Amadeus IT Holding SA : Neutre vs Achat – Dégradation de la demande premium et écueil sur le plan de marche Hospitality
>Amadeus surperforme au T3 dans un environnement adverse - Le T3 2019 est ressorti au-delà des attentes en dépit d’un nombre élevé de faillites de compagnies aériennes et de la mutation du marché indien (marché GDS en recul de c20% au T3). Les gains de part de marché dans la Distribution (+0.5% et +1.3% hors Inde) et le redressement de l’Europe de l’Ouest (+0.8%) permettent de compenser ces éléments adverses. L’EBITDA est ressorti à 570 M€ (ODDO BHF: 558 M€, Cons : 56...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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