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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  International Consolidated Airlines Group    IAG   ES0177542018

INTERNATIONAL CONSOLIDATED AIRLINES GROU

(IAG)
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International Consolidated Airlines : British Airways owner IAG to cap share ownership by non-Europeans

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02/11/2019 | 02:20pm EDT
FILE PHOTO: An Iberia Airbus A319 airplane takes off from the Adolfo Suarez Madrid-Barajas airport

MADRID (Reuters) - IAG, the owner of British Airways and Iberia airlines, said on Monday that it would cap ownership of its shares by non-Europeans at the current 47.5 percent level to maintain its status as a European-owned airline.

Britain is due to leave the European Union on March 29 but has yet to seal a withdrawal agreement, posing a potential risk to airlines that do not meet EU rules requiring European carriers to be majority-owned and operated in the bloc.

Airlines that will no longer be majority owned by EU nationals once Britain leaves the EU face the threat of losing their right to fly within the bloc after Brexit due to share ownership rules.

European Commission sources told Reuters that Brussels encouraged IAG and all airlines concerned to check with the national licensing authorities whether they would still meet the operating licence requirements in case of a "no deal" Brexit.

IAG said in a statement it would suspend the voting rights of any shares acquired by a relevant non-EU person and require the owner to sell the shares to a third party or to the airline group itself.

But IAG said that United Kingdom citizens would not be subjected to this buying cap.

IAG is registered in Spain and has its corporate headquarters in Britain. It has shareholders from around the world.

The Spanish government has said it is confident national flag carrier Iberia is a Spanish company and will be able to fly across Europe in the event of a disorderly Brexit.

(Reporting by Andres Gonzalez; Editing by Ingrid Melander and Jane Merriman)

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Financials (€)
Sales 2019 25 984 M
EBIT 2019 3 065 M
Net income 2019 2 359 M
Debt 2019 2 883 M
Yield 2019 5,23%
P/E ratio 2019 5,57
P/E ratio 2020 5,15
EV / Sales 2019 0,59x
EV / Sales 2020 0,50x
Capitalization 12 336 M
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Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 7,80 €
Spread / Average Target 26%
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Managers
NameTitle
William Matthew Walsh Chief Executive Officer & Director
Antonio Vázquez Romero Chairman
Enrique Dupuy de Lôme Chávarri Group Chief Financial Officer & Executive Director
Patrick Jean-Pierre Cescau Senior Independent Director
Kieran C. Poynter Independent Non-Executive Director
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