We anticipate a considerable 28% CAGR in IAG's EBITDA from FY22-24F, outperforming other European legacy airline groups. This growth is attributed to a combination of ongoing capacity expansion, sustained passenger yield strength, and astute cost management. The group's passenger capacity is anticipated to return to pre-pandemic levels in FY24F, enabling it to solidify its grip on the lucrative North-Atlantic routes to North America, particularly on the back of measured capacity growth in the region. Additionally, IAG is expected to benefit from GTF engine woes in Europe, given minimal impact since only 4% of its fleet (held by its LCC subsidiary, Vueling Airlines) is powered by GTF engines, compared to 11%, 8% and 6% for and SWISS respectively.