Intrinsic value of Sabre - SABR

Previous Close

$17.40

  Intrinsic Value

$20.80

stock screener

  Rating & Target

hold

+20%

  Value-price divergence*

+30%

Previous close

$17.40

 
Intrinsic value

$20.80

 
Up/down potential

+20%

 
Rating

hold

 
Value-price divergence*

+30%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 4.9

 

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
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
Revenue, $m
  3,373
  3,589
  3,814
  4,047
  4,291
  4,545
  4,810
  5,086
  5,375
  5,676
  5,990
  6,319
  6,663
  7,022
  7,398
  7,792
  8,204
  8,635
  9,087
  9,561
  10,057
  10,577
  11,122
  11,693
  12,293
  12,921
  13,580
  14,271
  14,997
  15,757
  16,556
Variable operating expenses, $m
 
  3,063
  3,239
  3,422
  3,612
  3,811
  4,018
  4,235
  4,460
  4,696
  4,942
  4,944
  5,213
  5,495
  5,789
  6,097
  6,419
  6,757
  7,111
  7,481
  7,869
  8,276
  8,703
  9,150
  9,619
  10,110
  10,626
  11,167
  11,734
  12,329
  12,954
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
  3,063
  3,239
  3,422
  3,612
  3,811
  4,018
  4,235
  4,460
  4,696
  4,942
  4,944
  5,213
  5,495
  5,789
  6,097
  6,419
  6,757
  7,111
  7,481
  7,869
  8,276
  8,703
  9,150
  9,619
  10,110
  10,626
  11,167
  11,734
  12,329
  12,954
Operating income, $m
  456
  526
  575
  626
  679
  734
  792
  852
  914
  980
  1,048
  1,375
  1,449
  1,528
  1,609
  1,695
  1,785
  1,879
  1,977
  2,080
  2,188
  2,301
  2,420
  2,544
  2,674
  2,811
  2,954
  3,105
  3,262
  3,428
  3,602
EBITDA, $m
  870
  940
  999
  1,060
  1,124
  1,191
  1,260
  1,332
  1,408
  1,487
  1,569
  1,655
  1,745
  1,839
  1,938
  2,041
  2,149
  2,262
  2,380
  2,504
  2,634
  2,771
  2,913
  3,063
  3,220
  3,385
  3,557
  3,738
  3,928
  4,127
  4,337
Interest expense (income), $m
  152
  155
  170
  185
  201
  218
  235
  253
  272
  291
  312
  333
  356
  379
  404
  429
  456
  484
  513
  544
  576
  610
  645
  683
  721
  762
  805
  850
  897
  946
  998
Earnings before tax, $m
  328
  371
  405
  441
  478
  516
  557
  599
  643
  689
  736
  1,041
  1,094
  1,149
  1,206
  1,266
  1,329
  1,395
  1,464
  1,536
  1,611
  1,691
  1,774
  1,861
  1,953
  2,049
  2,149
  2,255
  2,365
  2,482
  2,603
Tax expense, $m
  87
  100
  109
  119
  129
  139
  150
  162
  174
  186
  199
  281
  295
  310
  326
  342
  359
  377
  395
  415
  435
  457
  479
  503
  527
  553
  580
  609
  639
  670
  703
Net income, $m
  243
  271
  296
  322
  349
  377
  406
  437
  469
  503
  538
  760
  798
  838
  880
  924
  970
  1,018
  1,068
  1,121
  1,176
  1,234
  1,295
  1,359
  1,425
  1,495
  1,569
  1,646
  1,727
  1,812
  1,900

