IAG's Result, Buyback Plan Are Evidence of Recovery -- Market Talk

Dow Jones11-08

0958 GMT - IAG's surprise plan to buy back 350 million euros of shares is further evidence that the airline group is on a strongly recovering flight path, Interactive Investor's Richard Hunter says in a note to clients. The buyback and the company's net debt level are both strong takeaways from the quarterly result, Hunter says. IAG has been able to generate a significant amount of cash, which has helped it reduce its debt to 6.19 billion euros for the nine months ended Sept. 30 from 9.25 billion euros a year ago, Hunter says. "While the recovery for IAG will itself be a long-haul journey, it is one which is being supported by investors for the longer term," he says. Shares trade 5.9% higher at 231.8 pence. (pierre.bertrand@wsj.com)

(END) Dow Jones Newswires

November 08, 2024 04:59 ET (09:59 GMT)

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IAG has been able to generate a significant amount of cash, which has helped it reduce its debt to 6.19 billion euros for the nine months ended Sept. 30 from 9.25 billion euros a year ago, Hunter says. \"While the recovery for IAG will itself be a long-haul journey, it is one which is being supported by investors for the longer term,\" he says. Shares trade 5.9% higher at 231.8 pence. 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