Amadeus IT Holding SA : Neutral vs Buy – Deterioration in premium demand and slowdown in the hospitality action plan
>Amadeus outperforms in Q3 in an adverse environment - Q3 2019 results came in ahead of forecasts despite a high number of airline failures and the transformation of the Indian market (GDS market down around 20% in Q3). Market share gains in distribution (+0.5% and +1.3% excluding India) and the recovery in western Europe (+0.8%) offset these adverse factors. EBITDA came to € 570m (ODDO BHF: € 558m, consensus: € 562m), up 11.9% on sales up 16.3%. However, the margin f...Amadeus is a transaction processor for the global travel and tourism industry. Co. provides transaction processing power and technology solutions to both travel providers (including full service carriers and low-cost airlines, hotels, rail operators, cruise and ferry operators, car rental companies and tour operators) and travel agencies (both online and offline). Co. acts both as a worldwide network connecting travel providers and travel agencies through a processing platform for the distribution of travel products and services (through the Distribution business), and as a provider of a portfolio of IT solutions which automate certain business processes (through the IT solutions business).
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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