Oddo BHF has reiterated its 'outperform' rating on Amadeus IT, with a price target raised from 78 to 80 euros, following a release from IATA and its latest discussions with the Spanish online air travel retailer.
The research firm sees 'some slightly negative elements, but also some positive ones', leading it to lower its forecasts for 2024 (-3% on sales, -4% on EBIT) but only slightly those for 2025 (-1.5% on sales and EBITDA).
Amadeus remains one of the few software companies trading on a modest multiple (17 times EV/EBIT 2024, compared with a historical range of 14 to 18 times)', adds the analyst, for whom 'risk/reward still looks positive'.
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Amadeus IT Group, S.A. owns and operates the world's No. 1 travel distribution and reservation computer system. The group's system allows travel agencies and airline sales offices to make reservations to hotels, car rental agencies, and service providers (including ocean transportation companies, tour operators, cruise lines, etc.).
The group is also involved in supplying computer services and marketing services for online reservation software and data flow management software.
Net sales are distributed geographically as follows: Spain (2.6%), Germany (6.4%), the United Kingdom (4.7%), France (4.2%), Europe-Middle East-Africa (30.7%), the United States ( 22.4%), America (9%) and Asia-Pacific (20%).
AMADEUS IT GROUP, S.A. 
