Intro

Today we are breaking down Amadeus, the dominant infrastructure powering global travel bookings. If you've used a travel agent or corporate booking system, you've likely interacted with Amadeus's technology—though most of what they do happens behind the scenes in airline operations, hotel inventory management, and logistics coordination.

Ben Needham, portfolio manager at Ninety One Asset Management, explains how Amadeus built its market-leading position, common investor misconceptions about the business, and the company's value proposition across the travel ecosystem. We also explore AI's potential impact on the industry and how Amadeus's balance sheet strength positions it relative to competitors. Please enjoy this breakdown of Amadeus. 

For the full show notes, transcript, and links to the best content to learn more, check out the episode page⁠⁠⁠⁠⁠⁠ here.⁠⁠⁠⁠⁠⁠

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Show Notes

(00:00:00) Introduction to Amadeus

(00:02:49) Understanding Amadeus' Business Model

(00:04:11) Amadeus' Market Position and Competitors

(00:05:35) Historical Background of Amadeus

(00:07:25) Revenue Streams and Profitability

(00:10:50) Impact of AI and Technology on Amadeus

(00:13:07) Revenue Models and Pricing Mechanics

(00:22:35) Growth Opportunities and Market Dynamics

(00:25:47) Execution and Future Prospects

(00:30:01) Financial Health and Capital Allocation

(00:31:57) Valuation and Market Perception

(00:34:21) Risks and Challenges

(00:37:13) Lessons From Amadeus