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 18:00:00 2024-05-30 EDT			5-day change	1st Jan Change
1,210 ^MXN	+1.34%		-.--%	-1.36%

06-20	AMADEUS IT GROUP : Business growth outlook, stable EBITDA margin
06-13	AMADEUS : Oddo BHF raises its target price	CF

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	31,378	26,817	26,825	21,842	28,816	27,767	-	-
Enterprise Value (EV) ¹	34,137	29,891	29,874	21,842	31,087	29,863	29,120	28,101
P/E ratio	27 x	-42.5 x	-186 x	33.5 x	28.3 x	23.3 x	20.7 x	18.6 x
Yield	0.77%	-	-	-	1.91%	2.13%	2.42%	2.74%
Capitalization / Revenue	5.63 x	12.3 x	10 x	4.87 x	5.3 x	4.52 x	4.15 x	3.84 x
EV / Revenue	6.12 x	13.7 x	11.2 x	4.87 x	5.71 x	4.86 x	4.35 x	3.88 x
EV / EBITDA	15.2 x	131 x	47.6 x	13.3 x	14.8 x	12.7 x	11.1 x	9.85 x
EV / FCF	32.7 x	-55.2 x	170 x	-	26 x	23 x	20.7 x	18 x
FCF Yield	3.06%	-1.81%	0.59%	-	3.84%	4.35%	4.83%	5.55%
Price to Book	8.29 x	7.16 x	7.17 x	-	6.38 x	5.66 x	4.91 x	4.27 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	63.78	63.78	63.78
Announcement Date	20-02-28	21-02-26	22-02-25	23-02-24	24-02-28	-	-	-

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	6,145	6,695	7,239
EBITDA ¹	2,245	227.8	627.6	1,640	2,094	2,358	2,613	2,854
EBIT ¹	1,540	-772.3	-83	962.7	1,414	1,704	1,917	2,141
Operating Margin	27.61%	-35.52%	-3.11%	21.46%	25.99%	27.74%	28.64%	29.58%
Earnings before Tax (EBT) ¹	1,471	-882.7	-197.4	871.7	1,362	1,629	1,847	2,051
Net income ¹	1,162	-625.4	-142.4	664.3	1,118	1,230	1,390	1,559
Net margin	20.83%	-28.77%	-5.33%	14.81%	20.54%	20.02%	20.76%	21.54%
EPS ²	2.700	-1.400	-0.3200	1.450	2.290	2.740	3.078	3.434
Free Cash Flow ¹	1,045	-541.9	176.1	-	1,194	1,298	1,405	1,560
FCF margin	18.73%	-24.93%	6.6%	-	21.95%	21.12%	20.99%	21.56%
FCF Conversion (EBITDA)	46.54%	-	28.06%	-	57.03%	55.04%	53.76%	54.67%
FCF Conversion (Net income)	89.96%	-	-	-	106.87%	105.48%	101.07%	100.07%
Dividend per Share ²	0.5600	-	-	-	1.240	1.356	1.545	1.748
Announcement Date	20-02-28	21-02-26	22-02-25	23-02-24	24-02-28	-	-	-

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	1,556	3,063	1,553	1,528	3,063	1,649	1,698
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	590.7	1,199	616.8	554.9	1,135	613	643.7
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	442.7	871	451.6	379.8	773	485.7	497.1
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%	28.45%	28.44%	29.07%	24.85%	25.24%	29.46%	29.29%
Earnings before Tax (EBT)	-	-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	-	-	833	-	-	745	-	-
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	313.3	642	327.5	272.8	566	344.3	366.8
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%	20.13%	20.96%	21.09%	17.85%	18.48%	20.88%	21.6%
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	0.7063	1.420	0.7388	0.5839	1.250	0.7647	0.7772
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.240	-	-	-
Announcement Date	20-02-28	20-07-31	21-02-26	21-07-30	22-02-25	22-02-25	22-05-06	22-07-29	22-07-29	22-11-04	23-02-24	23-02-24	23-05-09	23-07-28	23-07-28	23-11-07	24-02-28	24-02-28	24-05-08	-	-	-	-	-	-	-

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	2,097	1,354	334
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.229 x	13.49 x	4.858 x	-	1.084 x	0.8891 x	0.5179 x	0.1171 x
Free Cash Flow ¹	1,045	-542	176	-	1,194	1,298	1,405	1,560
ROE (net income / shareholders' equity)	33.4%	-8.03%	-1.19%	-	24.6%	26.6%	26.2%	25.4%
ROA (Net income/ Total Assets)	11.3%	-5.66%	-0.39%	-	9.93%	11.3%	11.9%	12.5%
Assets ¹	10,266	11,051	36,557	-	11,255	10,859	11,674	12,443
Book Value Per Share ²	8.780	8.320	8.320	-	10.20	11.30	13.00	14.90
Cash Flow per Share ²	4.180	0.0700	1.370	-	3.880	4.320	4.710	5.340
Capex ¹	736	502	460	-	601	719	758	806
Capex / Sales	13.2%	23.07%	17.24%	-	11.04%	11.71%	11.32%	11.13%
Announcement Date	20-02-28	21-02-26	22-02-25	23-02-24	24-02-28	-	-	-

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

63.78 EUR

Average target price

72.11 EUR

Spread / Average Target

+13.06%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other IT Services & Consulting

	1st Jan change	Capi.
ACCENTURE PLC	-13.19%	192B
TATA CONSULTANCY SERVICES LTD.	+1.65%	166B
IBM	+5.09%	159B
AUTOMATIC DATA PROCESSING, INC.	+2.17%	102B
CROWDSTRIKE HOLDINGS, INC.	+48.98%	94.12B
RELX PLC	+15.88%	85.34B
INFOSYS LIMITED	-0.14%	76.53B
HCL TECHNOLOGIES LIMITED	-1.53%	47B
SNOWFLAKE INC.	-35.11%	41.59B

Other IT Services & Consulting