IAG: Oddo BHF raises target price

(CercleFinance.com) - Oddo BHF reiterates its 'outperform' rating on International Airlines Group (IAG) and raises its target price from E3.
25 to E4.5, judging that the Anglo-Spanish airline's stock retains the most attractive profile within its coverage.

It highlights solid demand from the UK, strong exposure to the US, with relative capacity discipline, and a greater contribution from the more resilient premium leisure segment in times of economic slowdown.

The broker also considers that the share's valuation remains very attractive, with IAG trading on a 2025 EV/EBITDA multiple of 3.2x, compared with 3x for Lufthansa and 3.8x for Air France-KLM, for EBIT margin levels expected to be 13.8%, 5.9% and 5.4% respectively.


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