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M

Update

July 31, 2026 04:30 PM GMT

Amadeus IT Holdings S.A. | Europe

Morgan Stanley & Co. International plc+

George W Webb

Equity Analyst

Risk Reward Update

Amadeus IT Holdings S.A. (AMA.MC, AMS SQ)

What’s Changed

Technology - Software & Services | Spain

Updated Components

Stock Rating

Industry View

Price target

Shr price, close (Jul 30, 2026)

52-Week Range

EPS

Risk Reward for Amadeus IT Holdings S.A. (AMA.MC) has been

updated

Reason for change

We update our model for 2Q26 results. Our forecasts are largely unchanged. Our

FY26 cc revenue growth forecast is revised to 6.0% (from 6.3%), and adjusted EBIT

Fiscal Year Ending

EPS (€)**

Prior EPS (€)**

Overweight

In-Line

€65.00

€53.02

€73.60-46.21

12/25 12/26e 12/27e 12/28e

3.20

3.47

3.49

3.88

4.26

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

margin forecast to 29.1% (from 28.9%). Our adj. diluted EPS forecasts are broadly

unchanged for FY26-28 (c. 0%). Our FCF forecast for FY26 rises c. 5% on a lower

capex/sales forecast (c. 10.4% of sales), though we maintain outer year capex/sales

forecasts at c. 11.5%. At €53 and on our updated forecasts, Amadeus trades on c.

15.3x FY26 adj. P/E, dropping to c. 13.7x FY27. We remain Overweight.

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