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Sabre Corp SABR

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Stock XNAS Rating as of
$2.77 +0.12 (4.34%)
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As of Cboe BZX Real-Time Price Open
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Company Report

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Sabre's Profitability Improvement Amid a Lagging Air Corporate Travel Environment

Dan Wasiolek

Despite near-term economic and credit market and long-term corporate travel demand uncertainty, we expect Sabre to maintain its position in global distribution systems over the next 10 years, driven by a leading network of airline content and travel agency customers as well as its solid position in technology solutions for these carriers and agents. Sabre's 30%-plus GDS air transaction share is the second largest of the three companies (behind narrow-moat Amadeus and ahead of privately held Travelport) that together control about 100% of market volume. Sabre is also a leader in providing technology solutions to travel suppliers.

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Price vs Fair Value

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SABR is trading at a 47% discount.
Price
$2.66
Fair Value
$3.00
Uncertainty
Very High
1-Star Price
$8.17
5-Star Price
$1.90
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

The company's GDS network hosts content from all airlines and is used by many travel agents, resulting in a large industry share. Replicating this would involve meaningful time and costs.

Bears

The inflation and credit availability present material headwinds to near-term demand and and credit quality for Sabre's distribution network and IT solutions business.

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Trading Information

Previous Close Price
$2.65
Day Range
$2.64–2.78
52-Week Range
$1.82–5.77
Bid/Ask
$2.76 / $2.77
Market Cap
$1.05 Bil
Volume/Avg
3.8 Mil / 6.2 Mil

Key Statistics

Price/Earnings (Normalized)
—
Price/Sales
0.30
Dividend Yield (Trailing)
—
Dividend Yield (Forward)
—
Total Yield
—

Company Profile

Sabre holds the number-two air booking volume share in the global distribution system industry. The travel solutions segment represented 91% of total 2023 revenue, split between distribution (78% of segment sales) and airline IT solutions (22%) revenue. The company also has a growing hotel IT solutions division (9% of revenue). Transaction fees, which are mostly tied to volume and not price, account for the bulk of sales and profits.
Sector
Consumer Cyclical
Industry
Travel Services
Stock Style Box
Small Value
Total Number of Employees
6,232
Website
https://www.sabre.com

Competitors

Valuation

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Metric
SABR
AMS
BKNG
Price/Earnings (Normalized)
 —22.8223.67
Price/Book Value
 —5.80—
Price/Sales
 0.305.025.92
Price/Cash Flow
 —15.6822.45
Price/Earnings
SABR
AMS
BKNG

Financial Strength

Metric
SABR
AMS
BKNG
Quick Ratio
 1.170.851.20
Current Ratio
 1.270.961.28
Interest Coverage
 −0.1015.085.97
Quick Ratio
SABR
AMS
BKNG

Profitability

Metric
SABR
AMS
BKNG
Return on Assets (Normalized)
 −3.69%10.03%21.88%
Return on Equity (Normalized)
 —24.06%—
Return on Invested Capital (Normalized)
 4.67%13.75%39.48%
Return on Assets
SABR
AMS
BKNG
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