Intrinsic value of Travelport Worldwide - TVPT

Previous Close

$14.63

  Intrinsic Value

$16.04

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  Rating & Target

hold

+10%

Previous close

$14.63

 
Intrinsic value

$16.04

 
Up/down potential

+10%

 
Rating

hold

We calculate the intrinsic value of TVPT 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 0001), $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 1.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
Revenue, $m
  2,648
  2,857
  3,073
  3,299
  3,533
  3,776
  4,030
  4,293
  4,566
  4,851
  5,148
  5,457
  5,779
  6,115
  6,466
  6,832
  7,214
  7,613
  8,030
  8,466
  8,923
  9,400
  9,900
  10,423
  10,971
  11,544
  12,145
  12,775
  13,435
  14,127
Variable operating expenses, $m
  469
  491
  514
  538
  562
  588
  615
  642
  671
  701
  543
  575
  609
  645
  682
  720
  760
  802
  846
  892
  941
  991
  1,044
  1,099
  1,156
  1,217
  1,280
  1,347
  1,416
  1,489
Fixed operating expenses, $m
  1,798
  1,837
  1,878
  1,919
  1,961
  2,004
  2,048
  2,094
  2,140
  2,187
  2,235
  2,284
  2,334
  2,385
  2,438
  2,492
  2,546
  2,602
  2,660
  2,718
  2,778
  2,839
  2,902
  2,965
  3,031
  3,097
  3,165
  3,235
  3,306
  3,379
Total operating expenses, $m
  2,267
  2,328
  2,392
  2,457
  2,523
  2,592
  2,663
  2,736
  2,811
  2,888
  2,778
  2,859
  2,943
  3,030
  3,120
  3,212
  3,306
  3,404
  3,506
  3,610
  3,719
  3,830
  3,946
  4,064
  4,187
  4,314
  4,445
  4,582
  4,722
  4,868
Operating income, $m
  381
  528
  682
  842
  1,010
  1,184
  1,366
  1,557
  1,756
  1,963
  2,371
  2,598
  2,836
  3,085
  3,346
  3,620
  3,907
  4,208
  4,524
  4,856
  5,204
  5,570
  5,955
  6,359
  6,784
  7,230
  7,700
  8,194
  8,713
  9,259
EBITDA, $m
  704
  861
  1,026
  1,197
  1,376
  1,563
  1,758
  1,961
  2,174
  2,396
  2,628
  2,871
  3,125
  3,391
  3,670
  3,962
  4,268
  4,589
  4,926
  5,279
  5,650
  6,040
  6,450
  6,880
  7,332
  7,807
  8,307
  8,832
  9,385
  9,966
Interest expense (income), $m
  136
  120
  105
  117
  130
  142
  156
  170
  184
  199
  214
  231
  247
  265
  283
  302
  322
  343
  365
  387
  411
  436
  462
  489
  517
  547
  578
  611
  645
  680
  718
Earnings before tax, $m
  261
  423
  565
  713
  867
  1,028
  1,197
  1,373
  1,557
  1,749
  2,140
  2,351
  2,571
  2,802
  3,044
  3,298
  3,564
  3,843
  4,137
  4,445
  4,768
  5,108
  5,466
  5,842
  6,237
  6,652
  7,089
  7,549
  8,032
  8,541
Tax expense, $m
  70
  114
  152
  192
  234
  278
  323
  371
  420
  472
  578
  635
  694
  757
  822
  890
  962
  1,038
  1,117
  1,200
  1,287
  1,379
  1,476
  1,577
  1,684
  1,796
  1,914
  2,038
  2,169
  2,306
Net income, $m
  190
  309
  412
  520
  633
  751
  874
  1,002
  1,136
  1,277
  1,562
  1,716
  1,877
  2,045
  2,222
  2,407
  2,602
  2,806
  3,020
  3,245
  3,481
  3,729
  3,990
  4,264
  4,553
  4,856
  5,175
  5,511
  5,864
  6,235

