The purpose of this report is understand the current strategy of Amadeus, and to deliver strategic recommendations for the future. This report was compiled using information provide by the ex-CFO of the Amadeus company. Amadeus is an IBEX 35 company. This strategic report for Amadeus was prepared by Khan Mohd Eshtiaque and Naye Carla Farid Moussa, two students at IE Business School. Naye Moussa has been an intern with the e-commerce and online marketing department of Adolfo Dominguez, a leading Spanish fashion designer. She has also worked with the European office of New York University and has been a store model for Abercrombie & Fitch. Khan Mohd Eshtiaque has previously interned as an M&A summer analyst with BDO Corporate Finance and also interned in the Private Banking department of HSBC. You can contact them at eshtiaque@student.ie.edu or nmoussa.bba2010@student.ie.edu.

1. Prepared
by
Khan
Mohd
Eshtiaque
&
Naye
Moussa
STRATEGIC
ANALYSIS
OF
AMADEUS,
AN
IBEX
35
COMPANY

2. Strategic
Analysis
of
Amadeus
Content
CORPORATE
HISTORY
AND
GENERAL
INFORMATION
......................................................................
3
BUSINESS
OVERVIEW
......................................................................................................................
3
PRODUCT
OFFERING
........................................................................................................................
5
Global
Distribution
Systems
...........................................................................................................
5
The
GDS
Model
...............................................................................................................................
5
IT
Solutions
.....................................................................................................................................
6
KEY
MARKETS
2
AND
MARKET
SHARE
...........................................................................................................
6
EXTERNAL
ANALYSIS
I
......................................................................................................................
7
THE
MACRO-­‐ENVIRONMENT
.....................................................................................................................
7
PESTEL
ANALYSIS
...................................................................................................................................
7
Political
...........................................................................................................................................
7
Economical
.....................................................................................................................................
7
Social
..............................................................................................................................................
8
Technological
.................................................................................................................................
8
Environmental
................................................................................................................................
8
Legal
...............................................................................................................................................
8
EXTERNAL
ANALYSIS
II
.....................................................................................................................
9
THE
INDUSTRY
........................................................................................................................................
9
THE
PORTER’S
FIVE
FORCES
FRAMEWORK
...................................................................................................
9
Buyers
.............................................................................................................................................
9
Suppliers
.......................................................................................................................................
10
Competitive
Rivalry
......................................................................................................................
10
Substitutes
....................................................................................................................................
11
Potential
Entrants
and
Barriers
to
Entry
......................................................................................
11
INTERNAL
ANALYSIS
......................................................................................................................
12
COMPETITIVE
STRENGTHS
......................................................................................................................
12
WEAKNESSES
&
OPERATING
RISKS
...........................................................................................................
14
EVALUATION
OF
CURRENT
STRATEGY
...........................................................................................
14
FUTURE
RECOMMENDATIONS
.......................................................................................................
16
APPENDIX
.....................................................................................................................................
17

3. Strategic
Analysis
of
Amadeus
Corporate
history
and
general
Information
In
the
late
70’s,
American
Airlines
was
the
first
airline
to
use
a
distribution
system,
which
greatly
helped
them
increasing
and
handling
reservations.
This
distribution
system
consisted
of
a
software
connected
to
all
travel
agents
so
that
American
Airlines
was
on
top
of
the
available
flights
screen,
highly
increasing
the
number
of
reservations
placed
with
the
company.
In
the
early
80’s,
a
group
of
European
airlines
got
together
to
counter
the
American
system
Sabre.
As
there
was
a
lot
of
political
disagreement
within
the
European
airlines,
though,
they
split
into
two
groups.
One
group
created
a
system
called
Galileo,
lead
by
British
Airways
and
KLM,
and
the
other
group
–
led
by
Air
France
and
SAS,
named
its
project
Amadeus.
Air
France,
Iberia,
Lufthansa
and
SAS
finally
founded
Amadeus
as
a
Global
Distribution
Systems
(GDS)
provider
in
June
1987.
The
first
booking
through
the
Amadeus
system
occurred
in
1992.
Over
ten
years
later,
in
October
1999,
Amadeus
conducted
the
initial
public
offering
of
its
shares,
which
are
now
listed
and
traded
on
the
Madrid,
Paris
and
Frankfurt
stock
exchanges.
After
approximately
six
years
of
trading,
private
equity
funds
advised
by
BC
Partners
and
Cinven
completed
Amadeus’
acquisition
of
a
majority
stake
in
mid-­‐2005
and
took
Amadeus
private,
creating
the
company
that
exists
today.
These
funds,
along
with
Air
France,
Iberia
and
Lufthansa
Commercial
Holding,
remain
Amadeus’
key
shareholders.
Amadeus
has
its
business
sites
spread
over
three
countries.
While
headquarters
and
marketing
can
be
found
in
Madrid,
Spain,
product
development
is
based
in
Sophia
Antipolis,
France
and
data
processing
is
based
in
Erding
(near
Munich),
Germany.
The
company
also
has
regional
offices
in
the
US,
Argentina,
Thailand,
and
Dubai
and
173
local
Amadeus
Commercial
Organisations
(ACOs)
covering
clients
in
195
countries.
Overall,
the
Amadeus
Group
employs
more
than
10,000
people
worldwide.
3
Business
overview

4. Strategic
Analysis
of
Amadeus
Today,
Amadeus
is
a
leading
transaction
processor
for
the
global
travel
and
tourism
industry,
which
provides
advanced
technology
solutions
to
its
travel
provider
and
travel
agency
customers
worldwide.
It
has
two
main
areas
of
business,
which
generate
significant
synergies:
Distribution
and
IT
Solutions.
Amadeus
acts
as
an
international
network
providing
real-­‐time
search,
pricing,
booking,
ticketing
and
other
processing
solutions
to
travel
providers
and
travel
agencies
through
its
Distribution
department,
while
the
IT
Solutions
department
offers
travel
providers
(principally
airlines)
an
extensive
portfolio
of
technology
solutions
which
automate
certain
mission-­‐critical
business
processes,
such
as
reservations,
inventory
management
and
other
operational
processes.
The
company
counts
with
a
transaction-­‐based
pricing
model
that
allows
its
customers
to
convert
certain
of
their
fixed
technology
costs
into
variable
costs
that
vary
with
passenger
volumes
and
links
its
revenue
to
global
travel
volumes
rather
than
travel
spending,
thus
reducing
the
volatility
of
Amadeus’
results
of
operations.
In
terms
of
customers,
Amadeus
has
two
key
categories
of
customers:
1. Travel
providers,
including
airlines,
hotels,
rail
operators,
cruise
and
ferry
4
operators,
car
rental
companies,
tour
operators
and
insurance
companies
2. Travel
agencies,
including
online
and
offline
travel
agencies.
In
limited
cases
they
also
provide
certain
products
and
services
to
travel
buyers,
including
corporate
travel
departments
and
to
end
consumers.
Amadeus
is
a
mayor
player
within
the
Global
Travel
and
Tourism
Industry
and
the
Global
Travel
Technology
Industry.
With
regards
to
the
Global
Travel
and
Tourism
Industry,
the
World
Travel
and
Tourism
Council
estimated
this
industry
to
have
generated
US$6.3
trillion
of
economic
activity
in
2011
(9.1%
of
global
GDP).1
In
terms
of
the
Global
Travel
Technology
Industry,
this
sector
experienced
significant
technological
advancements
made
in
the
past
30
years
in
the
areas
of
computing
and
1
http://www.wttc.org/site_media/uploads/downloads/WTTC_Review_2011.pdf

