Sabre's Platform Revitalization Traction Supporting Its Network and Efficient Scale Advantages
We don't see any reason to materially alter our $29 Sabre valuation, with its reported 2018 results and outlook harmonizing with our model for mid-single-digit average annual sales growth over the next five years and 2023 operating margins around 18% versus 14.5% in 2018. We remain encouraged by Sabre's execution of revitalizing its platform through cloud investments, which we believe supports its network, switching cost, and efficient scale advantages (sources of its narrow moat). Trading at ju...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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