Intrinsic value of Sabre - SABR

Previous Close

$23.38

  Intrinsic Value

$22.46

stock screener

  Rating & Target

hold

-4%

Previous close

$23.38

 
Intrinsic value

$22.46

 
Up/down potential

-4%

 
Rating

hold

We calculate the intrinsic value of SABR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  13.91
  7.40
  7.16
  6.94
  6.75
  6.57
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.16
  5.14
  5.13
  5.11
Revenue, $m
  3,373
  3,623
  3,882
  4,152
  4,432
  4,723
  5,026
  5,342
  5,670
  6,012
  6,369
  6,740
  7,128
  7,533
  7,955
  8,397
  8,858
  9,341
  9,845
  10,373
  10,925
  11,503
  12,108
  12,742
  13,407
  14,103
  14,832
  15,597
  16,398
  17,239
  18,120
Variable operating expenses, $m
 
  3,089
  3,292
  3,503
  3,722
  3,950
  4,188
  4,434
  4,691
  4,959
  5,238
  5,274
  5,577
  5,894
  6,225
  6,570
  6,931
  7,309
  7,703
  8,116
  8,548
  9,001
  9,474
  9,970
  10,490
  11,035
  11,606
  12,204
  12,831
  13,489
  14,178
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,918
  3,089
  3,292
  3,503
  3,722
  3,950
  4,188
  4,434
  4,691
  4,959
  5,238
  5,274
  5,577
  5,894
  6,225
  6,570
  6,931
  7,309
  7,703
  8,116
  8,548
  9,001
  9,474
  9,970
  10,490
  11,035
  11,606
  12,204
  12,831
  13,489
  14,178
Operating income, $m
  456
  533
  590
  648
  709
  773
  839
  907
  979
  1,053
  1,131
  1,466
  1,551
  1,639
  1,731
  1,827
  1,927
  2,032
  2,142
  2,256
  2,377
  2,502
  2,634
  2,772
  2,917
  3,068
  3,227
  3,393
  3,567
  3,750
  3,942
EBITDA, $m
  870
  956
  1,024
  1,095
  1,169
  1,246
  1,326
  1,409
  1,496
  1,586
  1,680
  1,778
  1,880
  1,987
  2,099
  2,215
  2,337
  2,464
  2,597
  2,736
  2,882
  3,034
  3,194
  3,361
  3,537
  3,720
  3,913
  4,114
  4,326
  4,547
  4,780
Interest expense (income), $m
  152
  147
  159
  175
  193
  211
  230
  249
  269
  291
  313
  336
  359
  384
  411
  438
  466
  496
  527
  559
  593
  629
  666
  705
  746
  789
  834
  880
  930
  981
  1,035
Earnings before tax, $m
  328
  386
  431
  473
  516
  562
  609
  658
  709
  763
  818
  1,131
  1,191
  1,254
  1,320
  1,389
  1,461
  1,536
  1,615
  1,697
  1,783
  1,873
  1,968
  2,067
  2,171
  2,279
  2,393
  2,512
  2,638
  2,769
  2,906
Tax expense, $m
  87
  104
  116
  128
  139
  152
  164
  178
  191
  206
  221
  305
  322
  339
  356
  375
  394
  415
  436
  458
  481
  506
  531
  558
  586
  615
  646
  678
  712
  748
  785
Net income, $m
  243
  282
  315
  345
  377
  410
  445
  480
  518
  557
  597
  825
  870
  916
  964
  1,014
  1,066
  1,121
  1,179
  1,239
  1,302
  1,368
  1,437
  1,509
  1,585
  1,664
  1,747
  1,834
  1,925
  2,021
  2,122

