Amadeus' Advantaged Platform Seeing Increased Demand, Boosted by a Return of Business Travel

While Amadeus still stands to see material near-term corporate and European demand headwinds from the coronavirus and geopolitical conflict, we expect its leadership position in global distribution systems, or GDS, to endure during the next several years, driven by its leading network of airline content and travel agency customers as well as its healthy position in software solutions for these carriers and agents. Amadeus is the largest of the three GDS operators (narrow-moat Sabre is number two, followed by privately held Travelport) that control nearly 100% of market volume.