Sabre Corp

SABR: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$6.00	Wrbcxq	Bdzxwwsjj

Sabre: Investors Continue To Experience Liquidity and Economic Turbulence; Shares Cheap

Dan Wasiolek

May 15, 2023

Narrow-moat Sabre’s shares trade at a 70% discount to our $10.50 per share fair value estimate, which we believe is primarily due to liquidity and near-term economic growth concerns (our 2023-25 sales and EBITDA projections are near FactSet consensus). Our base case remains that Sabre will be able to service and refinance its debt obligations, barring a severe and prolonged recession or tightening in credit markets. But we aren’t blind to the fact that the current environment is ominous, as reflected by our Very High Morningstar Uncertainty Rating.

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