Company Valuation: International Consolidated Airlines Group, S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 8,858 8,416 6,917 8,780 17,724 20,258 20,258 -
Change - -4.99% -17.81% 26.93% 101.87% 14.3% 0% -
Enterprise Value (EV) 1 18,620 20,083 17,302 18,025 25,241 27,205 25,183 24,225
Change - 7.86% -13.85% 4.18% 40.03% 7.78% -7.43% -3.8%
P/E ratio -0.91x -2.87x 22.9x 3.53x 6.58x 6.83x 6.22x 5.43x
PBR 6.76x 10x 3.43x 2.68x 2.87x 2.65x 2x 1.58x
PEG - 0x -0x 0x 0.68x 0.3x 1.18x 0.4x
Capitalization / Revenue 1.13x 1x 0.3x 0.3x 0.55x 0.65x 0.59x 0.56x
EV / Revenue 2.39x 2.38x 0.75x 0.61x 0.79x 0.82x 0.73x 0.67x
EV / EBITDA -8.22x -19.7x 5.24x 3.24x 3.71x 3.59x 3.17x 2.92x
EV / EBIT -4.27x -6.76x 14.1x 5.14x 5.89x 5.46x 4.82x 4.5x
EV / FCF -3.56x -22.7x 9.63x 7.51x 6.48x 10.6x 8.28x 8.07x
FCF Yield -28.1% -4.41% 10.4% 13.3% 15.4% 9.45% 12.1% 12.4%
Dividend per Share 2 - - - - 0.09 0.1067 0.1261 0.1374
Rate of return - - - - 2.47% 2.4% 2.84% 3.1%
EPS 2 -1.962 -0.591 0.061 0.506 0.555 0.695 0.7136 0.8166
Distribution rate - - - - 16.2% 15.7% 17.7% 16.8%
Net sales 1 7,806 8,455 23,066 29,453 32,100 33,213 34,530 35,951
EBITDA 1 -2,266 -1,017 3,303 5,570 6,807 7,652 7,953 8,286
EBIT 1 -4,365 -2,970 1,225 3,507 4,283 5,024 5,226 5,386
Net income 1 -6,923 -2,933 431 2,655 2,732 3,342 3,565 3,701
Net Debt 1 9,762 11,667 10,385 9,245 7,517 6,947 4,924 3,967
Reference price 2 1.784 1.696 1.396 1.786 3.651 4.437 4.437 4.437
Nbr of stocks (in thousands) 49,66,379 49,61,189 49,54,313 49,15,537 48,54,924 45,65,215 45,65,215 -
Announcement Date 26/02/21 25/02/22 24/02/23 29/02/24 28/02/25 27/02/26 - -
1EUR in Million2EUR
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
6.55x0.82x3.59x2.4% 2.36TCr
8.7x0.84x5.64x1.2% 4.15TCr
7.61x0.8x5.41x-.--% 3.25TCr
13.06x1.69x6.94x1.73% 3.3TCr
57.36x2.28x11.18x0.23% 1.84TCr
-10144.8x1.82x9.4x-.--% 1.8TCr
19.06x1.29x5.89x4.11% 1.64TCr
127.53x2.06x9.43x-.--% 1.59TCr
97.96x1.8x8.88x0.08% 1.6TCr
9.71x1.29x4.48x3.41% 1.48TCr
Average -979.73x 1.47x 7.08x 1.31% 2.3TCr
Weighted average by Cap. -764.68x 1.36x 6.75x 1.25%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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