IAG Just Threw Cold Water on Portugal's TAP Sale Plan [Yahoo! Finance]
INTL CONSL AIRLNS S/ADR (ICAGY)
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Source: Yahoo! Finance
stake in TAP SA could complicate the investment case, as the British Airways parent would prefer majority ownership to unlock meaningful margin improvement. Speaking on Bloomberg TV, Chief Financial and Sustainability Officer Nicholas Cadbury said Portugal's plan to sell 49.9% of TAP would be an issue for the group, as control could be critical to executing any deep operational changes. Warning! GuruFocus has detected 6 Warning Sign with ICAGY. Is ICAGY fairly valued? Test your thesis with our free DCF calculator. Cadbury said IAG, which also owns Iberia and Aer Lingus, would likely need to transform TAP's business to lift its current margin of around 8% toward the group's 12% to 15% target range. To achieve that, he noted IAG would need a clear path to full or majority ownership, something that is currently not being offered. Without that pathway, Cadbury suggested the economics and execution risk of the deal could become difficult to justify. IAG submitted its expression of
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