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  3,093
  3,337
  3,591
  3,854
  4,127
  4,412
  4,707
  5,015
  5,335
  5,667
  6,014
  6,375
  6,752
  7,144
  7,554
  7,981
  8,427
  8,894
  9,381
  9,891
  10,424
  10,981
  11,565
  12,176
  12,816
  13,486
  14,189
  14,924
  15,696
  16,504
Adjusted assets (=assets-cash), $m
  3,093
  3,337
  3,591
  3,854
  4,127
  4,412
  4,707
  5,015
  5,335
  5,667
  6,014
  6,375
  6,752
  7,144
  7,554
  7,981
  8,427
  8,894
  9,381
  9,891
  10,424
  10,981
  11,565
  12,176
  12,816
  13,486
  14,189
  14,924
  15,696
  16,504
Revenue / Adjusted assets
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
Average production assets, $m
  1,496
  1,614
  1,737
  1,864
  1,996
  2,134
  2,277
  2,425
  2,580
  2,741
  2,909
  3,083
  3,265
  3,455
  3,653
  3,860
  4,076
  4,301
  4,537
  4,784
  5,041
  5,311
  5,593
  5,889
  6,198
  6,523
  6,862
  7,218
  7,591
  7,982
Working capital, $m
  -289
  -311
  -335
  -360
  -385
  -412
  -439
  -468
  -498
  -529
  -561
  -595
  -630
  -667
  -705
  -745
  -786
  -830
  -875
  -923
  -973
  -1,025
  -1,079
  -1,136
  -1,196
  -1,258
  -1,324
  -1,393
  -1,464
  -1,540
Total debt, $m
  1,953
  2,173
  2,401
  2,638
  2,884
  3,140
  3,406
  3,683
  3,970
  4,270
  4,582
  4,907
  5,246
  5,599
  5,967
  6,352
  6,754
  7,174
  7,612
  8,071
  8,551
  9,053
  9,578
  10,128
  10,704
  11,307
  11,939
  12,601
  13,295
  14,023
Total liabilities, $m
  2,784
  3,003
  3,231
  3,468
  3,715
  3,971
  4,237
  4,513
  4,801
  5,101
  5,413
  5,738
  6,076
  6,430
  6,798
  7,183
  7,585
  8,004
  8,443
  8,902
  9,381
  9,883
  10,409
  10,959
  11,534
  12,138
  12,770
  13,432
  14,126
  14,854
Total equity, $m
  309
  334
  359
  385
  413
  441
  471
  501
  533
  567
  601
  638
  675
  714
  755
  798
  843
  889
  938
  989
  1,042
  1,098
  1,157
  1,218
  1,282
  1,349
  1,419
  1,492
  1,570
  1,650
Total liabilities and equity, $m
  3,093
  3,337
  3,590
  3,853
  4,128
  4,412
  4,708
  5,014
  5,334
  5,668
  6,014
  6,376
  6,751
  7,144
  7,553
  7,981
  8,428
  8,893
  9,381
  9,891
  10,423
  10,981
  11,566
  12,177
  12,816
  13,487
  14,189
  14,924
  15,696
  16,504
Debt-to-equity ratio
  6.310
  6.510
  6.690
  6.840
  6.990
  7.120
  7.240
  7.340
  7.440
  7.530
  7.620
  7.700
  7.770
  7.840
  7.900
  7.960
  8.010
  8.070
  8.110
  8.160
  8.200
  8.240
  8.280
  8.320
  8.350
  8.380
  8.410
  8.440
  8.470
  8.500
Adjusted equity ratio
  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
  190
  309
  412
  520
  633
  751
  874
  1,002
  1,136
  1,277
  1,562
  1,716
  1,877
  2,045
  2,222
  2,407
  2,602
  2,806
  3,020
  3,245
  3,481
  3,729
  3,990
  4,264
  4,553
  4,856
  5,175
  5,511
  5,864
  6,235
Depreciation, amort., depletion, $m
  322
  333
  344
  355
  367
  379
  391
  405
  418
  432
  257
  273
  289
  306
  323
  342
  361
  381
  402
  423
  446
  470
  495
  521
  549
  577
  607
  639
  672
  706
Funds from operations, $m
  513
  641
  756
  875
  1,000
  1,129
  1,265
  1,407
  1,555
  1,709
  1,820
  1,989
  2,166
  2,351
  2,545
  2,749
  2,962
  3,186
  3,421
  3,668
  3,927
  4,199
  4,485
  4,785
  5,101
  5,433
  5,782
  6,149
  6,535
  6,942
Change in working capital, $m
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -45
  -48
  -50
  -52
  -54
  -57
  -60
  -63
  -66
  -69
  -72
  -75
Cash from operations, $m
  535
  664
  779
  900
  1,025
  1,156
  1,293
  1,435
  1,585
  1,740
  1,852
  2,023
  2,201
  2,388
  2,584
  2,789
  3,004
  3,230
  3,467
  3,716
  3,977
  4,251
  4,539
