Added to YB: 2026-02-12
Pitch date: 2025-11-24
AMADF [bearish]
Amadeus IT Group, S.A.
+20.32%
current return
Author Info
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Company Info
Amadeus IT Group, S.A., together with its subsidiaries, operates as a transaction processor for the travel and tourism industry in Europe, Central and South America, the Middle East, Africa, and Asia Pacific.
Market Cap
EUR 21.5B
Pitch Price
EUR 62.17
Price Target
56.00 (+13%)
Dividend
3.08%
EV/EBITDA
9.54
P/E
16.59
EV/Sales
3.65
Sector
Hotels, Restaurants and Leisure
Category
N/A
Amadeus IT Group, S.A. - $AMADF (short)
AMADF (short): Amadeus faces structural headwinds from NDC adoption & AI agents bypassing its GDS model. Airlines (AAL, DAL, IAG) + OTAs (Expedia) shifting to direct connections at €0.50/booking vs GDS fees. GDS share fell to 19% from 26% in 2019. Mgmt admits LSD-MSD share loss to NDC aggregators. Corporate travel (Navan) moving away from GDS. Hospitality segment missed 4 consecutive Qs; Marriott/Accor rollouts delayed to 2026-27. Should de-rate from 20-30x P/E to 16-20x vs BKNG at 19x. Target €56 (17x €3.30 2026E EPS) in 4-6 months.
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