5. Strategic
Analysis
of
Amadeus
communications
that
have
revolutionized
the
travel
and
tourism
industry.
The
continuing
shift
to
digitization,
requiring
enhanced
data
processing
and
management
capacity
have
led
to
an
increase
of
Amadeus
product
offering
and
brand
awareness
globally.
Product
Offering
Amadeus
offers
two
main
categories
of
products
each
aimed
at
different
customers
in
the
market
and
with
their
own
business
model.
Global
Distribution
Systems
Within
the
travel
and
tourism
industry,
Amadeus’
GDS
platform
connects
a
large
number
of
travel
providers
(airlines,
hotels
etc.)
with
a
large
number
of
travel
agencies
(like
American
Express
Travel,
TUI,
Expedia
etc.),
through
which
corporations
and
end
consumers
can
access
travel
content.
The
international
GDS
providers
have
now
evolved
into
independent,
global
networks
connecting
the
full
spectrum
of
travel
providers
(both
air
and
non-­‐air),
travel
agencies
(both
online
and
offline)
and
travel
buyers
(end
consumers
and
corporate
travel
departments).
A
GDS
provider
creates
value
within
the
travel
distribution
chain
by
aggregating
inventory
from
multiple
travel
suppliers
and
offering
travel
intermediaries
streamlined
capabilities
to
provide
an
integrated
interface
displaying
a
wide
variety
of
choices,
prices
and
itineraries
available
to
their
customers.
The
GDS
Model
GDS
providers
operate
primarily
on
a
fee-­‐per-­‐transaction
basis,
collecting
a
booking
fee
from
the
relevant
travel
provider
for
travel
bookings
processed
through
their
GDS
platform.
Although
such
bookings
are
initiated
and
completed
through
travel
agencies,
the
fee
is
paid
by
the
travel
provider.
In
an
attempt
to
maintain
and
grow
the
reach
of
their
network,
GDS
providers
generally
offer
volume-­‐based
incentives
and
other
economic
inducements
to
their
travel
agency
customers
to
process
more
bookings.
The
following
diagram
presents
a
simplified
overview
of
the
key
financial
flows
for
this
two-­‐sided
transaction-­‐based
business
model.
5

6. Strategic
Analysis
of
Amadeus
IT
Solutions
Amadeus
provides
technology
solutions
that
automate
certain
mission-­‐critical
business
processes.
Amadeus’
IT
portfolio
covers
everything
from
the
development
and
the
provision
of
IT
solutions
that
enable
processes
such
as
central
reservation,
inventory
management,
departure
control,
e-­‐commerce,
the
provision
of
consulting
services
and
other
data
and
passenger
processing
and
management
services,
to
back-­‐
and
mid-­‐office
solutions
for
travel
providers.
Amadeus
offers
IT
solutions
to
a
large
range
of
clients.
A
significant
component
is
its
Altéa
suite
of
airline
IT
solutions,
enabling
easy
adaptation
to
the
customers’
needs.
IT
solutions
constituted
€628
million
of
revenues
in
2011.
The
IT
Solutions
Model
While
Amadeus’
competitors
often
use
a
“one-­‐to-­‐one”
application
hosting
model
(the
company
develops
a
system
for
the
airline
or
system
provider
exclusively
while
remuneration
is
based
on
the
number
of
transactions
or
a
license)
or
a
system
outsourcing
model
(the
outsourcing
partner
operates
and
manages
the
travel
providers’
systems
through
a
simple
application
hosting
environment
and
remuneration
is
generally
on
a
fixed
price),
Amadeus
uses
the
community
platform
model
for
its
Altéa
offering
and
its
non-­‐air
business
solutions.
This
means
that
Amadeus
provides,
manages,
customizes
and
continually
develops
the
technology
system
using
a
standardized
solution
which
is
shared
by
all
customers
connected
to
the
IT
solutions
provider’s
platform.
Customers
benefit
from
common
development
costs
and
shared
system
upgrades
and
fees
are
charged
on
a
per-­‐
transaction
basis.
Key
Markets
and
Market
Share
As
mentioned
in
the
beginning,
Amadeus
operates
globally
in
over
190
countries
through
a
network
of
173
local
ACOs,
which
establish
and
maintain
the
company’s
relationships
with
local
travel
agencies
and
other
subscribers,
providing
customer
support
and
training
in
the
markets
they
serve.
Initially,
some
of
the
local
ACOs
were
operated
as
joint
venture
companies
with
airlines
from
the
countries
they
served,
but
over
time
Amadeus
acquired
and
successfully
integrated
a
substantial
majority
of
these
organizations
within
its
operations,
strengthening
its
control
over
sales
and
customer
service
processes.
The
local
ACOs
are
supported
by
the
regional
centers
located
in
Buenos
Aires,
Bangkok,
Dubai
and
Miami,
which
provide
commercial
management,
customer
support
and
development
of
products
for
their
respective
regions.2
Amadeus
is
the
largest
GDS
provider
serving
the
worldwide
travel
and
tourism
industry,
with
an
estimated
market
share
of
38%
in
2011.3
According
to
T2R,
Amadeus
is
also
the
market
leader
in
the
provision
of
mission-­‐critical
Passenger
Service
Systems,
or
PSS,
solutions
(including
e-­‐commerce)
to
airlines,
which
comprises
a
substantial
part
of
Amadeus’
IT
Solutions
business
area,
with
an
estimated
market
share
(in
terms
of
revenue)
of
25%.
In
6
2
See
Appendix
1
3
See
Appendix
2

