Financials Amadeus IT Group, S.A. Mexican S.E.

Equities

AMS N

ES0109067019

IT Services & Consulting

End-of-day quote Mexican S.E. Other stock markets 06:00:00 2024-07-07 pm EDT			5-day change	1st Jan Change
1,229 ^MXN	+1.61%		0.00%	+0.23%

Jun. 20	AMADEUS IT GROUP : Business growth outlook, stable EBITDA margin
Jun. 18	Transcript : Amadeus IT Group, S.A. - Analyst/Investor Day

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	31,378	26,817	26,825	21,842	28,816	27,427	-	-
Enterprise Value (EV) ¹	34,137	29,891	29,874	21,842	31,087	29,619	28,943	27,917
P/E ratio	27 x	-42.5 x	-186 x	33.5 x	28.3 x	23 x	20.4 x	18.2 x
Yield	0.77%	-	-	-	1.91%	2.15%	2.46%	2.8%
Capitalization / Revenue	5.63 x	12.3 x	10 x	4.87 x	5.3 x	4.45 x	4.07 x	3.76 x
EV / Revenue	6.12 x	13.7 x	11.2 x	4.87 x	5.71 x	4.81 x	4.3 x	3.83 x
EV / EBITDA	15.2 x	131 x	47.6 x	13.3 x	14.8 x	12.6 x	11.1 x	9.79 x
EV / FCF	32.7 x	-55.2 x	170 x	-	26 x	23.1 x	20.9 x	17.8 x
FCF Yield	3.06%	-1.81%	0.59%	-	3.84%	4.32%	4.79%	5.61%
Price to Book	8.29 x	7.16 x	7.17 x	-	6.38 x	5.6 x	4.83 x	4.21 x
Nbr of stocks (in thousands)	431,019	450,253	449,787	449,884	444,145	435,352	-	-
Reference price ²	72.80	59.56	59.64	48.55	64.88	63.00	63.00	63.00
Announcement Date	2/28/20	2/26/21	2/25/22	2/24/23	2/28/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,578	2,174	2,670	4,486	5,441	6,159	6,731	7,291
EBITDA ¹	2,245	227.8	627.6	1,640	2,094	2,354	2,601	2,850
EBIT ¹	1,540	-772.3	-83	962.7	1,414	1,700	1,908	2,136
Operating Margin	27.61%	-35.52%	-3.11%	21.46%	25.99%	27.61%	28.35%	29.3%
Earnings before Tax (EBT) ¹	1,471	-882.7	-197.4	871.7	1,362	1,621	1,835	2,049
Net income ¹	1,162	-625.4	-142.4	664.3	1,118	1,227	1,393	1,570
Net margin	20.83%	-28.77%	-5.33%	14.81%	20.54%	19.92%	20.7%	21.53%
EPS ²	2.700	-1.400	-0.3200	1.450	2.290	2.736	3.093	3.466
Free Cash Flow ¹	1,045	-541.9	176.1	-	1,194	1,280	1,388	1,565
FCF margin	18.73%	-24.93%	6.6%	-	21.95%	20.78%	20.62%	21.47%
FCF Conversion (EBITDA)	46.54%	-	28.06%	-	57.03%	54.37%	53.35%	54.91%
FCF Conversion (Net income)	89.96%	-	-	-	106.87%	104.3%	99.59%	99.69%
Dividend per Share ²	0.5600	-	-	-	1.240	1.356	1.547	1.767
Announcement Date	2/28/20	2/26/21	2/25/22	2/24/23	2/28/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2
Net sales ¹	2,744	1,281	-	1,121	809.8	1,549	917.2	1,183	2,100	1,218	1,168	2,386	1,311	1,381	2,692	1,394	1,355	2,749	1,496	1,564	3,047	1,562	1,525	3,072	1,649	1,702
EBITDA ¹	1,052	194.1	-	199	221.9	428.6	295.8	495.8	791.6	450.4	398.3	848.7	509.8	536.3	1,046	547.7	500.5	1,048	582	607.6	1,180	595	557.9	1,110	603.4	636
EBIT ¹	672.3	-236	-536.3	-123.8	17.2	60.2	138.7	334.5	473.2	291.9	197.6	489.5	354.4	380.3	734.7	390.4	288.8	679.2	422.1	445.2	865	439.6	377.1	725	476.9	481.5
Operating Margin	24.5%	-18.42%	-	-11.04%	2.12%	3.89%	15.12%	28.29%	22.54%	23.97%	16.91%	20.51%	27.03%	27.54%	27.29%	28%	21.32%	24.71%	28.21%	28.47%	28.39%	28.14%	24.73%	23.6%	28.93%	28.3%
Earnings before Tax (EBT) ¹	-	-269.9	-	-175	-12.7	-3.1	107.6	312.5	420.2	268.4	183.2	451.6	339.9	366.8	706.6	375.9	279.1	655	401.9	443	831	-	-	697	-	-
Net income ¹	-	-196.7	-	-130.3	-4.8	1.7	81.3	237.1	318.5	202.7	143.1	345.8	262.4	300.9	563.2	301.2	274.2	554.2	313.9	310.4	631	313.7	269.7	530	343	367.7
Net margin	-	-15.35%	-	-11.62%	-0.59%	0.11%	8.86%	20.05%	15.17%	16.65%	12.25%	14.49%	20.01%	21.79%	20.92%	21.6%	20.24%	20.16%	20.98%	19.85%	20.71%	20.08%	17.69%	17.25%	20.81%	21.61%
EPS ²	-	-	-	-	-0.0100	-	0.1800	0.5100	0.6900	0.4500	0.3100	0.7600	0.5700	0.6700	1.250	0.6600	0.4600	1.080	0.7000	0.7027	1.410	0.7071	0.5762	1.170	0.7621	0.8025
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.240	-	-	-
Announcement Date	2/28/20	7/31/20	2/26/21	7/30/21	2/25/22	2/25/22	5/6/22	7/29/22	7/29/22	11/4/22	2/24/23	2/24/23	5/9/23	7/28/23	7/28/23	11/7/23	2/28/24	2/28/24	5/8/24	-	-	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,758	3,074	3,049	-	2,271	2,192	1,515	490
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.229 x	13.49 x	4.858 x	-	1.084 x	0.9312 x	0.5826 x	0.172 x
Free Cash Flow ¹	1,045	-542	176	-	1,194	1,280	1,388	1,565
ROE (net income / shareholders' equity)	33.4%	-8.03%	-1.19%	-	24.6%	26.6%	26.3%	25.6%
ROA (Net income/ Total Assets)	11.3%	-5.66%	-0.39%	-	9.93%	11.3%	12%	12.7%
Assets ¹	10,266	11,051	36,557	-	11,255	10,817	11,656	12,356
Book Value Per Share ²	8.780	8.320	8.320	-	10.20	11.20	13.00	15.00
Cash Flow per Share ²	4.180	0.0700	1.370	-	3.880	4.340	4.710	5.340
Capex ¹	736	502	460	-	601	733	772	816
Capex / Sales	13.2%	23.07%	17.24%	-	11.04%	11.9%	11.48%	11.19%
Announcement Date	2/28/20	2/26/21	2/25/22	2/24/23	2/28/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Amadeus IT Group, S.A.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

63 EUR

Average target price

72.43 EUR

Spread / Average Target

+14.96%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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