CALL DETAILS:
Call Date and Time: FRIDAY FEBRUARY 2, AT 12:30 PM ET
Toll Free:
Toll:
UK: 0
Confirmation Number: 13675945
Key Points to be Discussed on the Call:
- Capital Structure: With the CFO’s forthcoming exit, the company has created flexibility to enable an investment in a technological transformation which the company desperately needs for any potential at a long-term company turn-around targeting the improvement of product and service.
- AHS: With airline drubbing complete and initial Wyndham implementation struggles in the past, cutover of LATAM and the bulk of remaining Wyndham properties onto Sabre’s CRS should drive significant upside post 1Q18.
- FCF: Puts/takes on FCF leave us looking for 5-20% y/y increase in 2018 FCF versus Street at 3%.
We see risk/reward in the $18-28 zone using our new 2018 (unlevered) FCF at the same multiple we have always used (15-20x).