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P Pitch Archive Stock pitches across investing competitions
← Spring 2026

Amadeus IT Group

AMS pitch long Kabir Bajaj

Thesis

We recommend a long position in Amadeus IT Group with a target price of €78 by Dec-2028, representing a 68% upside and a 22% IRR including dividends. The investment thesis is supported by underappreciated growth opportunities in Air IT Solutions, margin normalization, and an AI narrative that is significantly overpriced. The risk-reward is exceptional at the current valuation, with a 5:1 Bull/Bear skew.

Did it work?

inconclusive confidence: low

The pitch targets €78 by Dec-2028 (68% upside), a multi-year horizon of which only ~20 months — well under half — has elapsed. The -15.1% interim return is negative and moving against the long direction, but it is far short of the stated target and does not by itself invalidate the thesis's core drivers (Air IT growth, margin normalization, AI narrative). With no evidence that a specific catalyst has decisively played out or been broken, the prudent call is that the thesis is still in progress and unproven.