From ‘La Cartera de elEconomista ‘, the active management tool proposed by this medium, it was warned last week that IAG could enter at any time and it has been. This Wednesday the Anglo-Spanish airline fell below its entry price, which was located at 1.65 euros, although it is already 6% above that level.
The case of IAG is that of a company heavily punished by the current situation and, in fact, it already belonged to La Cartera previously, but was sold on August 19 with losses of 20% after giving support at 1.85 euros, with which has avoided an additional loss of another 11%.
The new variant of Covid has delayed the return of mobility and tourism as expected, so that the traffic data for the first quarter of the year, and the forecasts for the second half have somewhat disappointed investors. “At the current price level, in addition, we believe that investors could be discounting that IAG carries out a second capital increase after the one it did just a year ago,” they warn from Renta 4.
This has gained more strength after EasyJet announced a 1.2 billion pound extension a few days ago. “We believe that IAG could avoid or delay a new capital increase given that at the end of June it had liquidity of 10.8 billion euros and that, despite the fact that cash consumption continues to be high,
With this purchase, the portfolio is left with only one security on the radar, which is Santander, which has been sold twice, with capital gains of more than 12%. The last time it was sold for 3.1 euros to be bought back at 2.95 euros, but it has not yet reached this area and is still trading at 3.08 euros. On the other hand, Cellnex is the only firm that has a profit protection stop placed at 55 euros and up to where it has a margin of fall of 5%.