Volaris recorded a 47.0% y/y increase in passenger traffic in November (+27.1% vs 2019), carrying 2.4 million passengers, comprised of year-over-year rises in international passengers of 62.2%, followed by domestic users with 44.0%. The figures reflected growth in capacity, measured in terms of Available Seat Miles (ASMs), of 28.8% y/y (compared to 2019 the increase was 26.2%). Meanwhile, demand measured in Revenue Passenger Miles (RPMs) rose 41.7% y/y, equivalent to a 25.7% increase vs. 2019. Based on the above, the load factor showed an advance of 8.0pp to 88.5%.
Positive implication: Volaris' November data presented a solid performance that we believe could continue for year-end. The airline’s outlook remains favorable, but we must monitor the evolution of the omicron variant that could have some impact on demand in the short term, although for now we consider it would not be so significant. Therefore, we expect the volatility in the stock to continue.