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 22,094 - -
Change - -17.81% 26.93% 101.87% 22.31% 1.92% - -
Enterprise Value (EV) 1 20,083 17,302 18,025 25,241 27,625 27,652 26,716 25,805
Change - -13.85% 4.18% 40.03% 9.45% 0.1% -3.38% -3.41%
P/E -2.87x 22.9x 3.53x 6.58x 6.83x 8.25x 6.44x 5.57x
PBR 10x 3.43x 2.68x 2.87x 3.06x 2.56x 1.99x 1.62x
PEG - -0x 0x 0.68x 0.3x -0.7x 0.2x 0.4x
Capitalization / Revenue 1x 0.3x 0.3x 0.55x 0.65x 0.64x 0.61x 0.59x
EV / Revenue 2.38x 0.75x 0.61x 0.79x 0.83x 0.81x 0.74x 0.69x
EV / EBITDA -19.7x 5.24x 3.24x 3.71x 3.61x 3.79x 3.32x 3x
EV / EBIT -6.76x 14.1x 5.14x 5.89x 5.5x 6.14x 5.26x 4.75x
EV / FCF -22.7x 9.63x 7.51x 6.48x 10.3x 10.5x 11.3x 9.01x
FCF Yield -4.41% 10.4% 13.3% 15.4% 9.69% 9.48% 8.84% 11.1%
Dividend per Share 2 - - - 0.09 0.098 0.1098 0.1269 0.1366
Rate of return - - - 2.47% 2.06% 2.19% 2.53% 2.72%
EPS 2 -0.591 0.061 0.506 0.555 0.695 0.6078 0.7789 0.9
Distribution rate - - - 16.2% 14.1% 18.1% 16.3% 15.2%
Net sales 1 8,455 23,066 29,453 32,100 33,213 34,306 35,945 37,382
EBITDA 1 -1,017 3,303 5,570 6,807 7,652 7,299 8,041 8,601
EBIT 1 -2,970 1,225 3,507 4,283 5,024 4,503 5,082 5,433
Net income 1 -2,933 431 2,655 2,732 3,342 3,050 3,508 3,808
Net Debt 1 11,667 10,385 9,245 7,517 5,948 5,558 4,622 3,711
Reference price 2 1.696 1.396 1.786 3.651 4.749 5.017 5.017 5.017
Nbr of stocks (in thousands) 4,961,189 4,954,313 4,915,537 4,854,924 4,564,456 4,403,834 - -
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.57x0.9x6.99x0.97% 52.44B
10.06x0.79x6.52x-.--% 36.15B
13.44x1.35x6.1x1.87% 28.14B
8.25x0.81x3.79x2.19% 25.68B
65.63x2.26x13.15x0.07% 20.38B
27.97x1.09x5.82x3.67% 16.82B
-11.31x1.67x11.49x-.--% 15.97B
13.79x1.18x4.89x3.13% 15.05B
-12.33x1.62x10.23x0.25% 11.9B
Average 14.23x 1.30x 7.66x 1.35% 24.72B
Weighted average by Cap. 14.84x 1.18x 7.26x 1.23%

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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  5. Valuation International Consolidated Airlines Group, S.A.