Global Champions - AMADY

Amadeus is the largest global distribution system (GDS) in the world. As a result of its virtually unrivaled global network connecting airline seating inventory with travel agents, we believe Amadeus is in a great position to maintain its pricing power and benefit both from global GDP growth and from the secular trend toward more travel and tourism, which is forecast to grow as a percentage of GDP from 3.2% in 2018 to 3.5% by 2029.1 Remarkably, despite its long runway for growth opportunities, it is likely that very little capital will need to be reinvested to achieve this growth, increasing the earnings multiple investors should be willing to pay for the business.

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