IAG : Neutral vs Underperform – A reassuring start to the year
>Leeway on guidance on CASK excl. fuel - The publication of a set of Q1 2023 results which diverges significantly from peers (a positive operating profit before exceptional item of € 9m compared with losses of -€ 306m for Air France-KLM and -€ 273m for Lufthansa) was reassuring in our view, particularly with regard to the relative control of unit costs excl. fuel, which fell by 13% y-o-y (8.7% above Q1 2019 level), despite the additional costs linked to the ramp-up of...International Airlines Group is an international scheduled airline and global premium airlines. Co.'s principal place of business is London with significant presence at Heathrow, Gatwick and London City airports.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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