Bankinter | The Portuguese government is putting 49.9% of TAP Portugal up for sale. 44.9% will go to investors and 5% to employees. The details of the operation are not yet known. Analysis team’s view: This news was expected, and there was even the possibility that 100% would be put up for sale. Remember that TAP was nationalised during the pandemic (at a cost of €3.2 billion). This news is…
Banc Sabadell | IAG (IAG) presented its strategic plan, ‘Flight Plan 2030’, for Iberia (25% of IAG’s capacity in 2024), with which it hopes to consolidate its position as leader in its main markets. We highlight the main messages: Capacity growth of 3/5% over the next few years, without specifying a period, with LatAm as the main market with expected growth of 5%.In the medium term (no specific period given),…
Renta4 | IAG will enter the MSCI World Index from Monday 2 June. Ryanair will also enter the index. The MSCI World Index incorporates some 1,350 medium and large companies from the world’s 23 major developed economies. IAG was part of the index until March 2019 when it was excluded following its decision to shield its shareholding from non-EU investors to protect itself from Brexit. Assessment: Positive news as the…
Link Securities | The holding company IAG (IAG) fears that the trade war unleashed by US President Donald Trump since his arrival at the White House will affect its business with higher prices and less appetite for flying in general and, in particular, on routes to the United States, one of its main markets, according to Expansión. Last year, 17% of IAG’s income, or €5.406 billion, depended on the United…
Bankinter | IAG, the parent company of Iberia and British Airways, has paid £557 million (around €673 million) to the British Customs and Revenue service in relation to the VAT claim for flights redeemed in its loyalty programme (IAG Loyalty). The UK requires it to pay a 20% tax rate, regardless of the product being redeemed. Analysis team opinion: News with little impact because it is not surprising. It coincides…
London is claiming VAT from the airline group on the redemption of points for flights in the loyalty program. The holding company has already paid £103 million, although it disagrees and does not rule out going to court.IAG, the parent company of Iberia, British Airways, and Vueling, is clashing with the British tax authority (HMRC) over the VAT of IAG Loyalty, its loyalty subsidiary that allows the redemption of points…
British Airways (BA; 52% of IAG 2024 BS(e) capacity) is readjusting its long-haul capacity schedule in the face of delays in the delivery of Rolls-Royce engines and parts, particularly the Trent 1000 engines installed in B-787s. They do not expect the problem to be solved in the short term. In any case, the company has said it can offer the vast majority of those affected a same-day flight with British…
Banco Sabadell: After failing to go ahead with the purchase of Air Europa (AE) in the short term, there is TAP Portugal, which IAG has already winked at. We believe it makes strategic sense mainly because of its positioning in LatAm (market share close to 7%; with less overlap than AE) and because it deepens the concentration of the sector and also generates synergies (between €250-600 million according to our…
IAG yesterday informed the National Securities Market Commission (CNMV) ofits decision to terminate the agreement with Globalia signed on February 23, 2023, under which IAG undertook to acquire the remaining 80% of the issued share capital of Air Europa from Globalia. The Board of Directors has concluded that, in the current regulatory environment, continuing with the transaction would not be in the best interests of the shareholders. Under the terms…
Alphavalue / Divacons | The Spanish-British airline confirmed yesterday in a note sent to the Spanish National Securities Market Commission (CNMV) that it has completed the share buyback programme it announced on 1 July. In execution of this programme, the company has acquired a total of 27,064,575 shares, representing 0.5% of IAG’s share capital as of yesterday, said Nicholas Cadbury, chief financial and sustainability officer. The purpose of this programme…