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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.

Soc Gen today:
"IAG has built a strong track record over recent years: it has over-delivered on cost cutting and synergies, and it is very well positioned, especially in the transatlantic market. However, the market overestimates its earnings generation capabilities, in our view, and the transatlantic market is becoming more competitive. We cut our earnings forecast, mainly due to ongoing pound weakness. We downgrade our rating to Hold at a new TP of 420p (from 500p)."

StockMarketWire.com
International Consolidated Airlines Group posts an after-tax profit of €1,484m for the nine months to the end of September - 25.8% up on last time.

Highlights:
- Third quarter operating profit €1,205 million before exceptional items (2015: operating profit of €1,250 million)

- Net foreign exchange operating profit impact for the quarter adverse €162 million

- Passenger unit revenue for the quarter down 13.7 per cent and at constant currency down 5.9 per cent

- Non-fuel unit costs before exceptional items for the quarter down 6.9 per cent and at constant currency up 1.4 per cent

- Fuel unit costs before exceptional items for the quarter down 25.8 per cent, down 22.7 per cent at constant currency

- Operating profit before exceptional items for the period of nine months to September 30, 2016 €1,915 million (2015: €1,805 million), up 6.1 per cent. Net foreign exchange operating profit impact adverse €372 million

Chief executive Willie Walsh said: "We're reporting a strong quarter 3 operating profit before exceptional items of €1,205 million.

"While strong, these results were affected by a tough operating environment with a very significant negative currency impact of €162 million, primarily due to sterling weakness, and continued disruption due to air traffic control strikes.

"Despite this, our unit revenue performance was better than in quarter 2 and our quarterly profit after tax was €970 million before exceptional items, an improvement of 9.9 per cent on last year.

"In the nine months, we made an operating profit before exceptional items of €1,915 million, up 6.1 per cent versus last year.

"We're pleased to announce an interim dividend payment of 11 euro cents per share, a 10 per cent increase on last year. As in 2015, we expect the interim dividend to be around half the full year dividend."

Looking ahead, IAG says that at current fuel prices and exchange rates, it expects its operating profit for 2016 to be around €2.5 billion, and has seen no significant change in its short-term trading.

3rd Quarter Results

NINE MONTHS RESULTS ANNOUNCEMENT

International Consolidated Airlines Group (IAG) today (October 28, 2016) presented Group consolidated results for the nine months to September 30, 2016.

IAG period highlights on results:

· Third quarter operating profit €1,205 million before exceptional items (2015: operating profit of €1,250 million)
· Net foreign exchange operating profit impact for the quarter adverse €162 million
· Passenger unit revenue for the quarter down 13.7 per cent and at constant currency down 5.9 per cent
· Non-fuel unit costs before exceptional items for the quarter down 6.9 per cent and at constant currency up 1.4 per cent
· Fuel unit costs before exceptional items for the quarter down 25.8 per cent, down 22.7 per cent at constant currency
· Operating profit before exceptional items for the period of nine months to September 30, 2016 €1,915 million (2015: €1,805 million), up 6.1 per cent. Net foreign exchange operating profit impact adverse €372 million
· Cash of €6,190 million at September 30, 2016 was up €334 million on 2015 year end
· Adjusted net debt to EBITDAR improved 0.1 to 1.8 times
· Diluted earnings per share up 18.3 per cent before exceptional items (23.8 per cent after exceptional items)

more....

Cantor Fitzgerald Hold 418.60 520.00 520.00 Reiterates

Credit Suisse Outperform 418.60 469.00 469.00 Retains

I got back in for the short haul @412 - looking for 35 - 40 points.

I was slower skinny 424.18

Chris, I was a long term holder until recently - just a S/B this time.

Lets hope we are lucky.

I took 30 points earlier - I'll see what next week brings.

Thanks skinny. Me too - wtfdik - but I'm sticking my neck out for a break-out coz firstly, it looks like it and also coz I want it (see below)!

Shame Brexit happened when it need not have done. But that's another story and I'm not qualified to discuss (non-resident these last 9 years). Except I have held since pre-Brexit and consequently been shat upon from a great height by pillocks like Boris.

you would be more accurate to point the finger at corbyn and his less than half-hearted support of the remain campaign

Why not Cameron for trying to save his own skin and end up hanging himself.

Get Lost Fred!

Indeed, Corbyn and Boris are both Brexit buffoons. However, Farage gets most of my vitriol - at very high hydrostatic pressure.

An update on post 415.

Could be wrong but I think 460 would be a good target with a Limit, could spike up there. Then we know what to do with spikes.

Liberum Capital Hold 423.40 375.00 450.00 Reiterates

skinny re. 433 (which re. 415). Filling the gap then.

I think it will hold the new level - when it gets there. Of course I want it to, but it's also realistic! 445-460 until next results, then up, up and away?

LATEST BROKER VIEWS

Date Broker New target Recomm.
1 Nov Barclays... 460.00 Overweight
31 Oct Beaufort... N/A Buy
31 Oct Liberum Capital 450.00 Hold
28 Oct Cantor... 520.00 Hold
28 Oct Credit Suisse 469.00 Outperform
25 Oct Exane BNP... 530.00 Outperform
19 Oct Credit Suisse 439.00 Outperform
14 Oct Credit Suisse 439.00 Neutral
13 Oct Exane BNP... 530.00 Outperform
7 Oct Deutsche Bank N/A Buy