Sabre Posts Another Solid Quarter; Resilient Model and Competitive Advantages at a Discount
Our long-held thesis that Sabre's investments the past 18 months would successfully revitalize its technology offering gained further support with air booking share up 2.1 percentage points to 38.6% in the third quarter. As a result, Sabre raised its 2018 sales and EBITDA guidance to 7%-8% (compared with our 6% estimate) and 3%-5% (our 3% forecast), respectively, from 4%-7% and 0%-3%. We don't expect a material change to our $28.50 valuation, as we plan to slightly lift our 2018 estimates, mitig...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.
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