IAG: passenger revenues grow in 2Q23 to 121% of 2019 levels (+6% quarter-on-quarter)
British Airways and Iberia (IAG) aircraft at Barajas airportMorgan Stanley| IAG’s passenger revenue (PRASK) accelerated sharply in 2Q23 to 121% of 2019 levels (+6% q/q), with management indicating that the bookings they have seen so far have shown no signs of weakness, implying that this pace can be sustained. With 80% of the 323 already sold, Conor Dwyer (analyst) has revised its estimates of PRASK to match it with management’s…