Equity Analysis /

ASUR: Flash: Dividend proposal with a 3.6% yield

  • Asur will propose dividends in cash, ordinary and extraordinary, for a total of MXN 19.93 per share (yield 3.6%)

  • The dividend proposal is above our expectation. This reflects the solid results and the financial strength

  • We reaffirm Asur in our top picks given the favorable outlook and the most attractive valuation in the sector

Jose Itzamna Espitia Hernandez
Jose Itzamna Espitia Hernandez

Senior Equity Research Analyst, Infrastructure, Materials and Transportation

10 March 2023
Published byBanorte

Asur announced that, at the Shareholders' meeting to be held on April 26, the company will propose an ordinary cash dividend of MXN 9.93 per share, payable in May 2023, and an extraordinary dividend of MXN 10.00 per share, payable in November of this year. The total return (MXN 19.93 from both) is 3.6% at current prices.

Positive implication: Asur's shareholder dividend proposal is above our expectation (MXN 15.00e), and we believe this is due to the solid results, coupled with the financial strength. Thus, we reaffirm the company as one of our favorites, given the favorable outlook that includes interesting growth for 2023, with passenger demand that will remain strong, along with high profitability. We also highlight the stock for having the most attractive valuation compared to its domestic peers (FV/EBITDA of 10.8x vs. 11.6x sector average).