Link Securities | Ibera, integrated in the holding IAG, will focus on growth in Latin America in 2023, after strengthening its position this year in the US, and as it waits for the opening up of the Asian market, according to the daily Expansión. Latin America is the strategic market for the airline, where it is the leader in the corridor with Europe, with a market share of 19% in…
Banco Sabadell | The Q3’22 results show a very strong recovery in activity with capacity in line with expectations (81% vs ~80% estimated). However, the big surprise comes in the shape of the strong trend in prices (RASK 8,57 vs 7,79 BS(e) and 7,08), the highest level in the history of IAG. On the costs side, there is a surprise with fuel (32% of costs) which is -6% vs revised…
IAG shareholders have given the go-ahead for investment in the renewal of the short-haul fleet, with the acquisition of 50 B737 aircraft from Boeing and 37 A320neo aircraft from Airbus. The transaction was approved at an extraordinary shareholders’ meeting in Madrid, where only 37.9% of the capital was represented. The CEO of the holding company that includes British Airways, Iberia, Vueling and Aer Lingus, Luis Gallego, has ruled out the…
IAG, the airline consortium with Qatari capital, has beat all expectations and clocked up operating profit in the first nine months of the year of 1.2 billion euros. The initial estimate was that the group, led by Luis Gallego as CEO, would maintain earnings at around 800 million euros. So these results mean the company has raised its (operating) profitability by 50% over the forecast. This made IAG the real…
Link Securities | On Monday, Iberia (IAG) chairman Javier Sánchez-Prieto warned about the implementation of asymmetric sustainable policies in Europe, which could be a drag on Spain’s tourism business, the daily Expansion reported. Specifically this could mean the loss of up to 11 million tourists and 450,000 jobs, according to Deloitte. Imposing taxes on flights within the European Union (EU) would be prejudicial for those companies which operate in the…
Intermoney | The lack of personnel and strikes are leading to the suspension of over 40,000 operations out of those forecast for Europe over the summer months (25,000 alone between British Airways, Easyjet and Lufthansa). They are also provoking innumerable delays and problems with luggage. The fast increase in demand has been mixed with both the airlines and the airports’ difficulties’ in recovering the volume of their workforces which decreased…
Intermoney | The chairman of Iberia, Javier Sánchez-Prieto, has confirmed that Globalia already has the green light from SEPI, controlled by the Finance Ministry, and the banking syndicate led by Santander, for the 100 million euros loan convertible into shares with which to buy 20% of Air Europa. The deal was forged in March and is a first step towards the full acquisition of Air Europa. That said, it is…
Intermoney | La Asociación de Líneas Aéreas (ALA), the leading organisation in the sector in Spain with 85% of air traffic, announced its forecasts for this summer on Thursday. And the figures for the summer season fuel a moderate optimism. Although a recovery in the sector is not expected until at least 2023, the estimated scheduling for this summer season reaches figures which are very close to those of pre-pandemic…
Link Securities | The CEO of IAG, Luis Gallego, has insisted that they are looking for “alternative agreements” to be able to go ahead with the purchase of Air Europa. The operation has recently been on the back burner, according to last Thursday’s elEconomista.es. We should recall that Iberia’s parent company and Globalia, the owner of Air Europa, gave themselves to end-January as a deadline to evaluate other structures which…
Iberia’s withdrawal of the memorandum of understanding in which the airline anticipated the conditions that could be imposed by the European Commission to approve the operation, makes it practically impossible to get the go-ahead from Brussels. As José Hervás explains today in Capital Madrid: “In the last two weeks there has been a 180-degree turn in the negotiations between the airline Iberia, the IAG group and the European Commission regarding…