Volaris: Flash: Record factor load, but relevant fuel pressures remain

  • Volaris’ total passengers in October increased 22.0% y/y, supported by domestic growth 21.6% and international 23.8%

  • Load factor (89.7%) reached a monthly record, but cost of fuel was above September’s figure

  • We expect an improvement in margins m/m, but the y/y comparison will be difficult for year-end

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