Equity Analysis /
Mexico

ASUR: Flash: Continues to stand out with the highest growth in the sector

  • In May, ASURs showed a total passengers increase of 38.5% y/y, standing out with the highest growth in the sector

  • This month highlighted the solid traffic performance of Puerto Rico and Colombia

  • We reaffirm our positive outlook with an attractive valuation (FV/EBITDA of 11.3x vs. pre-pandemic 5-year avg. of 15.0x)

Jose Itzamna Espitia Hernandez
Jose Itzamna Espitia Hernandez

Senior Equity Research Analyst, Infrastructure, Materials and Transportation

Marissa Garza Ostos
Marissa Garza Ostos

Head of Equity Research

Banorte
7 June 2022
Published by

In May, Asur's total passengers showed a 38.6% y/y growth, —including the 9 airports it operates in Mexico, the International Luis Muñoz Marin Airport of San Juan, in Puerto Rico (LMM) and the 6 airports in Colombia (Airplan)—, exceeding pre-pandemic figures representing an increase of 20.4% vs. same month of 2019, derived from a favorable demand performance. Thus, domestic passengers showed an annual rise of 33.0% and international passengers by 49.7%. In turn, the traffic of the 9 airports operating in Mexico grew 30.5% y/y, which is equivalent to 113.3% of May 2019 passengers, slightly below our 116.0% estimate. Finally, passengers at LMM Airport accounted for 121.6% of 2019 and those from Colombia for 141.1% vs the same month in 2019.

Neutral implication: Asur's passengers continued with a solid dynamism, highlighting Puerto Rico and Colombia operations. It is worth mentioning that the group continued to present the highest growth in the sector. In this way, we reaffirm our positive vision for the company given the favorable demand and results outlook, as well as an attractive valuation (current FV/EBITDA of 11.3x vs. pre-pandemic 5-year average of 15.0x).