7. Strategic
Analysis
of
Amadeus
20011,
Amadeus
generated
revenue
of
€2,707
million,
adjusted
EBITDA
of
€1,039
million
and
profits
of
€466
million.
7
4
External
Analysis
I
The
Macro-­‐Environment
This
section
aims
to
examine
the
different
macro-­‐environmental
factors
that
could
potentially
affect
Amadeus
and
that
it
should
take
into
consideration
when
assessing
particular
strategies.
The
worldwide
travel
and
tourism
industry,
or
the
global
travel
technology
industry,
in
which
Amadeus
operates
are
highly
sensitive
to
general
macro-­‐
economic
conditions
and
trends.
Factors
that
negatively
impact
these
industries
could
have
a
material,
adverse
effect
on
Amadeus
if
not
accounted
for
when
assessing
strategies.
PESTEL
Analysis
First,
we
will
start
analyzing
the
macroeconomic
factors
likely
to
affect
Amadeus’
business
in
the
short
and
long-­‐term
using
the
PESTEL
framework.
Political
The
global
travel
and
tourism
industry
has
shown
strong
expansion
over
the
past
30
years,
with
growth
rates
typically
outperforming
general
macroeconomic
trends.
Air
travel
volumes
are
increasing
because
of
continuing
global
GDP
growth,
rising
income
levels
in
growth
markets,
and
increased
globalization
and
this
should
positively
impact
Amadeus.
Furthermore,
there
is
an
increasing
importance
on
growth
markets
such
as
the
Middle
East
and
Asia
Pacific
regions,
which
are
becoming
key
drivers
of
the
travel
and
tourism
industry.
Global
security
issues,
political
instability,
act
or
threats
of
terrorism
and
other
political
issues
(for
example,
prolonged
work
stoppages
or
labor
unrest)
make
the
worldwide
travel
and
tourism
industry
highly
susceptible
to
factors
outside
of
Amadeus’
control.
When
looking
at
international
strategies,
Amadeus
must
also
take
into
consideration
restrictive
government
policies
such
as
restrictions
on
travel
in
general
(more
burdensome
visa
requirement
and
restrictions),
restrictions
on
the
withdrawal
of
international
investments
and
earning
or
other
related
restrictions
on
the
repatriation
of
cash
generation
by
their
international
operations,
and
the
political
regulations
in
regards
to
nationalization
or
expropriation
of
assets.
Economical
Interest
rate
fluctuations
may
adversely
impact
the
results
of
Amadeus’
operation
because
fluctuations
would
modify
the
fair
value
of
their
assets
and
liabilities
that
accrue
at
a
fixed
interest
rate
and
the
cash
flows
from
the
assets
and
liabilities
pegged
to
a
variable
interest
rate,
which
would
affect
their
equity
and
profitability.
Amadeus
in
2009
had
financial
debts
of
€4009m
and
97.1%
of
this
debt
value
is
subject
to
variable
interest
rates
and
this
is
a
huge
financial
risk
for
them.
Furthermore,
fluctuations
in
the
exchange
rate
of
the
Euro,
the
US
Dollar,
and
other
foreign
currents
could
negatively
impact
Amadeus’
operating
expenses
and
revenue
since
a
significant
portion
of
their
revenue
is
denominated
in
currencies
other
than
4
See
Appendix
3

8. Strategic
Analysis
of
Amadeus
the
Euro.
14.1%
of
Amadeus’
revenue
was
denominated
in
US
Dollar
and
this
requires
highly
effective
and
insightful
currency
hedging
to
mitigate
the
risks
of
currency
fluctuations.
World
energy
prices,
particularly
fuel
prices,
would
also
indirectly
affect
Amadeus.
The
most
recent
global
economic
crisis
severely
affected
the
airline
industry
and
this
in
turn
affected
Amadeus’
operation.
Social
The
worldwide
travel
and
tourism
industry
is
heavily
affected
by
the
airline
industry,
especially
in
regards
to
social
factors.
Epidemics
or
pandemics
such
as
the
outbreaks
of
the
H1N1
influenza
virus,
socio-­‐political
upheaval
like
the
Arab
Spring
or
aircraft,
train,
and
other
travel
related
accidents,
threats,
and
acts
of
terrorism
or
security
issues
negatively
affect
the
airline
industry
and,
hence,
have
an
adverse
affect
on
Amadeus.
The
consumer
trends,
such
as
preferences
of
local
populations
for
local
providers,
could
further
affect
Amadeus.
When
examining
strategies,
Amadeus
must
also
take
into
consideration
differences
in
distance,
time
zones,
language,
and
cultural
differences
including
issues
associated
with
establishing
management,
distribution,
and
support
systems.
Technological
Amadeus
must
constantly
keep
track
of
and
adapt
to
technological
development
and
industry
trends,
as
they
are
extremely
reliant
upon
IT
and
innovation
for
their
business
operations.
Furthermore,
as
Amadeus
has
international
operations,
it
must
examine
whether
appropriate
infrastructure
or
the
development
of
such
infrastructure
exists
in
order
to
support
the
company’s
technology,
including
the
Internet
as
a
broadcast,
advertising,
and
commerce
medium.
In
the
last
fiscal
year,
Amadeus
spent
€364m
(13.4%
of
Revenue)
in
R&D
to
develop,
roll
out
and
maintain
their
technology
platform.5
Environmental
As
previously
seen
in
social
factors,
the
worldwide
travel
and
tourism
industry
is
heavily
affected
by
the
airline
industry,
also
especially
in
regards
to
environmental
factors.
Extreme
weather
and
natural
disasters
like
the
earthquakes
in
Japan
have
had
a
strong
negative
impact
on
the
travel
industry
(Japanese
Travel
&
Tourism
GDP
fell
by
4%
during
2011)6.
Changes
in
attitude
towards
the
environmental
impact
of
carbon
emissions
caused
by
air
travel
could
affect
Amadeus’
operations
in
the
futures
(this
could
also
be
classified
as
a
social
factor).
Legal
Amadeus
must
take
intellectual
property
rights
into
great
account
as
their
success
in
part
is
due
to
their
technology
and
other
intellectual
property.
Amadeus
must
examine
the
intellectual
property
rights
when
looking
at
international
strategies
and
expansion,
as
it
is
important
to
be
protected
effectively
in
all
the
jurisdictions
in
which
they
operate.
Amadeus
must
also
assess
business
practices
that
could
affect
their
operations,
such
as
potentially
longer
payment
cycles
and
differing
accounting
practices.
Changes
in
laws
and
regulations
governing
or
otherwise
affecting
the
travel
and
tourism
industry
could
also
affect
Amadeus;
8
5
See
Appendix
4
6
http://www.wttc.org/site_media/uploads/downloads/WTTC_Review_2011.pdf

