DB sees Sabre slightly behind Amadeus on post-pandemic recovery

Sabre

07/08/2023 10:43

** Deutsche Bank sees global travel industry firm Sabre
 SABR.O  slightly behind its Spanish peer Amadeus  AMA.MC  in
the post-pandemic recovery, expecting the former to reach 2019
bookings levels later than the latter
    ** The brokerage points out that Sabre showed optimism in
its Q2 results for faster capacity growth on the back of rising
aircraft deliveries to global carriers as well as improvements
in labor constraints and training shortfalls
    ** However, DB does not share Sabre's optimism, believing it
will likely take longer for "constraints to lift"
    ** Similar to Amadeus, Sabre's booking growth is behind the
airline industry's recovery due to faster recovery in low-cost
carriers compared to full-service carriers, the broker says
    ** However, Amadeus has held its value "decently" since the
pandemic broke out, with the stock up 30% year to date
    ** DB does not see any catalyst for Amadeus that has not
been priced in already, thus maintains its "hold" rating on the
Spanish stock
    

 (Reporting by Matteo Allievi)
 ((Matteo.allievi@thomsonreuters.com))