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  364
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  5,725
  5,759
  6,172
  6,600
  7,046
  7,509
  7,991
  8,492
  9,014
  9,558
  10,125
  10,716
  11,332
  11,976
  12,648
  13,350
  14,083
  14,850
  15,652
  16,491
  17,369
  18,288
  19,250
  20,258
  21,314
  22,421
  23,580
  24,796
  26,070
  27,407
  28,808
Adjusted assets (=assets-cash), $m
  5,361
  5,759
  6,172
  6,600
  7,046
  7,509
  7,991
  8,492
  9,014
  9,558
  10,125
  10,716
  11,332
  11,976
  12,648
  13,350
  14,083
  14,850
  15,652
  16,491
  17,369
  18,288
  19,250
  20,258
  21,314
  22,421
  23,580
  24,796
  26,070
  27,407
  28,808
Revenue / Adjusted assets
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
Average production assets, $m
  1,496
  1,608
  1,724
  1,843
  1,968
  2,097
  2,232
  2,372
  2,517
  2,669
  2,828
  2,993
  3,165
  3,345
  3,532
  3,728
  3,933
  4,147
  4,371
  4,605
  4,851
  5,107
  5,376
  5,658
  5,953
  6,262
  6,585
  6,925
  7,281
  7,654
  8,045
Working capital, $m
  -313
  -547
  -586
  -627
  -669
  -713
  -759
  -807
  -856
  -908
  -962
  -1,018
  -1,076
  -1,137
  -1,201
  -1,268
  -1,338
  -1,410
  -1,487
  -1,566
  -1,650
  -1,737
  -1,828
  -1,924
  -2,024
  -2,130
  -2,240
  -2,355
  -2,476
  -2,603
  -2,736
Total debt, $m
  3,446
  3,527
  3,899
  4,284
  4,685
  5,102
  5,536
  5,987
  6,457
  6,946
  7,457
  7,988
  8,543
  9,122
  9,727
  10,359
  11,019
  11,709
  12,431
  13,186
  13,976
  14,803
  15,669
  16,576
  17,527
  18,523
  19,566
  20,660
  21,807
  23,010
  24,271
Total liabilities, $m
  5,102
  5,183
  5,555
  5,940
  6,341
  6,758
  7,192
  7,643
  8,113
  8,602
  9,113
  9,644
  10,199
  10,778
  11,383
  12,015
  12,675
  13,365
  14,087
  14,842
  15,632
  16,459
  17,325
  18,232
  19,183
  20,179
  21,222
  22,316
  23,463
  24,666
  25,927
Total equity, $m
  623
  576
  617
  660
  705
  751
  799
  849
  901
  956
  1,013
  1,072
  1,133
  1,198
  1,265
  1,335
  1,408
  1,485
  1,565
  1,649
  1,737
  1,829
  1,925
  2,026
  2,131
  2,242
  2,358
  2,480
  2,607
  2,741
  2,881
Total liabilities and equity, $m
  5,725
  5,759
  6,172
  6,600
  7,046
  7,509
  7,991
  8,492
  9,014
  9,558
  10,126
  10,716
  11,332
  11,976
  12,648
  13,350
  14,083
  14,850
  15,652
  16,491
  17,369
  18,288
  19,250
  20,258
  21,314
  22,421
  23,580
  24,796
  26,070
  27,407
  28,808
Debt-to-equity ratio
  5.531
  6.120
  6.320
  6.490
  6.650
  6.790
  6.930
  7.050
  7.160
  7.270
  7.360
  7.450
  7.540
  7.620
  7.690
  7.760
  7.820
  7.880
  7.940
  8.000
  8.050
  8.090
  8.140
  8.180
  8.220
  8.260
  8.300
  8.330
  8.360
  8.400
  8.430
Adjusted equity ratio
  0.048
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  243
  282
  315
  345
  377
  410
  445
  480
  518
  557
  597
  825
  870
  916
  964
  1,014
  1,066
  1,121
  1,179
  1,239
  1,302
  1,368
  1,437
  1,509
  1,585
  1,664
  1,747
  1,834
  1,925
  2,021
  2,122
Depreciation, amort., depletion, $m
  414
  422
  434
  447
  460
  473
  487
  502
  517
  533
  549
  312
  330
  348
  368
  388
  410
  432
  455
  480
  505
  532
  560
  589
  620
  652
  686
  721
  758
  797
  838
Funds from operations, $m
  575
  704
  749
  792
  837
  883
  932
  982
  1,035
  1,090
  1,147
  1,137
  1,199
  1,264
  1,332
  1,402
  1,476
  1,553
  1,634
  1,719
  1,807
  1,900
  1,997
  2,098
  2,205
  2,316
  2,433
  2,555
  2,684
  2,819
  2,960
Change in working capital, $m
  -105
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -73
  -76
  -80
  -83
  -87
  -91
  -96
  -100
  -105
  -110
  -115
  -121
  -127
  -133
Cash from operations, $m
  680
  742
  788
  833
  879
  927
  978
  1,030
  1,084
  1,141
  1,200
  1,193
  1,258
  1,325
  1,395
  1,469
  1,546
  1,626
  1,710
  1,798
  1,890
  1,987
  2,088
  2,194
  2,305
  2,421
  2,543
  2,671
  2,805
  2,945
  3,093
Maintenance CAPEX, $m
  0
  -156
  -168
  -180
  -192
  -205
  -218
  -232
  -247
  -262
  -278
  -295
  -312
  -330
  -348
  -368
  -388
  -410
  -432
  -455
  -480
  -505
  -532
  -560
  -589
  -620
  -652
  -686
  -721
  -758
  -797
New CAPEX, $m
  -328
  -112
  -115
  -120
  -124
  -129
  -135
  -140
  -146
  -152
  -158
  -165
  -172
  -180
  -188
  -196
  -205
  -214
  -224
  -234
  -245
  -257
  -269
  -282
  -295
  -309
  -324
  -339
  -356
  -373
  -391
Cash from investing activities, $m
  -446
  -268
  -283
  -300
  -316
  -334
  -353
  -372
  -393
  -414
  -436
  -460
  -484
  -510
  -536
  -564
  -593
  -624
  -656
  -689
  -725
  -762
  -801
  -842
  -884
  -929
  -976
  -1,025
  -1,077
  -1,131
  -1,188
Free cash flow, $m
  234
  473
  505
  534
  563
  593
  625
  657
  692
  727
  764
  734
  774
  816
  859
  905
  953
  1,002
  1,054
  1,109
  1,166
  1,225
  1,287
  1,352
  1,421
  1,492
  1,567
  1,645
  1,728
  1,814
  1,904
Issuance/(repayment) of debt, $m
  55
  250
  371
  386
  401
  417
  434
  451
  470
  489
  510
  532
  555
  579
  605
  632
  660
  690
  722
  755
  790
  827
  866
  907
  950
  996
  1,044
  1,094
  1,147
  1,203
  1,261
Issuance/(repurchase) of shares, $m
  -100
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -46
  250
  371
  386
  401
  417
  434
  451
  470
  489
  510
  532
  555
  579
  605
  632
  660
  690
  722
  755
  790
  827
  866
  907
  950
  996
  1,044
  1,094
  1,147
  1,203
  1,261
Total cash flow (excl. dividends), $m
  187
  724
  877
  919
  964
  1,010
  1,058
  1,109
  1,161
  1,216
  1,274
  1,266
  1,329
  1,395
  1,464
  1,537
  1,613
  1,692
  1,776
  1,864
  1,956
  2,052
  2,153
  2,260
  2,371
  2,488
  2,611
  2,739
  2,875
  3,016
  3,165
Retained Cash Flow (-), $m
  -140
  -148
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -96
  -101
  -106
  -111
  -116
  -122
  -127
  -134
  -140
Prev. year cash balance distribution, $m
 
