Equity Analysis /

Grupo Aeroportuario del Pacifico: Flash: Distancing from pre-pandemic figures

  • Gap showed an increase of 93.6% in February’s total passengers, representing 107.1% of Febrary’s 2019 figures

  • Mexico’s airports recorded a 9.7% y/y increase vs same month of 2019, exceeding our estimate (101.0%)

  • Growth outlook remains positive, although with an extended valuation, reiterating our Hold recommendation

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

7 March 2022
Published byBanorte

Gap published its total passengers report for February, which showed an increase of 93.6% y/y, considering the 14 airports it operates, which represent 107.1% of February 2019 traffic, all this due to a surprisingly better demand performance.  The domestic segment rose 56.8% y/y and the international 174.9% y/y.

The increase in total traffic of the 12 airports operating in Mexico was 85.6% y/y, which is 109.7% compared to the same month of 2019, exceeding our estimate of ~101.0%. In turn, Montego Bay Airport in Jamaica (MBJ) accounted for 67.6% vs. the 2019 figure, while Kingston Airport showed a decline of 15.0% m/m. Finally, the group mentioned that during the month a new route was opened, and that the volume of seats offered increased 32.1% y/y, while the load factor was placed at 73.1% vs. 48.3% in February 2021

Positive implication: The solid demand performance in Mexico boosted Gap's traffic report, which in our opinion, underpins a greater passenger dynamism for the coming months. We believe that the growth outlook remains positive; although, the valuation looks extended, so we reiterate our Hold recommendation.