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
Capitalization 1 8,416 6,917 8,780 17,724 21,677 21,185 - -
Change - -17.81% 26.93% 101.87% 22.31% -2.27% - -
Enterprise Value (EV) 1 20,083 17,302 18,025 25,241 27,625 26,425 25,493 24,645
Change - -13.85% 4.18% 40.03% 9.45% -4.35% -3.53% -3.32%
P/E ratio -2.87x 22.9x 3.53x 6.58x 6.83x 7.77x 6.14x 5.58x
PBR 10x 3.43x 2.68x 2.87x 3.06x 2.46x 1.87x 1.53x
PEG - -0x 0x 0.68x 0.3x -0.6x 0.2x 0.5x
Capitalization / Revenue 1x 0.3x 0.3x 0.55x 0.65x 0.61x 0.59x 0.57x
EV / Revenue 2.38x 0.75x 0.61x 0.79x 0.83x 0.76x 0.71x 0.66x
EV / EBITDA -19.7x 5.24x 3.24x 3.71x 3.61x 3.64x 3.18x 2.91x
EV / EBIT -6.76x 14.1x 5.14x 5.89x 5.5x 5.75x 5.01x 4.59x
EV / FCF -22.7x 9.63x 7.51x 6.48x 10.3x 9.19x 9.08x 8.73x
FCF Yield -4.41% 10.4% 13.3% 15.4% 9.69% 10.9% 11% 11.5%
Dividend per Share 2 - - - 0.09 0.098 0.1084 0.1277 0.1307
Rate of return - - - 2.47% 2.06% 2.28% 2.69% 2.75%
EPS 2 -0.591 0.061 0.506 0.555 0.695 0.6109 0.7722 0.8506
Distribution rate - - - 16.2% 14.1% 17.7% 16.5% 15.4%
Net sales 1 8,455 23,066 29,453 32,100 33,213 34,603 36,000 37,398
EBITDA 1 -1,017 3,303 5,570 6,807 7,652 7,268 8,018 8,469
EBIT 1 -2,970 1,225 3,507 4,283 5,024 4,597 5,088 5,365
Net income 1 -2,933 431 2,655 2,732 3,342 3,265 3,580 3,749
Net Debt 1 11,667 10,385 9,245 7,517 5,948 5,240 4,308 3,460
Reference price 2 1.696 1.396 1.786 3.651 4.749 4.745 4.745 4.745
Nbr of stocks (in thousands) 4,961,189 4,954,313 4,915,537 4,854,924 4,564,456 4,465,009 - -
Announcement Date 25/02/22 24/02/23 29/02/24 28/02/25 27/02/26 - - -
1EUR in Million2EUR
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
7.3x0.73x3.45x2.52% 23.42B
15.2x0.9x7.66x1.06% 47.92B
10.36x0.74x6.47x-.--% 32.32B
11.56x1.47x6.07x1.96% 29.39B
-320.56x2.39x12.6x0.22% 18.52B
18.07x1.24x5.54x4.27% 15.69B
9.42x1.16x4.82x3.17% 14.65B
576.25x1.85x8.52x-.--% 14.37B
198.47x1.65x9.23x0.44% 13.94B
8.03x0.38x3.78x3.64% 11.49B
Average 53.41x 1.25x 6.81x 1.73% 22.17B
Weighted average by Cap. 32.49x 1.18x 6.86x 1.5%

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