Equity Analysis /
Mexico

ASUR: Flash: Growth moderates, but continues with the most attractive valuation

  • Asur’s total passengers in November increased 16.8% y/y, driven by a strong demand, albeit at a slower expansion

  • The international segment, showed the highest growth of 20.1% y/y, followed by the domestic with a 15.1% y/y increase

  • The outlook remains positive and the attractive valuation (FV/EBITDA of 10.2x),reaffirm it as our favorite in the sector

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 December 2022
Published byBanorte

Asur’s total passengers during November registered a 16.8% y/y growth vs 21.0%e, driven by a remaining strong demand, albeit at a slower pace of expansion. The international segment, again showed the highest growth of 20.1% y/y, followed by the domestic segment with a 15.1% y/y increase.  It is worth noting that total number of passengers of the 9 airports operating in Mexico increased by 18.0% y/y, below our 24.0% estimate.

Neutral implication: This month, the performance of operations in Colombia stood out, although there was less dynamism than expected in Mexico, and Puerto Rico registered a low increase.It should be noted that the performance of international passengers continues to boost traffic. In this sense, we expect solid figures in December, supported by winter tourism from other countries, which last year was limited by restrictions due to the coronavirus. Thus, we believe that the outlook remains positive in terms of demand and results. This, coupled with a healthy financial situation and a more attractive valuation, with a current 10.2x FV/EBITDA vs 11.1x national average, reaffirm it as our favorite in the sector.