Equity Analysis /
Mexico

ASUR: Flash: Favorable demand and attractive valuation reaffirm it as a favorite

  • Asur’s total passengers in October increased 20.6% y/y vs 19.0%e, supported by growth in international traffic

  • The operations in Mexico climbed 24.1% a/a, in line with our 24.0% estimate, the highest increase vs. national peers

  • The solid demand and an attractive valuation (FV/EBITDA of 9.5x), make us reiterate it as our sector favorite

Jose Itzamna Espitia Hernandez
Jose Itzamna Espitia Hernandez

Senior Equity Research Analyst, Infrastructure, Materials and Transportation

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Marissa Garza Ostos
Marissa Garza Ostos

Head of Equity Research

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Banorte
8 November 2022
Published byBanorte

Asur’s total passengers during October registered a 20.6% y/y growth vs 19.0%e, driven by a remaining strong demand, mainly in the international segment, which showed the highest growth of 26.1% y/y, followed by the domestic segment with a 18.1% y/y increase. It is worth noting that total number of passengers of the 9 airports operating in Mexico increased by 24.1% y/y, in line with our 24.0% estimate, being the group with the highest increase in the country.

Neutral implication: This month, the strength of operations in Mexico and Colombia was partially offset by the decline in Puerto Rico. It is worth mentioning that the performance of the international segment continues to drive traffic and reaffirms the expectation of solid growth going forward. Thus, we continue to have a positive outlook for the company given the favorable perspectives for demand and results, which together with its healthy financial position and attractive valuation (9.5x FV/EBITDA vs 10.8x national sector’s average), make us reiterate it as our favorite in the sector.