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Amadeus IT: Results Inline, Supportive Of Credit Stack But No Upgrade Evident

TECHNOLOGY

Amadeus (AMS SM) reported 4Q23 results remarkably in line with consensus and with credit metrics moving in the right direction. The cash curve has broadly tightened YTD, as the travel industry continues to recover from COVID, and these results support that. However, there doesn’t appear to be any incremental upgrade here.


  • Key credit metrics:net debt is EUR2.1bn (similar to Sep23), 1x trailing EBITDA (down from 1.1x) and FCF is +18% y/y (to EUR208m). So, metrics generally trending in the right direction – the dividend decision was pre-announced in Dec-23 (at 50% payout).
  • Revenues are up 16% (in line with consensus), EBITDA up 18% (also in line) and the EBITDA margin is 50bp higher y/y (in line). Net profit and EPS are therefore also in line.
  • Outlook: mgmt sees revenues in FY24 +11-14.5% (consensus: +12.6%), EBITDA margin stability and FCF generation of EUR1.20-1.25bn (vs. FY23 of EUR1.15bn and consensus of EUR1.3bn). So no meaningful upgrade here.
Conf call is 1200 London time at: https://corporate.amadeus.com/en/investors/financial-calendar
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