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
  6,093
  6,475
  6,872
  7,285
  7,717
  8,166
  8,635
  9,125
  9,636
  10,170
  10,728
  11,312
  11,922
  12,561
  13,229
  13,929
  14,661
  15,429
  16,232
  17,075
  17,958
  18,883
  19,853
  20,870
  21,937
  23,056
  24,230
  25,461
  26,753
  28,108
Adjusted assets (=assets-cash), $m
  5,361
  6,093
  6,475
  6,872
  7,285
  7,717
  8,166
  8,635
  9,125
  9,636
  10,170
  10,728
  11,312
  11,922
  12,561
  13,229
  13,929
  14,661
  15,429
  16,232
  17,075
  17,958
  18,883
  19,853
  20,870
  21,937
  23,056
  24,230
  25,461
  26,753
  28,108
Revenue / Adjusted assets
  0.629
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
Average production assets, $m
  1,496
  1,593
  1,693
  1,797
  1,905
  2,018
  2,136
  2,258
  2,386
  2,520
  2,660
  2,806
  2,958
  3,118
  3,285
  3,460
  3,643
  3,834
  4,035
  4,245
  4,465
  4,696
  4,938
  5,192
  5,458
  5,737
  6,030
  6,336
  6,658
  6,996
  7,351
Working capital, $m
  -313
  -359
  -381
  -405
  -429
  -455
  -481
  -509
  -537
  -568
  -599
  -632
  -666
  -702
  -740
  -779
  -820
  -864
  -909
  -956
  -1,006
  -1,058
  -1,112
  -1,169
  -1,229
  -1,292
  -1,358
  -1,427
  -1,500
  -1,576
  -1,656
Total debt, $m
  3,446
  3,773
  4,113
  4,467
  4,835
  5,220
  5,620
  6,038
  6,474
  6,930
  7,406
  7,903
  8,423
  8,967
  9,536
  10,131
  10,754
  11,407
  12,091
  12,807
  13,558
  14,344
  15,169
  16,033
  16,940
  17,890
  18,887
  19,933
  21,030
  22,181
  23,388
Total liabilities, $m
  5,102
  5,429
  5,769
  6,123
  6,491
  6,876
  7,276
  7,694
  8,130
  8,586
  9,062
  9,559
  10,079
  10,623
  11,192
  11,787
  12,410
  13,063
  13,747
  14,463
  15,214
  16,000
  16,825
  17,689
  18,596
  19,546
  20,543
  21,589
  22,686
  23,837
  25,044
Total equity, $m
  623
  664
  706
  749
  794
  841
  890
  941
  995
  1,050
  1,109
  1,169
  1,233
  1,300
  1,369
  1,442
  1,518
  1,598
  1,682
  1,769
  1,861
  1,957
  2,058
  2,164
  2,275
  2,391
  2,513
  2,641
  2,775
  2,916
  3,064
Total liabilities and equity, $m
  5,725
  6,093
  6,475
  6,872
  7,285
  7,717
  8,166
  8,635
  9,125
  9,636
  10,171
  10,728
  11,312
  11,923
  12,561
  13,229
  13,928
  14,661
  15,429
  16,232
  17,075
  17,957
  18,883
  19,853
  20,871
  21,937
  23,056
  24,230
  25,461
  26,753
  28,108
Debt-to-equity ratio
  5.531
  5.680
  5.830
  5.960
  6.090
  6.210
  6.310
  6.410
  6.510
  6.600
  6.680
  6.760
  6.830
  6.900
  6.960
  7.030
  7.080
  7.140
  7.190
  7.240
  7.280
  7.330
  7.370
  7.410
  7.450
  7.480
  7.520
  7.550
  7.580
  7.610
  7.630
Adjusted equity ratio
  0.048
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  243
  271
  296
  322
  349
  377
  406
  437
  469
  503
  538
  760
  798
  838
  880
  924
  970
  1,018
  1,068
  1,121
  1,176
  1,234
  1,295
  1,359
  1,425
  1,495
  1,569
  1,646
  1,727
  1,812
  1,900
Depreciation, amort., depletion, $m
  414
  414
  424
  435
  445
  457
  468
  481
  493
  507
  521
  281
  296
  312
  328
  346
  364
  383
  403
  425
  447
  470
  494
  519
  546
  574
  603
  634
  666
  700
  735
Funds from operations, $m
  552
  685
  720
  756
  794
  834
  875
  918
  963
  1,009
  1,058
  1,041
  1,094
  1,150
  1,209
  1,270
  1,334
  1,401
  1,472
  1,546
  1,623
  1,704
  1,789
  1,878
  1,971
  2,069
  2,172
  2,280
  2,393
  2,511
  2,636
Change in working capital, $m
  -128
  -22
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -73
  -76
  -80
Cash from operations, $m
  680
  706
  742
  780
  818
  859
  901
  945
  991
  1,040
  1,090
  1,074
  1,129
  1,186
  1,246
  1,309
  1,375
  1,445
  1,517
  1,593
  1,673
  1,756
  1,843
  1,935
  2,031
  2,132
  2,238
  2,349
  2,465
  2,587
  2,715
Maintenance CAPEX, $m
  0
  -150
  -159
  -169
  -180
  -191
  -202
  -214
  -226
  -239
  -252
  -266
  -281
  -296
  -312
  -328
  -346
  -364
  -383
  -403
  -425
  -447
  -470
  -494
  -519
  -546
  -574
  -603
  -634
  -666
  -700
New CAPEX, $m
  -328
  -97
  -100
  -104
  -108
  -113
  -118
  -123
  -128
  -134
  -140
  -146
  -153
  -160
  -167
  -175
  -183
  -192
  -201
  -210
  -220
  -231
  -242
  -254
  -266
  -279
  -293
  -307
  -322
  -338
  -354
Cash from investing activities, $m
  -446
  -247
  -259
  -273
  -288
  -304
  -320
  -337
  -354
  -373
  -392
  -412
  -434
  -456
  -479
  -503
  -529
  -556
  -584
  -613
  -645
  -678
  -712
  -748
  -785
  -825
  -867
  -910
  -956
  -1,004
  -1,054
Free cash flow, $m
  234
  459
  483
  506
  531
  556
  582
  609
  638
  667
  698
  662
  695
  731
  768
  806
  847
  889
  933
  979
  1,028
  1,079
  1,132
  1,187
  1,246
  1,307
  1,371
  1,439
  1,509
  1,584
  1,661
Issuance/(repayment) of debt, $m
  55
  327
  340
  354
  369
  384
  401
  418
  436
  456
  476
  497
  520
  544
  569
  595
  623
  653
  684
  716
  751
  787
  825
  864
  906
  951
  997
  1,046
  1,097
  1,151
  1,208
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
  327
  340
  354
  369
  384
  401
  418
  436
  456
  476
  497
  520
  544
  569
  595
  623
  653
  684
  716
  751
  787
  825
  864
  906
  951
  997
  1,046
  1,097
  1,151
  1,208
Total cash flow (excl. dividends), $m
  187
  786
  823
  860
  899
  940
  982
  1,027
  1,074
  1,123
  1,174
  1,159
  1,215
  1,275
  1,337
  1,402
  1,470
  1,542
  1,617
  1,696
  1,778
  1,865
  1,956
  2,052
  2,152
  2,258
  2,368
  2,485
  2,606
  2,734
  2,869
Retained Cash Flow (-), $m
  -140
  -41
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -76
  -80
  -84
  -88
  -92
  -96
  -101
  -106
  -111
  -116
  -122
  -128
  -134
  -141
  -148
Prev. year cash balance distribution, $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 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
 
