Intrinsic value of Sabre - SABR

Previous Close

$19.87

  Intrinsic Value

$21.31

stock screener

  Rating & Target

hold

+7%

Previous close

$19.87

 
Intrinsic value

$21.31

 
Up/down potential

+7%

 
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

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 5.5

 

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
  6.60
  6.44
  6.30
  6.17
  6.05
  5.94
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.18
  5.16
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.08
Revenue, $m
  3,373
  3,596
  3,827
  4,068
  4,319
  4,580
  4,853
  5,136
  5,433
  5,742
  6,064
  6,401
  6,754
  7,122
  7,507
  7,910
  8,331
  8,772
  9,234
  9,718
  10,225
  10,756
  11,313
  11,897
  12,508
  13,150
  13,822
  14,528
  15,268
  16,044
  16,858
Variable operating expenses, $m
 
  3,068
  3,249
  3,438
  3,634
  3,839
  4,052
  4,274
  4,506
  4,747
  5,000
  5,009
  5,284
  5,572
  5,874
  6,189
  6,519
  6,864
  7,226
  7,604
  8,001
  8,416
  8,852
  9,309
  9,787
  10,289
  10,815
  11,367
  11,946
  12,554
  13,191
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
  3,068
  3,249
  3,438
  3,634
  3,839
  4,052
  4,274
  4,506
  4,747
  5,000
  5,009
  5,284
  5,572
  5,874
  6,189
  6,519
  6,864
  7,226
  7,604
  8,001
  8,416
  8,852
  9,309
  9,787
  10,289
  10,815
  11,367
  11,946
  12,554
  13,191
Operating income, $m
  456
  527
  578
  630
  685
  742
  801
  863
  927
  994
  1,064
  1,393
  1,469
  1,549
  1,633
  1,721
  1,812
  1,908
  2,009
  2,114
  2,224
  2,340
  2,461
  2,588
  2,721
  2,861
  3,007
  3,160
  3,321
  3,490
  3,667
EBITDA, $m
  870
  948
  1,010
  1,073
  1,139
  1,208
  1,280
  1,355
  1,433
  1,515
  1,600
  1,689
  1,782
  1,879
  1,980
  2,086
  2,198
  2,314
  2,436
  2,564
  2,697
  2,837
  2,984
  3,138
  3,300
  3,469
  3,646
  3,832
  4,027
  4,232
  4,447
Interest expense (income), $m
  152
  147
  157
  172
  187
  204
  220
  238
  256
  275
  295
  316
  338
  360
  384
  409
  435
  462
  490
  520
  551
  584
  618
  654
  691
  731
  772
  815
  861
  909
  958
Earnings before tax, $m
  328
  380
  421
  458
  497
  538
  580
  625
  671
  719
  769
  1,077
  1,132
  1,189
  1,249
  1,312
  1,378
  1,446
  1,519
  1,594
  1,673
  1,756
  1,843
  1,934
  2,030
  2,130
  2,235
  2,345
  2,460
  2,582
  2,709
Tax expense, $m
  87
  103
  114
  124
  134
  145
  157
  169
  181
  194
  208
  291
  306
  321
  337
  354
  372
  391
  410
  430
  452
  474
  498
  522
  548
  575
  603
  633
  664
  697
  731
Net income, $m
  243
  277
  307
  335
  363
  393
  424
  456
  490
  525
  562
  786
  826
  868
  912
  958
  1,006
  1,056
  1,109
  1,164
  1,221
  1,282
  1,345
  1,412
  1,482
  1,555
  1,631
  1,712
  1,796
  1,885
  1,977

