IAG

International Consolidated Airlines Group S.A.

Travel and Leisure First-pass screen £16.7bn

200/1000 Overall fit

AI beneficiary 35% 5

Operating leverage 25% 30

Valuation 25% 30

Downside protection 15% 25

First-pass take

Airlines are cyclical and capital-intensive with zero AI exposure. IAG reported a €4.3B operating loss in 2020 (pre-exceptional) and €9.8B net debt. Going-concern assessed only to March 2022; no valuation multiples disclosed. Downside risk far outweighs recovery upside.

Flags

loss-makingcyclicalhigh-debtno-ai-exposurecash-burnsub-investment-gradegoing-concern-riskno-valuation-data