This is our first report on Sabre Corporation, a well-known provider of software and technology solutions for the travel industry worldwide. The company delivered a disappointing set of results in the last quarter, failing to meet Wall Street expectations in terms of revenues as well as earnings. The management is focused on its technology transformation and claims that the air booking volumes business of the company improved considerably. Volumes, particularly in July, were impacted by airport and airlines operational constraints. In this quarter, Sabre migrated the Enterprise Central Reservation System of Hospitality Solutions to Google Cloud. The company’s property management system migrated, which means that the company has fully transitioned all its SynXis to Google Cloud. In this quarter, the company also migrated all the air shopping from AWS to Google Cloud. The management emptied and decommissioned its data center in Texas. Also, it has decommissioned over 70% of the servers in its three other data centers in Austin. Also, it strengthened its relationship with the world’s largest corporate travel management company BCD Travel. We initiate coverage on the stock of Sabre Corporation with a ‘Buy’ rating.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
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