  4,842
  5,161
  5,496
  5,848
  6,218
  6,607
  7,017
Maintenance CAPEX, $m
  -122
  -132
  -143
  -154
  -165
  -177
  -189
  -201
  -215
  -228
  -243
  -257
  -273
  -289
  -306
  -323
  -342
  -361
  -381
  -402
  -423
  -446
  -470
  -495
  -521
  -549
  -577
  -607
  -639
  -672
New CAPEX, $m
  -114
  -118
  -123
  -127
  -132
  -138
  -143
  -149
  -155
  -161
  -168
  -175
  -182
  -190
  -198
  -207
  -216
  -226
  -236
  -246
  -258
  -270
  -282
  -296
  -309
  -324
  -340
  -356
  -373
  -391
Cash from investing activities, $m
  -236
  -250
  -266
  -281
  -297
  -315
  -332
  -350
  -370
  -389
  -411
  -432
  -455
  -479
  -504
  -530
  -558
  -587
  -617
  -648
  -681
  -716
  -752
  -791
  -830
  -873
  -917
  -963
  -1,012
  -1,063
Free cash flow, $m
  298
  414
  514
  619
  728
  842
  961
  1,085
  1,215
  1,351
  1,442
  1,590
  1,746
  1,909
  2,080
  2,259
  2,447
  2,644
  2,850
  3,068
  3,296
  3,535
  3,787
  4,052
  4,330
  4,623
  4,931
  5,255
  5,596
  5,954
Issuance/(repayment) of debt, $m
  -277
  219
  228
  237
  246
  256
  266
  277
  288
  300
  312
  325
  339
  353
  369
  385
  402
  420
  439
  459
  480
  502
  525
  550
  576
  603
  632
  662
  694
  728
Issuance/(repurchase) of shares, $m
  321
  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  
  44
  219
  228
  237
  246
  256
  266
  277
  288
  300
  312
  325
  339
  353
  369
  385
  402
  420
  439
  459
  480
  502
  525
  550
  576
  603
  632
  662
  694
  728
Total cash flow (excl. dividends), $m
  343
  633
  742
  856
  974
  1,098
  1,227
  1,362
  1,503
  1,651
  1,754
  1,915
  2,085
  2,262
  2,448
  2,644
  2,848
  3,063
  3,289
  3,526
  3,775
  4,037
  4,313
  4,602
  4,906
  5,226
  5,563
  5,917
  6,290
  6,682
Retained Cash Flow (-), $m
  -512
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -74
  -77
  -81
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
  -169
  609
  717
  829
  947
  1,069
  1,197
  1,331
  1,471
  1,617
  1,719
  1,879
  2,047
  2,223
  2,407
  2,601
  2,804
  3,017
  3,240
  3,475
  3,722
  3,981
  4,254
  4,541
  4,842
  5,159
  5,493
  5,844
  6,213
  6,601
Discount rate, %
  13.70
  14.39
  15.10
  15.86
  16.65
  17.49
  18.36
  19.28
  20.24
  21.25
  22.32
  23.43
  24.60
  25.83
  27.13
  28.48
  29.91
  31.40
  32.97
  34.62
  36.35
  38.17
  40.08
  42.08
  44.18
  46.39
  48.71
  51.15
  53.71
  56.39
PV of cash for distribution, $m
  -148
  465
  470
  460
  438
  407
  368
  325
  280
  235
  187
  150
  117
  89
  66
  47
  33
  22
  14
  9
  6
  3
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Travelport Worldwide Limited provides a travel commerce platform, which offers distribution, technology, payment, mobile and other solutions for the travel and tourism industry. The Company connects travel providers, such as airlines and hotel chains with online and offline travel agencies and other travel buyers in its business-to-business (B2B) travel commerce platform (its Travel Commerce Platform). It also provides a range of digital and mobile services that allow airlines, hotels, corporate travel management companies and travel agencies to engage with their customers through mobile services, including applications, corporate booking tools, mobile Web and mobile messaging. Travel Commerce Platform connects travel providers and travel buyers, as well as travel agencies, travel management companies (TMCs) and corporations. As of December 31, 2016, it provided air distribution services to approximately 400 airlines globally, including approximately 125 low cost carriers (LCCs).

