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 21,942 - -
Change - -17.81% 26.93% 101.87% 22.31% 1.22% - -
Enterprise Value (EV) 1 20,083 17,302 18,025 25,241 27,625 27,506 26,587 25,681
Change - -13.85% 4.18% 40.03% 9.45% -0.43% -3.34% -3.41%
P/E -2.87x 22.9x 3.53x 6.58x 6.83x 8.31x 6.46x 5.42x
PBR 10x 3.43x 2.68x 2.87x 3.06x 2.58x 2.02x 1.64x
PEG - -0x 0x 0.68x 0.3x -0.7x 0.2x 0.3x
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 0.8x 0.74x 0.69x
EV / EBITDA -19.7x 5.24x 3.24x 3.71x 3.61x 3.82x 3.32x 2.99x
EV / EBIT -6.76x 14.1x 5.14x 5.89x 5.5x 6.14x 5.26x 4.73x
EV / FCF -22.7x 9.63x 7.51x 6.48x 10.3x 10.5x 11.3x 8.97x
FCF Yield -4.41% 10.4% 13.3% 15.4% 9.69% 9.53% 8.88% 11.2%
Dividend per Share 2 - - - 0.09 0.098 0.109 0.1256 0.1366
Rate of return - - - 2.47% 2.06% 2.15% 2.48% 2.7%
EPS 2 -0.591 0.061 0.506 0.555 0.695 0.6097 0.7839 0.9343
Distribution rate - - - 16.2% 14.1% 17.9% 16% 14.6%
Net sales 1 8,455 23,066 29,453 32,100 33,213 34,260 35,971 37,390
EBITDA 1 -1,017 3,303 5,570 6,807 7,652 7,197 8,013 8,594
EBIT 1 -2,970 1,225 3,507 4,283 5,024 4,481 5,054 5,427
Net income 1 -2,933 431 2,655 2,732 3,342 3,026 3,509 3,805
Net Debt 1 11,667 10,385 9,245 7,517 5,948 5,564 4,645 3,739
Reference price 2 1.696 1.396 1.786 3.651 4.749 5.065 5.065 5.065
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.($)
8.31x0.81x3.87x2.15% 25.41B
12.94x0.91x7.13x0.93% 53.47B
10.38x0.79x6.63x-.--% 35.94B
13.55x1.36x6.19x1.86% 27.7B
66.31x2.28x13.26x0.07% 20.3B
28.14x1.07x5.73x3.75% 16.29B
-10.88x1.6x11.23x-.--% 16.23B
11.75x1.19x4.93x - 15.19B
-12.17x1.59x10.4x-.--% 11.77B
8.01x0.95x4.73x5.97% 11.13B
Average 13.63x 1.25x 7.41x 1.64% 23.34B
Weighted average by Cap. 14.58x 1.17x 7.22x 1.3%

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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