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International Airlines Group (IAG) Fundamentals


International Consolidated Airlines Group, S.A., also known as International Airlines Group, is the name of an Anglo-Spanish holding company formed on 8 April 2010 as a result of the proposed merger between British Airways and Iberia.


The new company will be the third largest airline holding company in the world by revenue,with 419 aircraft transporting passengers between 200 destinations.The new company will carry over 62 million passengers per year, according to British Airways executives.Both airlines will, however, continue to operate under their current brand names. British Airways shareholders will take a 55% stake in the new company, while Iberia shareholders will own the remaining 45% stake.

According to their website, traffic stats are due today - nothing as yet!

April Traffic Statistics

APRIL 2015 - IAG GROUP TRAFFIC AND CAPACITY STATISTICS



§ Group traffic in April, measured in Revenue Passenger Kilometres, increased by 4.0 per cent versus April 2014; Group capacity measured in Available Seat Kilometres rose by 6.4 per cent.

§ Group premium traffic for the month of April increased by 5.3 per cent compared to the previous year.

Anybody know what has rattled its cage this morning?

Is it due to threatened rail strikes and link ups?

Strikes call off or suspended.

Irish government backs sale of Aer Lingus to IAG

The Irish government agreed on Tuesday to sell its 25 percent stake in Aer Lingus (AERL.I) to IAG (ICAG.L), paving the way for the owner of British Airways and Iberia to make a formal bid for the Irish carrier.

International Consolidated Airlines Group's (IAG) proposed 1.36 billion euro (£962 million) offer for Aer Lingus was recommended by the Irish airline's board in January but is still conditional on receiving the support of its other main shareholder, Ryanair Holdings Plc (RYA.I).

more....

The RNS - Offer for Aer Lingus

Credit Suisse Outperform 552.00 750.00 750.00 Reiterates

Liberum Capital Buy 552.00 700.00 700.00 Retains

Cantor Fitzgerald Sell 548.25 520.00 520.00 Reiterates

Jefferies International Buy 548.25 700.00 700.00 Reiterates

NO INCREASE STATEMENT


On 26 May 2015, International Consolidated Airlines Group, S.A. ("IAG") issued an announcement in accordance with Rule 2.5 of the Irish Takeover Rules confirming its firm intention to make an offer for Aer Lingus Group plc ("Aer Lingus"), through its wholly-owned subsidiary AERL Holding Limited, at a price of €2.55 per share (comprising a cash payment of €2.50 per share and a cash dividend of €0.05 per share (which is payable on 29 May 2015 to shareholders who were on the register at 1 May 2015)) (the "Offer Price").
IAG confirms that the Offer Price is final and will not be increased.

IAG traffic figures up 9.2%

StockMarketWire.com

International Consolidated Airlines Group, holding company of British Airways and Iberia, carried 7,314,000 passengers in May, an increase of 9.2% on a year ago.

Group traffic in May, measured in revenue passenger kilometres, increased by 5.7% versus the corresponding month in 2014. Group capacity measured in available seat kilometres rose by 4.8%. Group premium traffic increased by 4.6% compared to the previous year.

At 3:18pm: (LON:IAG) International Consolidated Airlines Group share price was -2.5p at 552.5p

It is about time it started to fly again.

09-Jun-15 Credit Suisse Outperform 518.50p - 750.00p Reiteration
27-May-15 Credit Suisse Outperform 562.00p - 750.00p Reiteration
05-May-15 Credit Suisse Outperform 537.00p - 750.00p Reiteration

Forecasts

Year Ending Profit (m) EPS P/E PEG EPS Grth. Div Yield
31-Dec-15 1,090.16 72.98 9.7 0.1 +75.44% 15.88 2.2%
31-Dec-16 1,299.92 87.03 8.1 0.4 +19.24% 20.69 2.8%



I wish the market would think the same.

Half Year Results on Friday, July 31, 2015 - dividend news should be near?