  745
  781
  817
  854
  893
  933
  976
  1,020
  1,067
  1,116
  1,098
  1,152
  1,208
  1,267
  1,329
  1,394
  1,462
  1,533
  1,608
  1,686
  1,769
  1,855
  1,946
  2,041
  2,141
  2,246
  2,357
  2,472
  2,594
  2,721
Discount rate, %
 
  9.80
  10.29
  10.80
  11.34
  11.91
  12.51
  13.13
  13.79
  14.48
  15.20
  15.96
  16.76
  17.60
  18.48
  19.40
  20.37
  21.39
  22.46
  23.58
  24.76
  26.00
  27.30
  28.67
  30.10
  31.61
  33.19
  34.85
  36.59
  38.42
  40.34
PV of cash for distribution, $m
 
  679
  642
  601
  556
  509
  460
  411
  363
  316
  271
  215
  179
  147
  118
  93
  72
  54
  40
  29
  20
  14
  9
  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, through its subsidiary, Sabre Holdings Corporation, provides technology solutions to the travel and tourism industry worldwide. It operates through two segments, Travel Network, and Airline and Hospitality Solutions. The Travel Network segment operates as a business-to-business travel marketplace that offers travel content, such as inventory, prices, and availability from a range of travel suppliers, including airlines, hotels, car rental brands, rail carriers, cruise lines, and tour operators with a network of travel buyers comprising online and offline travel agencies, travel management companies, and corporate travel departments. The Airline and Hospitality Solutions segment provides a portfolio of software technology products and solutions through software-as-a-service and hosted delivery models to airlines, hoteliers, and other travel suppliers. This segment offers SabreSonic Customer Sales & Service, a reservation system that provides capabilities around managing sales and customer service across an airlineĀ’s diverse touch points; Sabre AirVision Marketing & Planning, a set of airline commercial planning solutions; and Sabre AirCentre Enterprise Operations, a set of solutions for planning and management of airline, airport, and customer operations. The Airline and Hospitality Solutions segment also provides software and solutions to hoteliers through SynXis, a central reservation system; SynXis Property Manager Solution for property management; and marketing, professional, and revenue management services. The company was founded in 2006 and is headquartered in Southlake, Texas.

FINANCIAL RATIOS  of  Sabre (SABR)

Valuation Ratios
P/E Ratio 19.8
Price to Sales 1.4
Price to Book 7.7
Price to Tangible Book
Price to Cash Flow 7.1
Price to Free Cash Flow 13.7
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 6.4% 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 9.8%, 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 10 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 -10%. 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 279.478 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 $4.9 billion.

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COMPANY NEWS

▶ 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]
▶ Sabre tops Street 1Q forecasts   [May-02-17 07:59AM  Associated Press]
▶ Sabre names new execs to head Travel Network and Airline Solutions   [Apr-27-17 04:15PM  American City Business Journals]
▶ Sabre Corp. Value Analysis (NASDAQ:SABR) : April 19, 2017   [Apr-19-17 03:16PM  Capital Cube]
▶ Sabre Set to Join S&P MidCap 400   [Apr-13-17 05:54PM  PR Newswire]
▶ Travelport's Investments Support a Narrow Moat   [Feb-27-17 07:00AM  Morningstar]
▶ Otravo grows 40 percent using Sabre technology   [Feb-14-17 08:15AM  PR Newswire]
▶ 4 Tech Firms Cheaper Than Apple   [06:00AM  at Morningstar]
▶ Why Sabre Corp. Stock Plunged Today   [12:39PM  at Motley Fool]
Stock chart of SABR 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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