1. Profile
   1. Business
      1. IT Provider of Global and Travel Tourism
      2. Mision
         1. Shape the future of travel
      3. Vision
         1. To be the leading provider of technology solutions for the travel industry
      4. Values
         1. Customers first / Working together / Taking responsibility / Aiming for excellence
   2. History
      1. Founded 1987
   3. Headquarters
      1. Madrid
   4. Sales Scope
   5. Channels
   6. Figures
      1. Revenue
         1. 4.950M€
      2. Employees
         1. 17.000
      3. ROE
         1. ROA
            1. 11,13%
         2. ROE
            1. 34,5
         3. Leverage
            1. 3,19
      4. Growth
         1. Revenue Growth 5 year
            1. 9,72
      5. Dividends
   7. Brands
2. Segments
   1. Global Distribution System
      1. Booking fees to travel
      2. Providers for bookings made
      3. Other non-booking revenues
   2. IT Solutions
      1. They automate mision-critial processes
      2. Revenues for transactions processed in their platform
      3. Other non-transactional services
   3. Añadir % y Rentabilidad
3. How it makes money?
   1. Canvas
      1. Customers
         1. Travel Providers
            1. Airlines
            2. Hotels
            3. Road and sea transport companies
            4. Insurance companies
         2. Travel Agencies
            1. Tour operators
            2. Travel sellers and brokers
            3. Travel buyers
         3. Airports/Stations
      2. Vendors
         1. Travel Providers
         2. Travel Agencies
         3. IT Consultancy
      3. Channels
         1. Direct contact
         2. Online
      4. ...
   2. Research and Development
      1. To analize and compare with the rest of competitors
      2. Product evolution
         1. 2018
      3. Technology Investment
         1. 2018
   3. Marketing
   4. Process Overview
      1. GDS
         1. Connection between Travel Providers/Agencies
         2. Fee for every ticket
         3. Exclusivity with Airlines??
      2. IT Solutions
         1. Products
            1. Travel Click
            2. Acquisition
         2. IT Consultancy
   5. TOC
   6. History
      1. Ratios
      2. Dividends
   7. Competitors
      1. Sabre (SABR)
      2. Travelport Worldwide
         1. Parece que no cotiza
   8. Moats
4. Will it make it in the future?
   1. Growth
      1. Geographically
      2. New Products
      3. Favorable Trends
         1. Aging
         2. Growth
            1. 3Q 2018
            2. To get more info about changes in Distribution strategies by Airlines
         3. Migration
         4. Big Data
         5. Globalization
   2. What a competitor should do for stealing it quota
5. CÓMO SE FINANCIA
   1. Deuda - Pagos
6. Management
   1. Compras
      1. Ver histórico
      2. Ver datos Travel Click previos
7. Rough Valuation
8. CONCLUSION
9. References
   1. Profile
      1. Wikipedia
      2. Investor Relations
      3. Reports
         1. https://seekingalpha.com/article/4273568-amadeus-group-expensive-likely-worth-price
         2. https://www.consensodelmercado.com/ibex35/19174
      4. Morningstar
         1. https://www.morningstar.com/stocks/xmad/ams/valuation
         2. http://tools.morningstar.es/es/stockreport/default.aspx?tab=11&vw=gr&SecurityToken=0P0000P5MC%5D3%5D0%5DE0WWE%24%24ALL&Id=0P0000P5MC&ClientFund=0&CurrencyId=EUR
      5. https://www.macrotrends.net/stocks/research
      6. https://www.dividend.com/
10. Pending Tasks
    1. Improve Model
    2. Hacer Modelo Excel
    3. Calcular Financial Leverage