Aviation Strategy

IAG: Superior returns but
unappreciated — March 2019

Annual results for 2018 from IAG showed another excellent year. Each of its operating airline improved in key performance indicators. At the Group level it exceeded its long term targets for margins and returns on invested capital. It achieved investment grade rating from the credit agencies. And it has increased its final dividend payout for the year and announced a special dividend. But the share price is 25% below its peak in June 2018. Are the market’s perception of clouds on the horizon real? ……

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