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IAG: Creating value through plug and play — December 2018

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At the beginning of November IAG held its annual capital markets day highlighting how well it was performing, and especially in comparison with peers. Management bemoaned the “unfairness” of the low rating that its shares attract on the stockmarkets. It has done a good job in creating value since its creation through the merger of British Airways and Iberia in 2011, augmented by successful acquisitions and integration of Vueling, Aer Lingus and bmi. Is this complaint justified? 

Both BA and Iberia were a bit late in the European consolidation game, but this did mean that they could create a structure for growth taking the best ideas from and avoiding the pitfalls of their major competitors Air France-KLM and Lufthansa Group. 


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