9. Strategic
Analysis
of
Amadeus
Amadeus
operates
in
a
regulated
industry
in
several
jurisdictions,
both
in
Spain
and
internationally,
and
they
are
subject
to
laws
and
regulations
that
could
significantly
affect
their
activities
such
as
tax
laws,
consumer
protection,
pricing
and
discounts,
specific
provisions
of
GDS
services,
fair
competition
in
the
provision
of
GDS
services,
and
privacy
and
data
protection.
Any
failure
to
comply
with
such
regulations
or
changes
in
these
regulations
could
materially
affect
Amadeus.
Furthermore,
adverse
competition
law
rulings
could
restrict
Amadeus’
ability
to
expand
or
to
operate
their
business
as
they
wish
and
could
expose
them
to
possible
fines
and
penalties.
External
Analysis
II
The
Industry
The
World
Travel
and
Tourism
Council,
or
WTTC,
estimated
the
global
travel
and
tourism
industry
to
have
generated
US$6.3
trillion
of
economic
activity
in
2011,
of
which,
industry
suppliers
and
intermediaries
such
as
Amadeus
generated
around
$2
trillion.7
Technological
advancements
have
revolutionized
the
travel
and
tourism
industry;
Amadeus
offers
technology-­‐based
products
and
services
designed
for
the
needs
of
the
travel
and
tourism
industry,
allowing
one
to
also
refer
to
this
market
as
the
“travel
technology”
industry.
As
additional
information,
the
GDS
industry
is
partially
regulated
in
the
EU,
unlike
in
the
US
where
there
is
full
deregulation,
and
GDS
providers
are
subject
to
rules
aimed
at
preventing
abuse
of
competition
and
ensuring
the
supply
of
neutral
information
to
consumers.
The
Porter’s
Five
Forces
Framework
The
section
aims
to
identify
the
attractiveness
of
the
industry
in
which
Amadeus
operates
by
using
the
Porter’s
Five
Forces
framework.
Buyers
Amadeus
has
two
key
categories
of
customers:
1)
travel
providers,
including
airlines,
hotels,
rail
operators,
cruise
and
ferry
operators,
car
rental
companies,
tour
operators
and
insurance
companies,
and
2)
travel
agencies,
including
online
and
offline
travel
agencies.
Amadeus
derives
a
significant
majority
of
their
revenue
from
the
booking
fees
they
charge
airlines
for
reservations
made
through
their
GDS
platform.
Due
to
the
growth
of
low-­‐cost
airlines,
the
recent
economic
downturn,
and
other
factors,
airlines
are
seeking
to
reduce
operating
costs,
including
distribution
costs.
Faced
with
this,
airlines
have
launched
diverse
initiatives
to
reduce
the
booking
fees
they
pay
to
GDS
providers
like
Amadeus.
As
a
result,
new
economic
models
for
distribution
through
GDS
providers
have
arisen,
which
has
led
to
increased
pricing
competition
among
GDS
provider,
which
directly
affects
Amadeus.
Furthermore,
travel
providers
are
currently
seeking
to
decrease
their
reliance
on
GDS
providers
and
look
for
alternative
distribution
models,
including
direct
distribution
models
(such
as
an
airline
selling
tickets
via
its
own
website).
If
direct
distribution
were
to
account
for
an
increasing
proportion
of
the
total
number
of
air
bookings
made
worldwide,
it
could
cause
fewer
bookings
through
Amadeus’
GDS
platform
and
this
could
directly
affect
their
9
7
http://www.wttc.org/site_media/uploads/downloads/WTTC_Review_2011.pdf

10. Strategic
Analysis
of
Amadeus
business.
Travel
agencies
are
the
primary
channel
of
distribution
for
the
services
offered
by
Amadeus’
GDS
platform.
In
recent
years,
travel
agencies
have
been
consolidating
and
forming
groups,
thus
improving
their
bargaining
position
with
respect
to
GDS
providers,
including
Amadeus,
and
allowing
them
to
negotiate
for
improved
arrangements
such
as
reduced
subscription
fees.
Furthermore,
as
part
of
a
defensive
measure
and
in
recent
years
airlines
have
been
consolidating
or
strengthening
their
alliance
activities,
thus
improving
their
bargaining
position
with
respect
to
GDS
providers
and
providers
of
IT
solutions,
including
Amadeus.
This
improved
bargaining
position
has
affected
the
negotiation
of
the
contractual
terms
governing
the
relationship
between
these
airlines
and
their
GDS/IT
solutions
provider,
such
as
Amadeus.
Suppliers
Amadeus
(and
similar
businesses)
are
dependent
upon
third-­‐party
computer
systems,
service
providers,
and
software
companies
(such
as
IBM,
HP,
Microsoft,
Oracle,
etc.)
and
rely
on
several
communications
companies
internationally
(such
as
Telefonica,
British
Telecom,
Deutsche
Telecom
etc.)
to
provide
network
connections
between
its
data
processing
facility
and
its
customers.
Amadeus
needs
to
maintain
effective
relationships
with
these
third-­‐party
technology
and
service
suppliers
because
if
any
arrangements
with
these
suppliers
were
to
be
terminated,
they
may
not
be
able
to
find
an
alternative
source
of
technology
or
systems
support
on
commercially
reasonable
terms
or
on
a
timely
basis
or
at
all,
which
would
result
in
significant
business
disruption
and
additional
cost.
Additionally,
many
agreements
with
third-­‐party
suppliers
are
terminable
on
short
notice
and
provide
limited
remedy
for
service
interruptions.
In
this
industry,
third-­‐party
service
providers,
software
companies,
and
communication
companies
have
the
greater
bargaining
power
because
Amadeus’
and
other
related
companies’
product
offering
is
dependent
and
relies
upon
them.
Competitive
Rivalry
Factors
affecting
GDS
Services:
As
the
GDS
industry
operates
within
a
two-­‐sided
network
model,
the
competitive
positioning
of
a
GDS
provider
depends
on
its
success
in
attracting
and
retaining
both
its
travel
providers
and
travel
agency
customers.
Amadeus
must
offer
competitive
terms
to
its
travel
providers
and
travel
agency
customers.
Understanding
and
successfully
managing
this
two-­‐way
interrelationship
and
achieving
meaningful
market
share
is
key
to
remaining
competitive
as
a
GDS
provider;
The
pursuit
of
expanded
customer
bases
has
given
rise
to
a
drive
towards
greater
consolidation
in
the
GDS
industry.
Therefore,
Amadeus
must
differentiate
itself
through
their
product
offering
and
grow
their
customer
base
by
1)
securing
broader
and
more
comprehensive
inventory
from
travel
providers
than
their
competitors,
and
2)
maintaining
a
more
extensive
network
of
travel
agency
customers
than
their
competitors.
GDS
Services
Key
Competitors:
The
international
GDS
market
is
large
and
relatively
concentrated,
with
4
international
GDS
providers.
Three
companies
(Amadeus,
Sabre,
and
Travelport)
account
for
around
95%
of
GDS-­‐processed
air
bookings
and
the
other
5%
is
accounted
for
by
Abacus.
At
a
global
level,
Amadeus
competes
primarily
with
Sabre
and
Teleport,
although
Abacus
is
a
strong
regional
competitor
in
the
Asia
Pacific
region.
In
addition
to
these
3
main
international
GDS
competitors,
there
are
a
number
of
local
10

