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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  International Consolidated Airlines Group, S.A.    IAG   ES0177542018

INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A.

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Italian Competition Authority Probes European Low-Cost Airlines Over Coronavirus Cancellations

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09/25/2020 | 09:37am EDT

By Cecilia Butini

The Italian Competition Authority AGCM said Friday that it has launched a probe into European low-cost airlines Blue Panorama, easyJet PLC, Ryanair Holdings PLC and Vueling over their handling of flight cancellations and reimbursements during the coronavirus pandemic.

The authority said the probe would focus on flight cancellations that were blamed on the coronavirus pandemic even when these happened outside of travel-restriction periods.

Contextually, AGCM is challenging the companies over their decision to issue vouchers to passengers instead of reimbursing the price of the canceled tickets.

According to the antitrust body, the four airlines didn't inform customers of their rights in case of cancellation, and offered them limited or expensive customer support.

AGCM said it started the investigation after receiving an increasing number of complaints from customers and in the wake of similar proceedings launched against Italian carrier Alitalia SpA and Spanish low-cost airline Volotea SA in July.

EasyJet said in an emailed statement: "We are aware of the proceedings started by the AGCM and will fully cooperate with the authority's investigation. EasyJet continues to offer all our customers whose flight is cancelled the choice between an alternative flight, a voucher or a cash refund, and in full compliance with applicable EU and Italian laws."

Representatives for Blue Panorama, Ryanair and Vueling weren't immediately reachable for comment.

 

Write to Cecilia Butini at cecilia.butini@wsj.com

 


Stocks mentioned in the article
ChangeLast1st jan.
EASYJET PLC 3.00% 508.3975 Delayed Quote.-65.36%
INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A. 4.70% 104.75 Delayed Quote.-75.87%
RYANAIR HOLDINGS PLC 3.46% 12.56 Delayed Quote.-16.99%
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Financials
Sales 2020 9 820 M 11 595 M 11 595 M
Net income 2020 -4 780 M -5 644 M -5 644 M
Net Debt 2020 12 037 M 14 212 M 14 212 M
P/E ratio 2020 -0,57x
Yield 2020 0,09%
Capitalization 5 461 M 6 446 M 6 448 M
EV / Sales 2020 1,78x
EV / Sales 2021 1,04x
Nbr of Employees 63 501
Free-Float 89,6%
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Technical analysis trends INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A.
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 1,99 €
Last Close Price 1,10 €
Spread / Highest target 231%
Spread / Average Target 81,2%
Spread / Lowest Target 20,3%
EPS Revisions
Managers
NameTitle
Luís Gallego Martín Chief Executive Officer & Executive Director
Antonio Vázquez Romero Chairman
Stephen William Lawrence Gunning Chief Financial Officer & Executive Director
John Gibbs Chief Information Officer
Alberto Miguel Terol Esteban Senior Independent Director
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