FINANCIAL RATIOS  of  Travelport Worldwide (TVPT)

Valuation Ratios
P/E Ratio 106.7
Price to Sales 0.8
Price to Book -5
Price to Tangible Book
Price to Cash Flow 6.1
Price to Free Cash Flow 9.5
Growth Rates
Sales Growth Rate 5.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0.9%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity -633.6%
Total Debt to Equity -651.4%
Interest Coverage 1
Management Effectiveness
Return On Assets 2.2%
Ret/ On Assets - 3 Yr. Avg. 4.9%
Return On Total Capital 0.8%
Ret/ On T. Cap. - 3 Yr. Avg. 1.9%
Return On Equity -4.7%
Return On Equity - 3 Yr. Avg. -6.5%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 39.2%
Gross Margin - 3 Yr. Avg. 39.1%
EBITDA Margin 19.6%
EBITDA Margin - 3 Yr. Avg. 25.4%
Operating Margin 8.3%
Oper. Margin - 3 Yr. Avg. 6.5%
Pre-Tax Margin 1.9%
Pre-Tax Margin - 3 Yr. Avg. 3.4%
Net Profit Margin 0.7%
Net Profit Margin - 3 Yr. Avg. 1.8%
Effective Tax Rate 66.7%
Eff/ Tax Rate - 3 Yr. Avg. 50.9%
Payout Ratio 217.6%

TVPT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TVPT stock intrinsic value calculation we used $2447.279 million for the last fiscal year's total revenue generated by Travelport Worldwide. The default revenue input number comes from 0001 income statement of Travelport Worldwide. 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 TVPT stock valuation model: a) initial revenue growth rate of 8.2% 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 13.7%, whose default value for TVPT is calculated based on our internal credit rating of Travelport Worldwide, 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 Travelport Worldwide.
    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 TVPT stock the variable cost ratio is equal to 18.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1759 million in the base year in the intrinsic value calculation for TVPT 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 5.4% for Travelport Worldwide.

Corporate tax rate of 27% is the nominal tax rate for Travelport Worldwide. 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 TVPT 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 TVPT are equal to 56.5%.

Life of production assets of 11.3 years is the average useful life of capital assets used in Travelport Worldwide 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 TVPT is equal to -10.9%. 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 - $-202.301 million for Travelport Worldwide - 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 126.207 million for Travelport Worldwide 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 Travelport Worldwide at the current share price and the inputted number of shares is $1.8 billion.

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COMPANY NEWS

▶ Travelport (TVPT) Beats Q3 Earnings Estimates   [Nov-01-18 10:41AM  Zacks]
▶ Travelport: 3Q Earnings Snapshot   [07:07AM  Associated Press]
▶ Travelport Delivers Accelerating, Broad-Based Growth   [Aug-21-18 07:39PM  Motley Fool]
▶ Why Travelport Worldwide Ltd. Stock Slumped Today   [Aug-03-18 07:28PM  Motley Fool]
▶ Travelport: 2Q Earnings Snapshot   [10:25AM  Associated Press]
▶ A Travel Pair Trade: Sabre And Travelport   [May-15-18 04:17PM  Benzinga]
▶ Travelport Worldwide Leans on eNett Growth   [May-05-18 10:07AM  Motley Fool]
▶ Travelport: 1Q Earnings Snapshot   [May-03-18 07:28AM  Associated Press]
▶ Travelport Worldwide Jumps As Hedge Fund Elliott Management Takes Stake   [Mar-26-18 04:24PM  Investor's Business Daily]
▶ Travelport Worldwide Ends the Year on a High Note   [Feb-21-18 03:34PM  Motley Fool]
▶ Travelport beats 4Q profit forecasts   [05:49AM  Associated Press]
▶ Travelport Worldwide Set to Join S&P SmallCap 600   [Jan-11-18 06:12PM  PR Newswire]
▶ Travelport Falls Short After Investing for the Future   [Nov-03-17 05:45PM  Motley Fool]
▶ Travelport misses 3Q profit forecasts   [Nov-02-17 08:20AM  Associated Press]
▶ MakeMyTrip to Use the Travelport Platform   [Aug-23-17 03:30AM  PR Newswire]

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