11. Strategic
Analysis
of
Amadeus
Computer
Reservation
System
(CRS)
providers,
which
are
primarily
owned
by
airlines
and
operated
exclusively
in
their
home
countries.
Amadeus’
GDS
platform
has
been
the
global
leader
from
2000
to
20011,
having
the
highest
market
share.
Factors
affecting
IT
Solutions
Competition
in
this
IT
Solutions
industry
can
be
based
on
how
Amadeus
and
its
competitors
differentiate
themselves
through
1)
the
pricing
structure,
2)
the
ability
of
competitors
to
keep
up
with
technological
developments,
3)
the
effectiveness
and
reliability
of
competitors’
implementation
and
system-­‐migration
process,
4)
the
ability
of
competitors
to
tailor
IT
solutions
to
the
needs
of
individual
customers
and
to
offer
“one
stop
shops”,
5)
the
effectiveness
and
reliability
of
their
systems,
and
6)
the
cost
and
efficiency
of
customer
support
services.
IT
Solutions
Key
Competitors
The
IT
solutions
market
is
highly
fragmented
with
several
players
focusing
on
specific
subsectors
and
operating
different
business
models.
Travel
Technology
Research
(T2R)
estimated
that
approximately
30%
of
all
airline
IT
solutions
are
still
developed
and
maintained
in-­‐house,
which
presents
travel
technology
companies
like
Amadeus
with
both
a
challenge
and
an
opportunity
to
acquire
this
30%
as
customers.
It
is
expected
that
this
30%
will
begin
to
outsource
their
IT
solutions
to
companies
like
Amadeus.
In
2008,
T2R
estimated
that
Amadeus
had
a
market
share,
measured
in
terms
of
revenue,
of
28%,
with
no
other
single
competitor
achieving
a
market
share
of
more
than
9%.
Third
part
competitors
include
large
third-­‐party
vendors,
such
as
Sabre
Airline
Solutions,
and
other
niche
providers
like
Lufthansa
systems.
Substitutes
A
substitute
to
Amadeus’
services
may
be
to
do
things
in-­‐house
rather
than
from
third-­‐party
providers
like
Amadeus.
Travel
providers
may
instead
opt
to
use
direct
distribution
methods
or
other
alternative
forms
of
distribution.
They
may
also
opt
to
have
their
own
internal
software
and
IT
developments,
which
would
be
quite
costly.
These
are
the
substitutes
available
to
travel
agencies
and
travel
providers;
they
may
be
costly
and
whether
the
quality
and
efficiency
they
offer
will
be
up
to
par
with
that
of
Amadeus
and
other
GDS
and
IT
Solutions
companies
is
questionable.
When
examining
Amadeus’
success
based
on
its
huge
market
share
in
both
businesses,
it
seems
unlikely
that
their
current
customers
would
opt
for
substitutes;
the
cost
of
switching
would
be
too
high
and
the
move
would
just
be
unnecessary.
Potential
Entrants
and
Barriers
to
Entry
Amadeus
operates
in
a
travel
technology
industry
segment
that
is
characterized
by
having
high
barriers
to
entry.
Firstly,
there
is
a
high
level
of
investment
in
technology
(Amadeus
spends
€300m
in
R&D
each
year),
which
is
used
in
developing,
and
maintaining
the
platforms
required
for
distribution
and
IT
Solutions.
Most
of
the
players
in
this
industry
have
the
resource,
which
is
needed
to
compete
efficiently
on
a
global
scale.
Success
in
this
industry
is
heavily
characterized
by
long-­‐term
contracts
and
relationships
leading
players
such
as
Amadeus
have
for
both
distribution
and
IT
Solutions
and
buyer-­‐switching
cost
is
too
11

