narrow-Moat Sabre Reports a Solid 3Q as Initiatives Gain Momentum; Shares Remain Attractive
While we don’t expect meaningful changes to our $26 fair value estimate, we saw several positives in narrow-moat Sabre’s third quarter: double-digit distribution growth in Asia-Pacific and EMEA; early signs of the $110 million cost-reduction program taking hold; solid 8% organic passenger boardings; and accelerated repurchase activity. Even after nearly 10% upside reaction to the company’s performance, we still see shares as attractive, trading at 12 times our tax-reform-adjusted 2018 earnings....
Sabre is a technology solutions provider to the travel and tourism industry. The company operates through three business segments: Travel Network, which consists primarily of its global distribution system (GDS) and a range of solutions that integrate with its GDS; Airline Solutions, which provides a portfolio of software technology products and solutions, through software-as-a-service (SaaS) and hosted delivery model, to airlines and other travel suppliers and provides software solutions; and Hospitality Solutions, which provides software and solutions, through SaaS and hosted delivery model, to hoteliers around the world.
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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