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When the FTSE 100 plunged on war fears, the International Consolidated Airlines Group (LSE: IAG) share price fell faster than almost any other stock. Which is exactly what I’d expect. The British Airways owner always seems to be on the front line of market volatility, whatever the cause. So why do I own it?
IAG shares took an absolute beating during the pandemic, as global flights were grounded. It only survived by piling on debt and launching a rights issue. By the end of it, the shares looked dirt cheap, with a price-to-earnings (P/E) ratio of three or four, and I was sorely tempted. IAG looked terrific value, but I was still shaken by its pandemic near miss.
