Rankings Transport & logistics IAG
IAG
86
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- Multiples vs own history−6
- Fuel and the Middle East−4
- Quality of growth−3
Strengths
- Buybacks+2
- Debt reduction+2
How the score is built
From 100 to 86, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 416.00 GBX
- Median analyst target
- 535.00 GBX
- Upside to median
- +28.6%
- Analysts
- 15
- Target range
- 410.00 – 630.00 GBX
- 52-week change
- −0%
- P/E (trailing)
- 7.5
- Forward P/E
- 7.6
- PEG
- 0.80
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−7 of −30
- −3Quality of growthRevenue rose only 1.0% in H1 2026 (Q2: +0.2%), capacity for 2026 has been lowered to zero growth, and adjusted EPS fell 10.9%; analysts expect EPS −9.7% for the full year 2026.
- −2MarginOperating margin of 15% TTM is the best in the industry, but the H1 margin was 10.9%, the net margin is 9%, and the margin was −35% in 2021 and 6% in 2022. The 12–15% target rests on full use of a cyclically high price level.
- −2MoatManagement describes the European short-haul market (Vueling, Iberia Express, BA Euroflyer) as highly competitive with limited pricing power; the moat effectively lies only in slots at Heathrow/Madrid and transatlantic joint ventures.
Price
Today's multiples against the company's own history and its peers. · 1 finding−6 of −35
- −6Multiples vs own historyP/E 7.8 (TTM) vs 3.3–6.5 in 2023–2025 and forward P/E 7.2 vs 4.7–6.5; the share price has tripled from 1.49 to about 4.37 GBP since 2023. EV/EBITDA 3.6 and P/B 2.6 are at the low end, but P/E is at the top of the range on earnings close to the cycle peak.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−6 of −35
- −4Fuel and the Middle EastEarnings in Q2 2026 fell 16% due to rising fuel prices and weaker demand after the conflict in the Middle East; fuel costs rose 12.5% in H1 (676 m EUR headwind), and only about 60% was recovered via prices and costs.
- −1Debt and leasingGross debt including leases of EUR 13.9bn (gross gearing 1.8x, debt/equity 1.6) and current ratio 0.77; lease payments of EUR 1.38bn a year are fixed, while earnings are cyclical.
- −1Aircraft deliveriesExpected aircraft deliveries in 2026 have been lowered to 16, which contributes to capacity guidance being cut to zero growth.
Plus
Only documented strengths. · 2 findings+4 of +15
- +2BuybacksBuybacks (1.14bn) plus dividend (0.45bn) of EUR 1.59bn TTM are below FCF after leasing of 2.57bn; 800m of a EUR 1.4bn programme has been completed, and a EUR 500m programme was concluded on 11 Sep 2026.
- +2Debt reductionNet debt has fallen from EUR 11.7bn (2021) to 4.7bn in June 2026, and net gearing is 0.6x; FCF in H1 rose 808m to EUR 2.9bn.
Caveats
What the score does not capture, or where the data is weak.
Stockanalysis has no statistics page for the Madrid listing (quote/bme/IAG/statistics gives 404), so the path is the London listing (quote/lon/IAG) with the price in pence (GBX); Nordnet also trades the share in Madrid in EUR. The accounts are in EUR, the market cap in GBP (about EUR 22bn at about 1.15 EUR/GBP). Stockanalysis' FCF (EUR 3.95bn TTM) is before leasing; after leasing (1.38bn) it is EUR 2.57bn. The −8.6% share count change is more than the buybacks in the cash flow (EUR 1.14bn TTM ≈ 5–6%) explain; it may be due to timing differences, so buyback points are given only for what is documented. The EPS decline is on adjusted EPS (−10.9% in H1). Earnings are close to the cycle peak (margin −35% in 2021, 6% in 2022), so low multiples must be read accordingly. Ownership rules after Brexit and Qatar Airways' holding have not been investigated. Insider trading not investigated.
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