12. Strategic
Analysis
of
Amadeus
high.
Finally,
the
mission
critical
nature
of
the
distribution
and
IT
Solutions
platform
is
very
difficult
to
replicate
and
most
customers
tend
to
approach
providers
of
established
platforms
for
such
services.
Internal
Analysis
After
looking
at
the
external
factors
governing
the
industry
Amadeus
is
participating
in,
we
will
now
look
at
Amadeus
itself
and
both
its
strengths
and
weaknesses
deriving
from
the
company’s
capabilities
and
the
characteristics
of
the
very
special
industry.
Competitive
Strengths
First,
we
will
look
at
the
company’s
strengths.
Advanced
Technology
&
Scalable
Platform
for
Future
Growth
Amadeus
operates
in
an
industry
characterized
by
rapid
technological
change
and
evolving
customer
demand.
To
cater
to
this
industry
characteristic,
Amadeus
has
always
been
and
continues
to
be
consistent
in
their
focus
on
innovation
and
heavy
investment
in
product
development,
which
has
given
them
a
first
mover
advantage
in
areas
such
as
airlines
e-­‐
commerce
technology8.
Technological
innovation
is
one
of
Amadeus’
key
drivers
of
success;
as
competition
increases
to
offer
superior
customer
solutions
and
technology,
it
has
to
be.
Through
its
commitment
to
product
development,
Amadeus
has
created
a
highly
scalable
community
based
technology
platform
to
flexibly
and
reliably
serve
distribution
and
IT
needs
of
its
customers.
Amadeus’
technology
is
one
of
its
core
competences;
its
focus
on
creating
a
technologically
superior,
highly
reliable,
flexible
and
scalable
platform
positions
them
for
growth
and
increased
margins.
Brand
&
Intellectual
Property
Amadeus’
ability
to
compete
successfully
is
highly
dependent
on
their
technology
platform
and
other
intellectual
property
including
their
brands.
Amadeus’
significant
assets
are
its
software
and
other
proprietary
information
and
intellectual
property
rights.
Maintaining
and
expanding
the
portfolio
of
product
and
service
brands
are
important
aspects
of
Amadeus’
efforts
to
attract
and
expand
their
customer
base.
Highly
synergetic
business
with
a
broad
and
loyal
customer
base
Amadeus
have
two
highly
synergetic
core
businesses:
Distribution
and
IT
Solutions
exhibit
strong
technological
synergies
and
gives
customers
the
benefit
of
common
IT
and
software
applications
and
platforms
which
are
all
connected
to
the
same
data
center
and
communications
network.9
The
ability
to
effectively
bundle
their
synergetic
core
business
offerings
gives
them
a
long-­‐term
competitive
advantage
in
terms
of
cost
and
solutions
offering.
Amadeus
benefits
from
these
considerable
synergies,
since
their
core
businesses
cater
primarily
to
the
same
customer
groups.
Amadeus
could
leverage
on
its
existing
customer
base
and
either
cross
sell
new
products
or
acquire
new
customers
in
other
12
8
See
Appendix
6
9
See
Appendix
7

13. Strategic
Analysis
of
Amadeus
segments
of
the
travel
industry.
It
is
also
very
interesting
to
note
that,
unlike
their
competitors,
Amadeus
established
local
support
offices
in
the
countries
in
which
they
operate
to
provide
technical
support
to
customers
and
acquire
new
customers
while
accumulating
knowledge
of
the
local
market.
Finally,
Amadeus
has
a
highly
diversified
mix
in
terms
of
its
customers
and
their
geographical
location,
which
enables
Amadeus
to
have
multiple
revenue
streams
and
not
rely
on
any
single
source.
Transaction
based,
resilient
Business
Model
The
highly
resilient
nature
of
Amadeus’
business
model
has
taken
form
since
their
revenue
is
linked
to
travel
volumes
rather
than
price,
and
this
tends
to
be
more
resilient
during
economic
downturns
when
travellers
tend
to
be
more
price
sensitive10 .
Additionally,
Amadeus
has
developed
a
high
level
of
visibility
and
security
in
it’s
long
term
business
view,
since
it
has
established
contracts
with
it’s
customers
spanning
usually
between
10
–
15
years
with
airlines
for
IT
Solutions
and
3
–
5
years
contract
with
travel
agents
using
it’s
Distribution
Services.
Ability
to
identify,
attract,
train
and
retain
committed,
proven
and
highly
experienced
management
team
and
staff
Amadeus’
operation
not
only
requires
complex
technological
structures,
but
also
people
with
highly
specific
skills,
who
are
pivotal
in
Amadeus’
strategic
capabilities.
The
combined
vision
of
the
team
has
driven
continued
innovation
and
allowed
Amadeus
to
consistently
gain
market
share
in
the
highly
complex
travel
technology
market.
The
top
management
team
has
overseen
all
the
key
stages
of
Amadeus’
evolution
and
has
driven
Amadeus’
persistent
growth
throughout
several
economic
cycles.
The
executive
management
has
approximately
12
years
of
experience
within
Amadeus.
The
executive
management
team
oversees
the
top
management
team,
who
has
an
average
of
around
14
years
of
experience
within
the
company
and
has
been
instrumental
in
establishing
a
corporate
culture
of
operational
excellence
and
leading
a
highly
educated,
skilled,
diverse
and
motivated
workforce.
Strong
Financial
Performance11
It
is
very
interesting
to
note
that
Amadeus’
transaction
based
business
model
has
demonstrated
high
resilience
through
economic
downturns
and
strong
growth
in
periods
of
economic
growth.
Its
revenue
has
grown
by
52%
from
€1816m
in
2004
to
€2707
million
in
2011.
Amadeus
has
actively
streamlined
its
operations,
improved
use
of
capacity
and
resources,
and
cut
cost
on
a
per
unit
basis,
which
has
led
to
an
EBITDA
growth
of
6.45%
between
2010
and
2011.
It
is
worth
mentioning
the
transformation
of
the
mix
of
assets
and
liabilities
of
the
company.
In
2007,
the
company
was
highly
leveraged
with
more
liabilities
(€6.3bn)
than
assets
(€5.55bn).
The
leverage
ratio,
hit
an
all
time
high
of
79%
in
2009
and
13
10
See
Appendix
8
11
Source:
Bloomberg

