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Sabre Corp SABR

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Morningstar’s Analysis

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Economic Moat




Sabre’s Air and Corporate Exposure Lagging the Travel Recovery; Share Materially Undervalued

Dan Wasiolek Senior Equity Analyst

Analyst Note

| Dan Wasiolek |

We saw little in narrow-moat Sabre’s third-quarter results to materially alter our $16.60 fair value estimate or our view that its run-rate revenue will return to 2019 levels around 2024. We see shares as materially undervalued, although demand and share performance are likely to remain uneven until a widely distributed vaccine is available, which we think is a mid-2021 event.

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Company Profile

Business Description

Sabre holds the number-two share of global distribution system air bookings (38.8% as of the end of 2019 versus 37.1% in 2018). The global distribution system segment represented 73% of total 2019 revenue. The company also has a growing IT solutions division (27% of revenue) that focuses on the airline, hospitality, and travel agent end markets. Transaction fees, which are tied to volume and not price, account for the bulk of revenue and profits.

3150 Sabre Drive
Southlake, TX, 76092
T +1 682 605-1000
Sector Technology
Industry Information Technology Services
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Slow Growth
Employees 9,250