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.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
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.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.