What moat does International Consolidated Airlines Group have?

The advantage is the slot already held at a full airport, and the brand on the routes where the traveller already chooses Iberia or British Airways. The slot is lost if it is not used. The passenger compares price on the next booking. It is not a toll. The moat narrows if fuel eats the fare or if a rival obtains a slot at the same airport.

How do you read the International Consolidated Airlines Group radar?

Health is debt and cash, which at an airline move with traffic. An axis that looks bad may be saying a cycle, not a permanent failure. Quality is the margin after fuel and crew. Growth is capacity and fare, not a new concession. P/E valuation is read against the cycle, not against a full summer. Shareholder return is secondary while cash still has to be rebuilt.

Which multiples matter for International Consolidated Airlines Group?

The P/E of an odd traffic year is not normal earnings. EV/EBITDA is read with aircraft leases and with fuel, which are not a detail. Book value matters less than cash. Do not compare it with Aena's multiple: one collects the airport and the other pays to use it. A dash means IAG.MC is missing.

What does this International Consolidated Airlines Group analysis leave out?

Not advice on IAG.MC. Vaultflake does not forecast fuel or load factor. This is not a slot map and not a route inventory. Read the CNMV filings. A past dividend is not a right. The table is cache, not a live quote.

International Consolidated Airlines Group (IAG.MC) analysis

International Consolidated Airlines Group, S.A.

Sector:Industrials · Airlines

Country:Spain

Profile and moat

IAG is the holding company of Iberia, British Airways, Vueling and Aer Lingus. The trade is flying: filling the aircraft, paying for fuel and crew, and keeping what is left of the fare. The listing on this page is IAG.MC. It is not Aena, which collects the airport concession, and it is not Amadeus, which sells distribution and the airline's system.

Slots at congested airports, chiefly Heathrow and Madrid, make it harder for a rival to copy the schedule. They are not ownership of the airport and they do not guarantee that the passenger pays. Fuel, demand and staff costs run the year. A good summer is not normal earnings, and a year without flying eats the cash.

The dividend was cut when flying stopped and it returns only if cash and the balance sheet allow it. This report does not state a load factor or a corridor that IAG dominates.

International Consolidated Airlines Group (IAG.MC) analysis

International Consolidated Airlines Group, S.A.

Sector:Industrials · Airlines

Country:Spain

Profile and moat

The dividend was cut when flying stopped and it returns only if cash and the balance sheet allow it. This report does not state a load factor or a corridor that IAG dominates.

International Consolidated Airlines Group (IAG.MC) analysis

Profile and moat

International Consolidated Airlines Group (IAG.MC) analysis

Profile and moat

Radar axes

Limits of this report

Questions from this report

What moat does International Consolidated Airlines Group have?

How do you read the International Consolidated Airlines Group radar?

Which multiples matter for International Consolidated Airlines Group?

What does this International Consolidated Airlines Group analysis leave out?

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