Report
Dan Wasiolek
EUR 101.80 For Business Accounts Only

Sabre's network and switching cost advantages intact, despite near-term headwinds in its IT segment.

We believe Sabre's global distribution system, or GDS, (70% of total sales) share has stabilized and is now set to rebound in the second half of 2017. That said, the company’s IT solution business (30%) is experiencing several headwinds, most of which we see being transitory in nature. Nonetheless, we plan to adjust our near-term IT sales forecast lower, while maintaining our out-year estimates for the segment. This will be mitigated by a newly announced cost reduction program that aims to align...
Underlying
Sabre Corp.

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.

Provider
Morningstar
Morningstar

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.

Analysts
Dan Wasiolek

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