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Sales: € 963.0 M (-79.1% vs. -77.3% BS(e) and -77.9% consensus);
EBITDA: € -1.135 Bn (€ -535 M vs. € -1.165 Bn BS(e) and € -1.166 Bn consensus);
Net Profit: € -1.124 Bn (€ -556 M vs. € -1.124 Bn BS(e) and € 1.178 Bn consensus).
The results were in line with expectations on the operating level (€ -1.14 Bn adjusted EBIT vs. € -1.17 Bn BS(e) and consensus), where the worse performance in revenues was offset by lower costs.
As for the outlook, the company expects 2Q’21 capacity to be ~25% vs. 2Q’19, meaning only a slight improvement vs. 20% in 1Q’20. Separately, IAG insists that the outlook beyond 2Q’21 is uncertain and will depend on vaccination programmes and border control measures.
We highlight that liquidity remains strong, reaching € 10.5 Bn as of 31/03 vs. € 10.3 Bn pro forma at the end of 2020, dispelling doubts in this regard. In short, the results were very much in line with expectations, where the company’s outlook shows a very gradual improvement in capacity in 2Q’21, and the performance in the rest of 2021 will hinge on 3Q’21, where visibility remains low. We do not expect a significant reaction on the share price today, which has outperformed the IBEX by +21% in 2021. BUY. T.P. Under Revision.
IAG: 1Q’21 RESULTS (ANÁLISIS BANCO SABADELL)
1Q'21 vs. 1Q'20 Results:Sales: € 963.0 M (-79.1% vs. -77.3% BS(e) and -77.9% consensus);
EBITDA: € -1.135 Bn (€ -535 M vs. € -1.165 Bn BS(e) and € -1.166 Bn consensus);
Net Profit: € -1.124 Bn (€ -556 M vs. € -1.124 Bn BS(e) and € 1.178 Bn consensus).
The results were in line with expectations on the operating level (€ -1.14 Bn adjusted EBIT vs. € -1.17 Bn BS(e) and consensus), where the worse performance in revenues was offset by lower costs.
As for the outlook, the company expects 2Q’21 capacity to be ~25% vs. 2Q’19, meaning only a slight improvement vs. 20% in 1Q’20. Separately, IAG insists that the outlook beyond 2Q’21 is uncertain and will depend on vaccination programmes and border control measures.
We highlight that liquidity remains strong, reaching € 10.5 Bn as of 31/03 vs. € 10.3 Bn pro forma at the end of 2020, dispelling doubts in this regard. In short, the results were very much in line with expectations, where the company’s outlook shows a very gradual improvement in capacity in 2Q’21, and the performance in the rest of 2021 will hinge on 3Q’21, where visibility remains low. We do not expect a significant reaction on the share price today, which has outperformed the IBEX by +21% in 2021. BUY. T.P. Under Revision.
Underlying
International Consolidated Airlines Group SA
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.
Provider
Sabadell
Research Department
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