International Consolidated Airlines Group SA - Madrid-based owner of British Airways, Iberia, Vueling and Aer Lingus - Hosts capital markets day for institutional investors and analysts on Tuesday, saying its 2023 outlook remains unchanged. ‘We expect 2023 to be a year of strong recovery in our margins, operating profit and balance sheet and towards pre-Covid-19 levels of capacity,’ the company had said with its third-quarter results back in October.

IAG will also discuss its medium-term objectives on Tuesday. These include resuming dividend payments ‘once our balance sheet and investment plans are secure’. IAG last paid a 17.0 euro cents per share dividend in 2019, before the Covid-19 pandemic.

Another medium-term target is an operating margin of 12% to 15%. Its operating margin in the third quarter of this year was 20.2%, up from 16.6% a year before. IAG also wants to provide a return on invested capital of 13% to 16%. It wants to lower leverage - its ratio of net debt to earnings - to less than 1.8 times over the economic cycle. Leverage on September 30 was 1.4 times, down from 3.1 times a year before.

Current stock price: 163.30 pence, down 0.2% in London early Tuesday

12-month change: up 24%

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