Rankings Software, cloud & internet Amadeus
Amadeus
81
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Quality of growth−4
- Moat−4
- Lowered guidance−4
Strengths
- Diversification+2
How the score is built
From 100 to 81, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 58.40 EUR
- Median analyst target
- 70.00 EUR
- Upside to median
- +19.9%
- Analysts
- 22
- Target range
- 51.00 – 82.00 EUR
- 52-week change
- −10%
- P/E (trailing)
- 19.3
- Forward P/E
- 16.2
- PEG
- 1.74
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−10 of −30
- −4Quality of growthRevenue growth has fallen from 21% (2023) via 13% and 6% to 3.8% TTM; the largest segment, Air Distribution (47% of revenue), fell slightly TTM (3,096 vs 3,119 EUR m), and reported EPS rose only 2%.
- −4MoatFears that AI-native booking solutions could bypass Amadeus' traditional distribution and IT tools have pressured the stock; Deutsche Bank wants a clearer explanation of how Amadeus is using AI. The threat is not yet in the numbers, but it hits the core of the moat.
- −2Capital allocationBuybacks (1.44bn) plus dividend (0.62bn) of EUR 2.07bn TTM exceed the real FCF of about 1.40bn after capitalised development; the difference is borrowed, and net debt rose from EUR 2.24bn to 2.63bn.
Price
Today's multiples against the company's own history and its peers. · 1 finding−3 of −35
- −3Multiples vs own historyForward P/E 14.3 vs 18.5–23.1 in 2022–2025 and EV/EBITDA 9.7 vs 12.1–15.7; the lowest in five years, but the discount reflects lower growth. P/B 4.8 and a real FCF yield of about 6.4% (not 9.8%) make it a fair price, not a clear discount.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 1 finding−4 of −35
- −4Lowered guidanceBookings fell 3.7% in H1 and 7.6% in Q2 2026 due to the conflict in the Middle East; 2026 guidance cut to mid- to high-single-digit revenue growth (from high single digit) and Air Distribution to low- to mid-single-digit growth (from mid- to high).
Plus
Only documented strengths. · 1 finding+2 of +15
- +2DiversificationAir IT Solutions (EUR 2.42bn TTM vs 2.21bn in 2024) and Hospitality (1.08bn) continue to grow and held adjusted EBIT +5% at constant exchange rates in H1 despite falling bookings.
Caveats
What the score does not capture, or where the data is weak.
Stockanalysis' FCF (EUR 2.14bn, yield 9.8%) does not deduct capitalised development (EUR 695m TTM under intangible assets) nor leasing (EUR 47m); real FCF is about EUR 1.40bn, or about 6.4% of market cap. Guidance and EPS growth are on adjusted EPS (excl. PPA amortisation); reported EPS of 3.03 rose only 2% TTM. The −4% share count matches buybacks of EUR 1.44bn in the cash flow. Deutsche Bank's upgrade (16 Sep) came after the price fall; several price targets from before the downgrade in July have not been updated. The AI threat is a market fear with no named competitor in the source. Insider trading not investigated.
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