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
  5,716
  6,085
  6,468
  6,866
  7,282
  7,715
  8,166
  8,637
  9,128
  9,641
  10,177
  10,737
  11,322
  11,935
  12,575
  13,245
  13,947
  14,681
  15,450
  16,256
  17,101
  17,986
  18,913
  19,886
  20,906
  21,975
  23,096
  24,273
  25,507
  26,801
Adjusted assets (=assets-cash), $m
  5,361
  5,716
  6,085
  6,468
  6,866
  7,282
  7,715
  8,166
  8,637
  9,128
  9,641
  10,177
  10,737
  11,322
  11,935
  12,575
  13,245
  13,947
  14,681
  15,450
  16,256
  17,101
  17,986
  18,913
  19,886
  20,906
  21,975
  23,096
  24,273
  25,507
  26,801
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
  1,596
  1,699
  1,806
  1,918
  2,034
  2,155
  2,281
  2,412
  2,549
  2,693
  2,842
  2,999
  3,162
  3,333
  3,512
  3,699
  3,895
  4,100
  4,315
  4,540
  4,776
  5,023
  5,282
  5,554
  5,838
  6,137
  6,450
  6,779
  7,123
  7,485
Working capital, $m
  -313
  -543
  -578
  -614
  -652
  -692
  -733
  -776
  -820
  -867
  -916
  -967
  -1,020
  -1,075
  -1,134
  -1,194
  -1,258
  -1,325
  -1,394
  -1,467
  -1,544
  -1,624
  -1,708
  -1,796
  -1,889
  -1,986
  -2,087
  -2,194
  -2,305
  -2,423
  -2,546
Total debt, $m
  3,446
  3,489
  3,820
  4,165
  4,524
  4,898
  5,287
  5,693
  6,117
  6,559
  7,021
  7,503
  8,007
  8,534
  9,085
  9,661
  10,265
  10,896
  11,557
  12,249
  12,975
  13,735
  14,531
  15,366
  16,241
  17,159
  18,121
  19,131
  20,189
  21,300
  22,465
Total liabilities, $m
  5,102
  5,145
  5,476
  5,821
  6,180
  6,554
  6,943
  7,349
  7,773
  8,215
  8,677
  9,159
  9,663
  10,190
  10,741
  11,317
  11,921
  12,552
  13,213
  13,905
  14,631
  15,391
  16,187
  17,022
  17,897
  18,815
  19,777
  20,787
  21,845
  22,956
  24,121
Total equity, $m
  623
  572
  608
  647
  687
  728
  771
  817
  864
  913
  964
  1,018
  1,074
  1,132
  1,193
  1,257
  1,325
  1,395
  1,468
  1,545
  1,626
  1,710
  1,799
  1,891
  1,989
  2,091
  2,197
  2,310
  2,427
  2,551
  2,680
Total liabilities and equity, $m
  5,725
  5,717
  6,084
  6,468
  6,867
  7,282
  7,714
  8,166
  8,637
  9,128
  9,641
  10,177
  10,737
  11,322
  11,934
  12,574
  13,246
  13,947
  14,681
  15,450
  16,257
  17,101
  17,986
  18,913
  19,886
  20,906
  21,974
  23,097
  24,272
  25,507
  26,801
Debt-to-equity ratio
  5.531
  6.100
  6.280
  6.440
  6.590
  6.730
  6.850
  6.970
  7.080
  7.190
  7.280
  7.370
  7.460
  7.540
  7.610
  7.680
  7.750
  7.810
  7.870
  7.930
  7.980
  8.030
  8.080
  8.120
  8.170
  8.210
  8.250
  8.280
  8.320
  8.350
  8.380
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
  277
  307
  335
  363
  393
  424
  456
  490
  525
  562
  786
  826
  868
  912
  958
  1,006
  1,056
  1,109
  1,164
  1,221
  1,282
  1,345
  1,412
  1,482
  1,555
  1,631
  1,712
  1,796
  1,885
  1,977
Depreciation, amort., depletion, $m
  414
  421
  432
  443
  455
  467
  479
  492
  506
  520
  535
  296
  312
  329
  347
  366
  385
  406
  427
  449
  473
  497
  523
  550
  579
  608
  639
  672
  706
  742
  780
Funds from operations, $m
  552
  698
  739
  777
  818
  859
  903
  948
  996
  1,045
  1,097
  1,082
  1,138
  1,197
  1,259
  1,323
  1,391
  1,462
  1,536
  1,613
  1,694
  1,779
  1,869
  1,962
  2,060
  2,163
  2,271
  2,384
  2,502
  2,627
  2,757
Change in working capital, $m
  -128
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -97
