Sabre's Share Rally Supports Our View That Its Technology Is Gaining Altitude With Intact Advantages
With its shares up around 20% year to date (versus a 1% rise for the S&P 500), narrow-moat Sabre is now trading near our $27 fair value estimate. We think this outperformance validates our thesis that market fears regarding a weakened competitive position for Sabre are exaggerated and that the company’s network effect, efficient scale, and switching cost advantages are intact. In our view, recent executive hires and migration toward a cloud infrastructure are beginning to drive innovation, l...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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