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Research Alert: CFRA Maintains Buy Opinion On Shares Of Sabre Corporation
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Research Alert: CFRA Maintains Buy Opinion On Shares Of Sabre Corporation
May 2, 2024 11:41 AM

02:15 PM EDT, 05/02/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our target by $0.30 to $3.50, using an EV/sales ratio of 1.9x our 2024 sales view, below peers and SABR's three-year average (~2.4x) on its high debt load ($5.0B) and associated interest costs. We lift our 2024 sales view by $43M to $3.04B and 2025's by $120M to $3.25B. SABR posted Q1 sales of $783M (+5% Y/Y) and a loss per share of $0.02, better than consensus, with Travel Solutions sales (90% of total) up 5% Y/Y on better pricing (+7%) and volumes (+2%), offset by lower IT Solutions sales within the segment. We expect Hospitality Solutions (sales +7% Y/Y) will grow on rising adoption of the SynXis CRS platform, with Hyatt's implementation scheduled for Q2. Interest expense remains a headwind ($518M expected in 2024; 42% of debt is variable rate), but we see SABR's extension of $300M in debt beyond 2025 as meaningfully reducing liquidity risk despite hefty maturity walls in 2027 ($2.7B) and 2028 ($2.0B). We adjust our 2024 loss per share view from -$0.20 to -$0.05 and keep our 2025 EPS view at $0.32.

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