AMADEUS: AUN CON VACUNA, EL VIAJE ES LARGO (ANÁLISIS BANCO SABADELL)
Aun con vacuna, el viaje es largo. Cambiamos a VENDER.El valor sube en el último mes un +43% absoluto (+18% vs IBEX), impulsado por la previsible disponibilidad de vacunas efectivas, descontando ya una recuperación acorde con nuestro escenario central (prevemos recuperación del EBITDA’19 en 2023). Los cierres ligados a los rebrotes del Covid-19 han ahogado la recuperación que esperábamos este 4T’20, con lo que rebajamos el EBITDA’21/25e un -3%. Pese a esto, esperamos menos capex’20/25e (-5%) lo que sube el P.O. a 59 euros/acc. (+4% vs antes), quedando sin potencial y cambiamos a VENDER. Para potencial adicional de >+10% el EBITDA normalizado ser +25% vs 2019.
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).
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