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

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 8,416 6,917 8,780 17,724 21,677 23,878 - -
Change - -17.81% 26.93% 101.87% 22.31% 10.15% - -
Enterprise Value (EV) 1 20,083 17,302 18,025 25,241 27,625 29,223 28,352 27,459
Change - -13.85% 4.18% 40.03% 9.45% 5.78% -2.98% -3.15%
P/E -2.87x 22.9x 3.53x 6.58x 6.83x 9.32x 7.06x 6.2x
PBR 10x 3.43x 2.68x 2.87x 3.06x 2.81x 2.14x 1.73x
PEG - -0x 0x 0.68x 0.3x -0.6x 0.2x 0.4x
Capitalization / Revenue 1x 0.3x 0.3x 0.55x 0.65x 0.69x 0.66x 0.64x
EV / Revenue 2.38x 0.75x 0.61x 0.79x 0.83x 0.85x 0.78x 0.73x
EV / EBITDA -19.7x 5.24x 3.24x 3.71x 3.61x 4.05x 3.52x 3.2x
EV / EBIT -6.76x 14.1x 5.14x 5.89x 5.5x 6.6x 5.55x 5.05x
EV / FCF -22.7x 9.63x 7.51x 6.48x 10.3x 10.3x 11x 9.27x
FCF Yield -4.41% 10.4% 13.3% 15.4% 9.69% 9.73% 9.09% 10.8%
Dividend per Share 2 - - - 0.09 0.098 0.1042 0.1269 0.1316
Rate of return - - - 2.47% 2.06% 1.93% 2.35% 2.44%
EPS 2 -0.591 0.061 0.506 0.555 0.695 0.5797 0.7648 0.8712
Distribution rate - - - 16.2% 14.1% 18% 16.6% 15.1%
Net sales 1 8,455 23,066 29,453 32,100 33,213 34,526 36,132 37,466
EBITDA 1 -1,017 3,303 5,570 6,807 7,652 7,208 8,048 8,569
EBIT 1 -2,970 1,225 3,507 4,283 5,024 4,430 5,106 5,442
Net income 1 -2,933 431 2,655 2,732 3,342 2,990 3,542 3,793
Net Debt 1 11,667 10,385 9,245 7,517 5,948 5,346 4,474 3,582
Reference price 2 1.696 1.396 1.786 3.651 4.749 5.401 5.401 5.401
Nbr of stocks (in thousands) 4,961,189 4,954,313 4,915,537 4,854,924 4,564,456 4,420,692 - -
Announcement Date 2/25/22 2/24/23 2/29/24 2/28/25 2/27/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
9.39x0.86x4.12x1.89% 27.22B
14.46x0.97x7.45x0.88% 56.37B
11.14x0.88x6.92x-.--% 39.32B
14.02x1.56x6.86x1.75% 31.42B
-372.73x2.74x14.49x0.19% 21.13B
28.12x1.26x6.26x3.41% 18.69B
12.08x1.26x5.1x2.89% 15.41B
-13.78x1.54x10x-.--% 13.28B
9.08x0.42x4.18x3.31% 12.47B
-121.49x1.53x8.67x-.--% 11.94B
Average -40.97x 1.30x 7.40x 1.43% 24.73B
Weighted average by Cap. -27.23x 1.24x 7.32x 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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