IAG agrees to buy remaining 80% stake in Air Europareported on Friday its first annual profit since the pandemic and said earnings could jump almost 90% this year as business rebounds, but its shares dropped around 6% amid concerns about the group's debt.
The group's operating profit in 2022 was 1.22 billion euros and overturned two years of COVID-driven losses. CEO Luis Gallego said IAG, which also owns Iberia, Vueling and Aer Lingus, was seeing robust forward bookings.than its market capitalisation and more then three times its EBIDTA, which analysts said has spooked the market.
it did not already own, a deal aimed at expanding its position in the Latin American market but that could also come with additional regulatory hurdles.
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Breakingviews - IAG takeoff weighed down by debt dilemmaFlying a jumbo jet with a heavy load can make for a tricky take off. That’s the situation British Airways-owner IAG is in. Its $11 billion net debt pile, a legacy of an epic collapse in revenue during the pandemic, is tangibly more than its $9.4 billion market capitalisation. That leaves boss Luis Gallego with a dilemma – execute a quick and painful fix via a big rights issue, or take a gradual journey back to health.
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Source: Reuters - 🏆 2. / 97 Read more »