During its June 18 investor day, Amadeus laid out the case for its network effect—the primary source of its narrow economic moat—to endure over the next decade and gave 2023-26 sales and EBIT targets. Our fair value estimate is EUR 66 per share.
Amadeus' GDS network hosts content from most airlines and is used by many travel agents, resulting in significant industry share. Replicating this network would involve meaningful time and costs.
Corporate travel could be negatively affected by some prolonged use of video conferencing as a replacement for internal meetings and other business trips.
|
Metric
|
AMS
|
EXPE
|
BKNG
|
|---|---|---|---|
Price/Earnings (Normalized) | 22.19 | 12.21 | 25.02 |
Price/Book Value | 5.80 | 18.74 | — |
Price/Sales | 4.92 | 1.40 | 5.94 |
Price/Cash Flow | 12.49 | 7.13 | 21.01 |
|
Metric
|
AMS
|
EXPE
|
BKNG
|
|---|---|---|---|
Quick Ratio | 0.59 | 0.61 | 1.15 |
Current Ratio | 1.14 | 0.79 | 1.22 |
Interest Coverage | 13.57 | 3.88 | 6.51 |
|
Metric
|
AMS
|
EXPE
|
BKNG
|
|---|---|---|---|
Return on Assets (Normalized) | 10.52% | 6.18% | 22.51% |
Return on Equity (Normalized) | 25.23% | 96.06% | — |
Return on Invested Capital (Normalized) | 14.33% | 15.92% | 42.97% |
|
1-Day Chart
|
Name
|
Price
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|---|
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ACN
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INFY
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FI
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FIS
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CTSH
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GIB
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BR
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| Jack Henry & Associates Inc
JKHY
| Lnjfkqdsm | Jcjn | $12.4 Bil |
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