Amadeus IT Group: Direct Connect Risk Not As Bad As It Seems [Seeking Alpha]
AMADEUS IT GROUP UNSP/ADR (AMADY)
NASDAQ:AMEX Investor Relations:
corporate.amadeus.com/en/investors/share-information
Company Research
Source: Seeking Alpha
The risk of direct connection disintermediating AMADF from the value chain is overestimated, as the company will remain an important part of the industry. The recent acquisition of Voxel strengthens AMADF's product line and makes disintermediation more difficult, while the overall air travel market continues to grow. Summary Following my coverage of Amadeus IT Group ( OTCPK:AMADF ), for which I recommended a buy rating due to the strong growth tailwind from air travel and pricing power seen in the distribution segment (due to the product's stickiness), this post is to provide an update on my thoughts on the business and stock. I reiterate my buy rating for AMADF. I believe the risk of direct connection disintermediating AMADF from the value chain is overestimated. My view is that AMADF will remain an important part of the value chain, and it will continue to benefit from the long-term secular tailwind of air passenger growth. While the EBITDA margin is going to flatten in FY24,
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