This is evidenced by its excellent quarterly results published this week. Revenues reached EUR 1.3 billion in the first three months of the year, up 43% compared to the previous year.

Pre-amortization operating profit - or EBITDA - rose by 72%, and cash profit - or free cash flow - by 117%. On an annualized basis, Amadeus is expected to reach or even exceed its EUR5.6 billion revenue in 2019.

The Covid episode had taken the group by surprise. Perhaps too sure of the strength of its oligopolistic and ultra-dominant business model in Europe, management had to urgently raise capital at the worst possible moment.

EUR 1.5 billion was raised in two tranches: half in new ordinary shares issued at EUR 39 per share; the other half in convertible bonds at EUR 54 per share. The new investors got a good deal; the historical shareholders, on the other hand, could make a face.

The group has put this misfortune behind it. This year it should return to a cash profit per share of at least EUR 2. The market has taken note of this improving situation and is valuing the stock at x33 of this expected cash profit; perhaps it is anticipating a pleasant surprise at this level.

The stock is one of the few "stars" of the Madrid stock exchange. Even at the height of the pandemic, it was largely favored while the shares of its clients - the airlines - were sold with abandon.