INTERNATIONAL CONSOLIDATED AIRLINES GROUP S.A.

Financials International Consolidated Airlines Group S.A. BOERSE MUENCHEN

Equities

INRA

US4593481082

Airlines

Real-time BOERSE MUENCHEN Other stock markets 09:44:20 17/07/2024 pm IST			5-day change	1st Jan Change
4.06 ^EUR	-0.49%		0.00%	+13.97%

12:36pm	Aer Lingus returns to full service as pilots suspend work-to-rule	AN
16/07	Airline tickets slightly cheaper than last year	DP

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	14,667	8,880	8,410	6,931	8,783	10,069	-	-
Enterprise Value (EV) ¹	22,238	18,642	20,077	17,316	18,028	18,314	17,801	17,255
P/E ratio	8.55 x	-0.91 x	-2.87 x	22.9 x	3.53 x	4.59 x	4.23 x	4.05 x
Yield	1.96%	-	-	-	-	2.89%	3.75%	4.61%
Capitalization / Revenue	0.58 x	1.14 x	0.99 x	0.3 x	0.3 x	0.32 x	0.31 x	0.3 x
EV / Revenue	0.87 x	2.39 x	2.37 x	0.75 x	0.61 x	0.58 x	0.55 x	0.51 x
EV / EBITDA	4.12 x	-8.23 x	-19.7 x	5.24 x	3.24 x	3.17 x	2.88 x	2.63 x
EV / FCF	41.4 x	-3.56 x	-22.7 x	9.64 x	-	17 x	21.2 x	16.8 x
FCF Yield	2.41%	-28.1%	-4.41%	10.4%	-	5.88%	4.71%	5.95%
Price to Book	2.15 x	6.78 x	10 x	3.44 x	-	1.81 x	1.32 x	1.05 x
Nbr of stocks (in thousands)	19,84,330	49,66,379	49,61,189	49,54,313	49,15,537	48,91,914	-	-
Reference price ²	7.391	1.788	1.695	1.399	1.787	2.058	2.058	2.058
Announcement Date	28/02/20	26/02/21	25/02/22	24/02/23	29/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	25,506	7,806	8,455	23,066	29,453	31,392	32,617	33,962
EBITDA ¹	5,396	-2,266	-1,017	3,303	5,570	5,785	6,185	6,563
EBIT ¹	3,285	-4,365	-2,970	1,225	3,507	3,546	3,818	4,059
Operating Margin	12.88%	-55.92%	-35.13%	5.31%	11.91%	11.3%	11.7%	11.95%
Earnings before Tax (EBT) ¹	2,275	-7,810	-3,507	415	3,056	2,932	3,184	3,535
Net income ¹	1,715	-6,923	-2,933	431	2,655	2,381	2,574	2,866
Net margin	6.72%	-88.69%	-34.69%	1.87%	9.01%	7.59%	7.89%	8.44%
EPS ²	0.8640	-1.962	-0.5910	0.0610	0.5060	0.4484	0.4867	0.5081
Free Cash Flow ¹	537	-5,235	-885	1,797	-	1,076	839	1,027
FCF margin	2.11%	-67.06%	-10.47%	7.79%	-	3.43%	2.57%	3.02%
FCF Conversion (EBITDA)	9.95%	-	-	54.41%	-	18.6%	13.56%	15.64%
FCF Conversion (Net income)	31.31%	-	-	416.94%	-	45.2%	32.59%	35.83%
Dividend per Share ²	0.1450	-	-	-	-	0.0594	0.0772	0.0949
Announcement Date	28/02/20	26/02/21	25/02/22	24/02/23	29/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	5,288	2,212	2,709	3,534	3,435	5,916	9,351	7,329	6,386	5,889	7,694	13,583	8,646	7,224	6,429	8,302	9,230	7,635	-
EBITDA ¹	-786	-1,260	-8	251	-223	771	548	1,722	1,025	495	1,748	2,243	2,554	1,057	627	1,691	2,300	1,225	-
EBIT ¹	-1,900	-2,180	-485	-305	-754	287	-467	1,206	486	9	1,251	1,260	1,745	502	68	1,122	1,729	632	-
Operating Margin	-35.93%	-98.55%	-17.9%	-8.63%	-21.95%	4.85%	-4.99%	16.46%	7.61%	0.15%	16.26%	9.28%	20.18%	6.95%	1.06%	13.52%	18.73%	8.28%	-
Earnings before Tax (EBT) ¹	-4,206	-2,336	-714	-457	-916	73	-843	1,009	249	-121	1,158	1,037	1,578	441	-87	930.7	1,603	449	-
Net income ¹	-3,806	-2,048	-574	-311	-787	133	-654	853	232	-87	1,008	921	1,230	504	-4	734.6	1,241	336.9	-
Net margin	-71.97%	-92.59%	-21.19%	-8.8%	-22.91%	2.25%	-6.99%	11.64%	3.63%	-1.48%	13.1%	6.78%	14.23%	6.98%	-0.06%	8.85%	13.44%	4.41%	-
EPS ²	-	-	-0.1156	-0.0630	-0.1590	0.0270	-	-	0.0210	-	0.1940	-	0.2307	0.0993	-0.001000	0.1518	0.2403	0.0623	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.0200	-	0.0609	-
Announcement Date	31/07/20	30/07/21	05/11/21	25/02/22	06/05/22	29/07/22	29/07/22	28/10/22	24/02/23	05/05/23	28/07/23	28/07/23	27/10/23	29/02/24	10/05/24	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	7,571	9,762	11,667	10,385	9,245	8,245	7,732	7,185
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.403 x	-4.308 x	-11.47 x	3.144 x	1.66 x	1.425 x	1.25 x	1.095 x
Free Cash Flow ¹	537	-5,235	-885	1,797	-	1,076	839	1,027
ROE (net income / shareholders' equity)	25.3%	-106%	-249%	28.2%	-	50.7%	37.2%	29.8%
ROA (Net income/ Total Assets)	5.39%	-13.2%	-9.39%	1.09%	-	5.89%	6.12%	6.01%
Assets ¹	31,847	52,595	31,243	39,513	-	40,407	42,083	47,679
Book Value Per Share ²	3.440	0.2600	0.1700	0.4100	-	1.140	1.560	1.960
Cash Flow per Share ²	1.940	-0.9300	-0.0300	0.9000	-	0.8500	0.9300	0.8500
Capex ¹	3,465	1,939	744	3,875	3,544	3,719	4,234	4,585
Capex / Sales	13.59%	24.84%	8.8%	16.8%	12.03%	11.85%	12.98%	13.5%
Announcement Date	28/02/20	26/02/21	25/02/22	24/02/23	29/02/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for International Consolidated Airlines Group S.A.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2.058 EUR

Average target price

2.694 EUR

Spread / Average Target

+30.86%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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