Amadeus IT Holding SA : Take-off delayed
Owing to its strong exposure to corporate traffic and a negative price mix effect, Amadeus is likely to benefit only marginally from the recovery in air traffic, which we also expect to be particularly slow. We have lowered our 2020-2022 EBITDA estimates by 28% and the consensus is likely to follow suit. Momentum is set to remain challenging and the valuation is strained after the rally in May. Reduce rating reiterated. - >Sharp plunge in activity but low point expected in...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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