  195
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  771
  835
  876
  919
  964
  1,010
  1,059
  1,109
  1,162
  1,217
  1,207
  1,267
  1,330
  1,397
  1,466
  1,539
  1,616
  1,696
  1,780
  1,868
  1,960
  2,057
  2,159
  2,265
  2,377
  2,495
  2,618
  2,747
  2,883
  3,025
Discount rate, %
 
  9.90
  10.40
  10.91
  11.46
  12.03
  12.64
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.83
  25.02
  26.27
  27.58
  28.96
  30.41
  31.93
  33.52
  35.20
  36.96
  38.81
  40.75
PV of cash for distribution, $m
 
  701
  685
  642
  595
  546
  495
  443
  391
  340
  292
  233
  194
  159
  127
  100
  77
  58
  43
  31
  21
  15
  10
  6
  4
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Sabre Corporation is a technology solutions provider to the global travel and tourism industry. The Company provides software and services to a range of travel suppliers and travel buyers. The Company operates through two business segments: Travel Network, and Airline and Hospitality Solutions. Travel Network is its global business-to-business travel marketplace and consists primarily of its global distribution system (GDS) and a set of solutions that integrate with its GDS to serve travel suppliers and travel buyers. Its Airline and Hospitality Solutions business offers a portfolio of software technology products and solutions, through software-as-a-service (SaaS) and hosted delivery model, to airlines, hoteliers and other travel suppliers. The Company connects travel suppliers, including airlines, hotels, car rental brands, rail carriers, cruise lines and tour operators, with travel buyers in a travel marketplace.

FINANCIAL RATIOS  of  Sabre (SABR)

Valuation Ratios
P/E Ratio 26.6
Price to Sales 1.9
Price to Book 10.4
Price to Tangible Book
Price to Cash Flow 9.5
Price to Free Cash Flow 18.4
Growth Rates
Sales Growth Rate 13.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 14.3%
Cap. Spend. - 3 Yr. Gr. Rate 9.3%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 526%
Total Debt to Equity 553.1%
Interest Coverage 3
Management Effectiveness
Return On Assets 6.4%
Ret/ On Assets - 3 Yr. Avg. 8.2%
Return On Total Capital 6.1%
Ret/ On T. Cap. - 3 Yr. Avg. 7.9%
Return On Equity 43.9%
Return On Equity - 3 Yr. Avg. 59.1%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 32.3%
Gross Margin - 3 Yr. Avg. 33.6%
EBITDA Margin 26.5%
EBITDA Margin - 3 Yr. Avg. 26.2%
Operating Margin 13.5%
Oper. Margin - 3 Yr. Avg. 14.1%
Pre-Tax Margin 9.7%
Pre-Tax Margin - 3 Yr. Avg. 8.7%
Net Profit Margin 7.2%
Net Profit Margin - 3 Yr. Avg. 9.4%
Effective Tax Rate 26.5%
Eff/ Tax Rate - 3 Yr. Avg. 21.8%
Payout Ratio 59.3%

SABR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SABR stock intrinsic value calculation we used $3373 million for the last fiscal year's total revenue generated by Sabre. The default revenue input number comes from 2016 income statement of Sabre. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our SABR stock valuation model: a) initial revenue growth rate of 7.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 9.9%, whose default value for SABR is calculated based on our internal credit rating of Sabre, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Sabre.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of SABR stock the variable cost ratio is equal to 85.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for SABR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.5% for Sabre.

