AMADEUS: 1Q’21 RESULTS (ANÁLISIS BANCO SABADELL)
1Q'21 vs. 1Q'20 Results:Sales: € 497.0 M (-51.3% vs. -50.0% BS(e) and -51.0% consensus);
EBITDA: € 53.7 M (-84.6% vs. -81.0% BS(e) and -85.3% consensus);
Net Profit: € -83.0 M (€ 141.8 M in 1Q'20 vs. € -95.0 M BS(e) and € -81.0 M consensus).
The 1Q’21 results were somewhat worse than expected in sales, but in line with the consensus in adjusted EBITDA (€ 54 M vs. € 66 M BS(e) and € 51 M consensus). By divisions, in Distribution (34% sales), revenues fell less than we expected (-58% vs. -63% BS(e)), affected by the drop in travel bookings (-79%, in line with what was seen in 4Q’20). In IT Solutions the drop was smaller (-46%), but worse than we expected (-39%), with passengers boarded plummeting -65.4%. As for the cost-saving programme, the company indicates that it is on track to reach € 550 M of fixed-cost savings in 2021 vs. 2019 (~25% of EBITDA’19). Lastly, AMS has stated that March was the best month since the pandemic began, and in April there would have been an additional improvement.
The share price has slid -16% vs. IBEX in 2021 and we do not expect these results to be a driver, although the comments on the improvements seen in March could mean a positive slant. At current levels we still do not see upside and maintain a cautious stance. SELL. T.P. € 59.00/sh. (upside +3.47%).
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).
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.