International Consolidated Airlines: Still Attractive

2026-03-04 23:55:03 ET

Nearly two years ago, I researched and wrote an article on International Consolidated Airlines Group ( ICAGY ), the parent company of British Airways, Vueling, and others—and what I saw puzzled me. How could such a robust European-based airline group that had done a wonderful job recovering from the depths of the COVID-19 crisis be trading at such low multiples (trailing P/E of only 4.8x)? Meanwhile, the stock price remained in an eye-popping 71% drawdown from the January 2020 peak levels (see line chart below), which was substantially worse than what the rest of the global airline sector ( JETS ) had been experiencing....

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