  -102
  -107
  -112
  -117
  -123
Cash from operations, $m
  680
  732
  774
  814
  855
  899
  944
  991
  1,040
  1,092
  1,146
  1,133
  1,192
  1,253
  1,317
  1,384
  1,455
  1,528
  1,605
  1,686
  1,771
  1,860
  1,953
  2,050
  2,152
  2,260
  2,372
  2,490
  2,614
  2,744
  2,880
Maintenance CAPEX, $m
  0
  -156
  -166
  -177
  -188
  -200
  -212
  -224
  -238
  -251
  -266
  -280
  -296
  -312
  -329
  -347
  -366
  -385
  -406
  -427
  -449
  -473
  -497
  -523
  -550
  -579
  -608
  -639
  -672
  -706
  -742
New CAPEX, $m
  -328
  -100
  -103
  -107
  -111
  -116
  -121
  -126
  -131
  -137
  -143
  -150
  -156
  -163
  -171
  -179
  -187
  -196
  -205
  -215
  -225
  -236
  -247
  -259
  -272
  -285
  -299
  -313
  -329
  -345
  -362
Cash from investing activities, $m
  -446
  -256
  -269
  -284
  -299
  -316
  -333
  -350
  -369
  -388
  -409
  -430
  -452
  -475
  -500
  -526
  -553
  -581
  -611
  -642
  -674
  -709
  -744
  -782
  -822
  -864
  -907
  -952
  -1,001
  -1,051
  -1,104
Free cash flow, $m
  234
  476
  505
  530
  556
  583
  611
  641
  671
  703
  737
  703
  739
  777
  817
  858
  902
  947
  995
  1,044
  1,096
  1,151
  1,208
  1,268
  1,331
  1,396
  1,465
  1,538
  1,614
  1,693
  1,777
Issuance/(repayment) of debt, $m
  55
  212
  331
  345
  359
  374
  390
  406
  424
  442
  462
  482
  504
  527
  551
  576
  603
  631
  661
  692
  725
  760
  796
  835
  875
  918
  962
  1,009
  1,059
  1,111
  1,165
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
  212
  331
  345
  359
  374
  390
  406
  424
  442
  462
  482
  504
  527
  551
  576
  603
  631
  661
  692
  725
  760
  796
  835
  875
  918
  962
  1,009
  1,059
  1,111
  1,165
Total cash flow (excl. dividends), $m
  187
  688
  836
  875
  915
  957
  1,001
  1,047
  1,095
  1,146
  1,198
  1,185
  1,243
  1,304
  1,368
  1,435
  1,505
  1,578
  1,656
  1,737
  1,822
  1,911
  2,005
  2,103
  2,206
  2,314
  2,428
  2,547
  2,672
  2,804
  2,942
Retained Cash Flow (-), $m
  -140
  -144
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -73
  -77
  -81
  -84
  -88
  -93
  -97
  -102
  -107
  -112
  -118
  -123
  -129
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
 
  739
  799
  836
  875
  915
  958
  1,002
  1,048
  1,096
  1,147
  1,131
  1,187
  1,245
  1,306
  1,371
  1,438
  1,508
  1,582
  1,660
  1,741
  1,826
  1,916
  2,010
  2,109
  2,212
  2,321
  2,435
  2,555
  2,680
  2,812
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
 
  673
  657
  615
  569
  521
  472
  422
  373
  325
  279
  222
  185
  151
  122
  96
  74
  56
  41
  30
  21
  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 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 22.6
Price to Sales 1.6
Price to Book 8.8
Price to Tangible Book
Price to Cash Flow 8.1
Price to Free Cash Flow 15.6
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 6.6% 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 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 278.814 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 $5.5 billion.

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COMPANY NEWS

▶ 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]
▶ 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]
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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