14. Strategic
Analysis
of
Amadeus
this
has
gone
down
to
45%
in
2011.
This
is
mainly
due
to
the
fact
that
Amadeus
has
significantly
reduced
its
debt
from
almost
€6.3bn
in
2007
to
just
below
€4bn
in
201112.
Well
Positioned
For
Future
Growth
Amadeus
is
a
world
leader
in
distribution
in
almost
every
region
and
is
well
positioned
to
capitalize
on
their
network
effect
to
pursue
further
organic
growth.
Amadeus
is
the
market
leader
in
3
out
of
the
4
BRIC
countries
and
they
have
developed
strong
relationships
with
the
national
carriers
in
those
countries.
They
have
strong
commercial
relationships
with
airline
alliances,
where
there
is
a
strong
demand
for
common
IT
platforms
and
they
already
have
in
their
portfolio
15/26
Star
Alliance
airlines,
8/11
Oneworld
airlines,
and
5/11
Skyteam
airlines,
who
have
migrated
to
using
Amadeus’
portfolio
of
IT
solutions.
Weaknesses
&
Operating
Risks
Now,
we
will
look
at
Amadeus’
weaknesses.
Defects
or
Errors
in
Distribution
and/or
IT
Solutions
Amadeus’
distribution
and
IT
solutions
are
complex
and
could
at
one
point
contain
undetected
defects
or
errors,
particularly
when
the
product
or
product
enhancement
has
been
recently
developed.
Amadeus
may
not
be
able
to
discover
defects
until
after
these
have
been
implemented
and
customers
could
discover
these
defects.
This
could
result
in
delays
in
payments
by
customers,
loss
of
customers
and
contract
cancelations,
harm
to
Amadeus’
reputation,
increased
maintenance
expenses,
increased
insurance
costs,
and
other
significant
costs
to
the
company.
System
or
Technology
Disruption
or
Under-­‐Performance
All
of
Amadeus’
data
and
transaction
processing
services
are
centralized
in
its
data
processing
facility.
They
also
have
a
disaster
recovery
center
in
the
case
of
a
system
failure.
If
Amadeus
does
not
maintain
and
improve
its
systems,
it
could
result
in
system
disruptions
through
delayed
response
times,
unreliable
service
levels,
insufficient
system
capacity
and
more,
all
which
could
result
in
losing
customers
and
incurring
liabilities.
In
addition
to
operating
risks
from
not
maintaining
the
system,
Amadeus’
IT
and
systems
are
also
vulnerable
to
damage
from
natural
disasters,
acts
of
terrorism
and
war,
power
losses,
telecommunications
and
data
network
failures,
sabotage
and
viruses,
and
the
failure
of
third
party
systems
or
software
on
which
Amadeus
relies
on.
Evaluation
of
current
strategy
It
is
the
goal
of
Amadeus
to
be
the
leading
provider
of
transaction-­‐based
distribution
and
IT
solutions
to
the
global
travel
and
tourism
industry.
The
specific
nature
of
the
industry
Amadeus
competes
in
and
the
position
it
currently
holds
require
it
to
focus
on
its
key
14
12
See
Appendix
9

15. Strategic
Analysis
of
Amadeus
strengths,
which
differentiate
it
from
the
market,
and
try
and
extend
its
customer
network.
This
is
also
reflected
in
the
current
strategy
the
company
is
pursuing
on
a
corporate
level
and
in
its
separate
business
units.
On
the
15
corporate
level,
Amadeus
aims
to
expand
its
business
reach
in
a
highly
synergetic
manner,
capturing
as
many
technology-­‐related
transactions
as
possible
across
all
stages
of
the
travel
procedure.
Amadeus
therefore
aims
to
grow
its
customer
base
strongly.
Additionally,
penetrating
the
market
further,
covering
everything
from
the
initial
planning
process
like
searching
and
making
reservations
up
until
post-­‐trip
activities
such
as
expense
claims
and
reporting,
allows
Amadeus
to
provide
complete
and
highly
integrated
IT
solutions
to
their
customers
while
leveraging
its
existing
technology
platform
to
create
immense
synergies.
Amadeus
continues
to
focus
on
its
technological
leadership
position
in
the
market
–
one
of
its
key
factors
to
success.
Growth
and
expansion
of
its
two
business
units
depend
heavily
on
the
company’s
ability
to
continually
develop
advanced
technology
on
a
competitive
basis.
This
is
reflected
in
the
average
expense
of
about
€300
million
on
R&D
during
the
last
years.13
The
company
has
rightly
understood
that
it
needs
to
continue
its
strong
commitment
to
product
innovation
and
technological
excellence
to
stay
at
the
forefront
of
advances
in
the
travel
technology
industry
and
preserve
the
market
leader
position.
Amadeus
also
seeks
to
grow
inorganically
through
selective
acquisitions
both
nationally
and
internationally,
which
will
allow
the
company
to
obtain
additional
competencies,
technologies
and/or
customers,
to
enter
new
markets
and
business
segments
to
reach
its
overall
goal.
Based
on
past
excellence,
shareholders
expect
a
lot
from
Amadeus,
which
puts
its
future
performance
under
a
lot
of
pressure.
However,
they
are
stressing
that
growth
through
acquisitions
can
only
be
held
up
in
the
long-­‐term
if
the
companies
to
be
acquired
create
synergies
and
open
up
new
opportunities
for
the
company.
While
this
might
be
seen
as
a
limitation,
it
is
the
only
right
way
to
go
about
growth
for
Amadeus.
On
the
business
unit
level,
the
company
believes
that
continuous
success
can
only
be
achieved
with
growth
in
both
Distribution
and
IT
Solutions.
Amadeus
continues
its
development
of
the
distribution
business
in
order
to
achieve
sustained
and
profitable
growth.
Therefore,
Amadeus
focuses
on
increasing
its
market
share
worldwide
through
the
consolidation
of
its
business
in
Western
Europe
(e.g.
the
sale
of
Opodo)
and
expanding
its
operations
in
key
growth
areas
such
as
Africa
and
South-­‐East
Asia.
It
also
pursues
the
continued
competitiveness
of
its
CGS
platform
globally,
which
is
facilitated
by
the
company’s
efforts
to
continually
enhance
value
for
its
customers
through
promoting
its
value-­‐based
pricing
model,
enabling
chargeable
ancillary
services,
and
continuing
to
improve
the
content
of
its
GDS
platforms,
while
enhancing
and
developing
interfaces
that
allow
end
consumers
to
access
information
through
mobile
and
other
evolving
technologies.
Its
current
strategy
for
the
distribution
business
also
comprises
diversification
and
growth
of
its
revenue
sources
by
targeting
an
expanded
portfolio
of
GDS
13
See
appendix
3