Corporate tax rate of 27% is the nominal tax rate for Sabre. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the SABR stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for SABR are equal to 44.4%.

Life of production assets of 9.6 years is the average useful life of capital assets used in Sabre operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for SABR is equal to -15.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $623 million for Sabre - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 276.585 million for Sabre is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Sabre at the current share price and the inputted number of shares is $6.5 billion.

RELATED COMPANIES Price Int.Val. Rating
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HPE Hewlett Packar 16.41 68.58  str.buy
PCLN Priceline Grou 1,877.14 2,324.07  buy
JBLU JetBlue Airway 20.85 45.73  str.buy
AAL American Airli 52.98 40.24  sell

COMPANY NEWS

▶ Sabre announces upcoming webcast of 2018 Investor Day   [Feb-20-18 08:00AM  PR Newswire]
▶ Sabre tops Street 4Q forecasts   [Feb-14-18 08:30AM  Associated Press]
▶ Sabre Corporation announces retirement of CFO   [Jan-11-18 04:15PM  PR Newswire]
▶ ETFs with exposure to Sabre Corp. : December 25, 2017   [Dec-25-17 12:24PM  Capital Cube]
▶ Sabre jumps 10 percent on market debut   [Dec-06-17 03:46AM  Reuters]
▶ Sabre (SABR) Soars: Stock Adds 5.4% in Session   [Nov-20-17 08:59AM  Zacks]
▶ ETFs with exposure to Sabre Corp. : November 17, 2017   [Nov-17-17 12:51PM  Capital Cube]
▶ Sabre declares quarterly dividend   [Nov-02-17 04:30PM  PR Newswire]
▶ ETFs with exposure to Sabre Corp. : October 31, 2017   [Oct-31-17 11:50AM  Capital Cube]
▶ Sabre tops Street 3Q forecasts   [08:15AM  Associated Press]
▶ [$$] Why Expedia Tops Priceline, Sabre, TripAdvisor   [Oct-26-17 11:21AM  Barrons.com]
▶ Avianca Airlines and Sabre renew technology partnership   [Sep-14-17 04:25PM  PR Newswire]
▶ Bad News Sells; Fight Media Bias   [Sep-06-17 11:43AM  GuruFocus.com]
▶ Morningstar Runs the Numbers   [Aug-26-17 06:00AM  Morningstar]
▶ Knowing When Selloffs Are Overdone   [Aug-24-17 03:00PM  TheStreet.com]
▶ ETFs with exposure to Sabre Corp. : August 18, 2017   [Aug-18-17 06:02PM  Capital Cube]
▶ Southlake-based Sabre rounds out C-suite with GE exec   [Aug-15-17 01:00PM  American City Business Journals]
▶ Sabre names Vish Saoji as Chief Technology Officer   [Aug-14-17 04:15PM  PR Newswire]
▶ Why Sabre Corp. Stock Dropped Today   [Aug-01-17 07:38PM  Motley Fool]
▶ Sabre cutting 900 jobs, reports 2Q loss   [04:45PM  Associated Press]
▶ Sabre Corp. will lay off 900 employees   [01:15PM  American City Business Journals]
▶ Sabre declares quarterly dividend   [Jul-26-17 04:15PM  PR Newswire]
▶ C-suite shakeup continues as Sabre names CIO   [Jul-17-17 11:05AM  American City Business Journals]
▶ Hard Rock, Loews hotels admit data breach   [Jul-10-17 06:58AM  ZDNet]
▶ Sabre Update on Cybersecurity Incident   [Jul-05-17 04:27PM  PR Newswire]
▶ Sabre Names First CIO   [Jul-03-17 08:30AM  The Wall Street Journal]
▶ Sabre Names Joe DiFonzo as Chief Information Officer   [Jun-30-17 11:17AM  PR Newswire]
▶ Sabre and PAWA sign strategic technology agreement   [Jun-06-17 11:36AM  PR Newswire]
▶ Sabre declares quarterly dividend   [May-24-17 04:15PM  PR Newswire]
▶ ETFs with exposure to Sabre Corp. : May 22, 2017   [May-22-17 02:08PM  Capital Cube]
▶ ETFs with exposure to Sabre Corp. : May 8, 2017   [May-08-17 05:10PM  Capital Cube]
Financial statements of SABR
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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