IAG sees dividend payout of 25 pct for 2015 - Chairman

IAG offers concessions in bid for EU approval for Aer Lingus deal

Ryanair accepts IAG offer for Aer Lingus

Aer Lingus Offer Update

PHASE I APPROVAL BY EUROPEAN COMMISSION

International Consolidated Airlines Group (IAG) welcomes today's decision by the European Commission to approve its Offer for Aer Lingus.
IAG has offered the following remedies to the EC as part of the regulatory process:

· Five daily slot pairs will be made available to other airlines at London Gatwick for flights between the airport and Dublin or Belfast.
· Specifically, two of the five daily frequencies must be operated between Gatwick and Dublin.
· One daily frequency must be operated between Gatwick and Belfast.
· The other two frequencies can be operated between Gatwick and either Dublin or Belfast.
· Other airlines can apply for seats on Aer Lingus’ shorthaul network for their transfer passengers, on normal commercial terms.

AER LINGUS EGM RESULT

International Consolidated Airlines Group, S.A. ("IAG") welcomes the result of Aer Lingus' Extraordinary General Meeting where Aer Lingus shareholders passed the Connectivity Resolutions and the resolution to grant the Rule 16 Approval.

The passing of these resolutions were both conditions of the Offer.

In addition, IAG has received notice from the US Department of Justice that its review of the Offer has been satisfactorily concluded. This was a condition to the Offer.
The Offer remains subject to the conditions outlined in Appendix I of the Offer Document that have not already been satisfied.

Defined terms which are not defined in this announcement have the same meaning given to them in the Offer Document posted on 19 June 2015.

Half Yearly Report

SIX MONTHS RESULTS ANNOUNCEMENT

International Consolidated Airlines Group (IAG) today (July 31, 2015) presented Group consolidated results for the six months to June 30, 2015.

IAG period highlights on results:

· Second quarter operating profit €530 million (2014: operating profit of €380 million)
· Revenue for the quarter up 11.2 per cent to €5,656 million
· Passenger unit revenue for the quarter up 5.0 per cent and down 6.6 per cent at constant currency
· Fuel unit costs for the quarter up 3.0 per cent, down 12.0 per cent at constant currency
· Non-fuel unit costs for the quarter up 3.2 per cent, down 6.9 per cent at constant currency
· Operating profit for the half year €555 million (2014: operating profit €230 million), up 141 per cent
· Cash of €6,421 million at June 30, 2015 was up €1,477 million on 2014 year end
· Adjusted gearing down 8 points to 43 per cent and adjusted net debt to EBITDAR improved 0.4 to 1.5 times

more....

AER LINGUS OFFER ACCEPTANCE LEVEL AND UPDATE

Interesting figures with TP 700

IAG traffic figures up

StockMarketWire.com

International Consolidated Airlines Group, holding company of British Airways and Iberia, carried 8,829,000 passengers in July, an increase of 12.6% on a year ago.

Group traffic in July, measured in revenue passenger kilometres, increased by 9.4% versus July 2014. Group capacity measured in available seat kilometres rose by 5.5%.

Group premium traffic for the month of July increased by 8.7% compared to the previous year.

At 3:10pm: (LON:IAG) International Consolidated Airlines Group share price was +4.75p at 550.25p


Story provided by StockMarketWire.com

How about this for a negative view from Merrill Lynch:
"European airlines have in the last year effectively become a commodity offering with an addiction to empire-building. We believe the damaging effects of overcapacity should now be abundantly apparent and are impacting the fundamentals of the European airline industry. In fact, every airline in our coverage has now (via fierce price competition) reported underlying negative pricing growth and corresponding higher cost growth in either calendar Q1’15 or Q2’15. As ‘The Biggest Capex Cycle In History’ continues (i.e. +6% CAGR between 2014 & 2018 in global seat capacity for an industry that has barely seen +5% at any point in the last 20 years), the industry-wide negative ‘jaws’ (i.e. falling pricing coupled with rising costs) are beginning to open. We believe this will mean consensus downgrades for 2016; a year of high hedging and lofty YoY consensus EPS growth. We downgrade Lufthansa from Buy to Underperform. Moreover, we reinstate coverage of IAG with an Underperform rating.
We view IAG as similar to easyJet in many ways; both companies well loved by consensus and both are spear-headed by a best-in-class management team. We believe that consensus has been lulled into assuming that through some ‘paradigm shift investment philosophy’ that ‘this time is (somehow) different’ for IAG. We think the evidence suggests otherwise; we see a company whose underlying yield trends have started to fall (from high single digit levels only a few years ago). Moreover, without any confidence that recent cost savings are sustainable, we believe next year will see consensus EPS under-pressure. The stock at these levels is not ready for such an event."

Or this - Ryanair 'first to carry 10 million-plus international passengers in a month'