16. Strategic
Analysis
of
Amadeus
solutions
aimed
at
a
wider
range
of
clients,
which
led
to
the
new
establishment
of
a
New
Businesses
unit.
It
makes
Amadeus
more
independent
of
individual
revenue
sources,
provides
new
opportunities
and
increases
its
client
network.
Amadeus
has
already
extended
its
platform
to
airports
(Nice
airport),
hotels,
and
key
rail
operators
like
Deutsche
Bahn
in
Germany
and
RENFE
in
Spain,
and
aims
at
expanding
the
product
and
agreement
scope
dramatically
over
the
next
years.
The
IT
solution
business,
especially
the
Altéa
airline
IT
business,
is
expanded
into
adjacent
business
areas
where
Amadeus
identifies
synergies
with
its
existing
technologies
and/or
customer
base.
Up-­‐selling
additional
Altéa
modules
to
existing
IT
clients,
building
on
the
strong
relationships
the
company
has
established,
is
generating
new
opportunities
for
revenue
growth.
On
an
16
organizational
level
the
company
understands
that
it
is
vital
for
the
strategic
goals
mentioned
above
to
continuously
refine
its
internal
processes
and
the
active
management
of
running
costs
involved
in
the
development,
marketing
and
implementation
of
its
distribution
and
IT
solutions.
Therefore,
initiatives
to
improve
efficiency
and
cut
non-­‐value
adding
activities
are
at
the
heart
of
Amadeus
operational
strategy.
This
will
allow
the
company
to
provide
better
services
to
their
clients
in
the
future
and
increase
its
profitability.
Amadeus’
current
strategy
is
highly
consistent
with
the
company’s
goals
while
taking
into
account
industry
specifics.
Future
recommendations
Amadeus
is
already
the
market
leader
in
its
industry
and
a
highly
successful
company.
Its
current
strategy
is
aligned
with
the
company’s
ambitious
goal
to
secure
its
market
leader
position
and
further
grow
extensively.
However,
if
it
wants
to
continue
to
do
so,
it
must
take
into
account
various
factors
that
will
distinguish
the
future
market
leader
from
the
rest.
While
high
barriers
to
entry
and
high
buyer
switching
costs
currently
protect
players
in
the
industry,
a
trend
towards
further
deregulation
of
the
European
market
will
pose
a
challenge
as
well
as
an
opportunity
in
this
area.
The
ability
to
adapt
quickly
to
those
and
other
kind
of
changes
has
to
be
a
core
focus
of
the
company.
Apart
from
that,
Amadeus
has
to
further
strengthen
its
core
capabilities.
It
has
to
stay
at
the
forefront
of
technological
advancement,
which
means
actively
driving
technological
innovation
through
extensive
R&D
and
providing
technology
that
is
perceptive
to
general
consumer
trends
and
customer
demands
like
the
trend
towards
mobile
applications
(making
bookings
through
apps
rather
than
webpages).
Amadeus
has
already
made
first
steps
into
this
direction
by
conducting
a
study
on
the
importance
of
mobile
phones
on
air
travel
called
“the
always-­‐connected
traveller”14.
14
See
appendix
10

17. Strategic
Analysis
of
Amadeus
In
order
to
secure
its
position
as
the
global
industry
leader,
it
should
strengthen
its
position
and
increase
its
representation
in
fast-­‐growing
markets
like
Africa,
South-­‐East
Asia
and
the
BRIC
states.
The
South-­‐East
Asian
market
could
be
conquered
by
taking
over
the
smallest
of
the
four
competitors,
Abacus,
in
the
case
that
this
would
comply
with
regulations,
make
sense
financially,
provide
synergies,
and
assuming
that
Abacus’
customers
would
continue
with
Amadeus.
While
Amadeus
has
already
established
contracts
with
many
members
of
most
airline
alliances,
it
could
instead
target
alliances
directly
to
capture
all
members.
A
standard
system
would
be
beneficial
for
the
alliances
as
their
members
would
all
share
the
same
service
provider
and
be
able
to
exchange
data
and
information
easily.
Another
idea
that
Amadeus
could
pursue
is
to
offer
basic
packages
for
new,
small
airlines
entering
the
market.
Smaller
airlines
tend
to
use
their
own
direct
distribution
systems;
if
Amadeus
could
provide
a
package
that
fits
newcomers
in
the
small
airline
segment,
it
could
leverage
its
existing
capabilities
and
technology
while
growing
its
customer
base
and
establish
long-­‐term
relationships
with
market
entrants.
17
Appendix
Appendix
1:
Global
Representation

18. Strategic
Analysis
of
Amadeus
18
Appendix
2:
GDS
Market
Appendix
3:
Amadeus
Income
Statement

19. Strategic
Analysis
of
Amadeus
19
Appendix
4:
R&D
Investment

20. Strategic
Analysis
of
Amadeus
Appendix
5:
Key
competitors
Amadeus
competes
on
a
global
level
with
Sabre
and
Travelport
(the
three
collectively
account
for
95%
of
GDS
air
bookings),
and
with
Abacus
(owned
by
a
number
of
Asian
airlines
and
Sabre;
accounts
for
5%
of
GDS
air
bookings)
in
the
Asia
Pacific
region.
Sabre
Sabre
accounts
for
roughly
29%
of
GDS
processed
air
bookings
in
the
industry
and
posted
revenue
of
$2.9bn
in
2011.
It
is
organized
in
four
segments
namely:
1) Sabre
Travel
Networks
–
Division
responsible
for
marketing
and
distributing
travel-­‐
related
products
and
services
for
it’s
travel
supplier
participants
through
online
and
offline
travel
agencies
and
corporate
channels.
2) Sabre
Airline
Solutions
–
Division
responsible
for
offering
IT
Solutions
for
airlines,
20
airports
and
government
agencies.
3) Travelocity
–
Division
responsible
for
offering
online
travel
services.
4) Sabre
Hospitality
Solutions
It
is
very
interesting
to
note
how
Amadeus
overtook
Sabre
to
take
a
leading
position
in
the
GDS
market.
Amadeus
built
a
highly
scalable
technological
platform
that
could
have
modules
attached
to
it
rather
than
the
Sabre
platform,
which
required
patches
to
be
added
in
order
to
implement
new
changes
or
requirements
by
customers.
Additionally,
the
Sabre
platform
was
only
available
in
English
and
their
approach
to
customers
in
countries
where
English
is
not
a
native
language
was
“take
it
or
leave
it”.
Amadeus
on
the
other
hand
provided
customized
solutions
and
operated
with
a
think
global
and
act
local
strategy.
Travelport
Travelport
accounts
for
30%
of
GDS
processed
air
bookings
in
the
industry.
Its
portfolio
includes
Galileo,
Apollo
and
Worldspan
GDS
platforms.
It
also
operates
Gullivers
Travel
which
is
a
global
wholesaler
of
accommodation,
ground
products
and
services
to
the
travel
and
tourism
industry.
Travelport
also
owns
a
minority
stake
in
Orbitz
Worldwide(48%)
which
operates
CheapTickets,
ebookers
and
HotelClub.
Travelport
also
provides
airline
IT
services
to
some
airlines.

21. Strategic
Analysis
of
Amadeus
21
Appendix
6:
Amadeus
R&D
Appendix
7:
Amadeus’
Synergie

22. Strategic
Analysis
of
Amadeus
22
Appendix
8:
Amadeus’
Transaction
Based,
Resilient
Business
Model

23. Strategic
Analysis
of
Amadeus
23
Appendix
9:
Amadeus’
EBITDA/Debt
Ratio

24. Strategic
Analysis
of
Amadeus
24
Appendix
10:
Amadeus’
research