Colombia and Puerto Rico Airports Weigh on Wide-Moat Sureste; Maintaining FVE
Wide-moat Grupo Aeroportuario del Sureste grew traffic 1% in the first quarter despite abysmal conditions at its airports outside of Mexico, and we plan to maintain our fair value estimate of $196 and MXN 368 for local shares. Passenger traffic in Mexico increased 9% year over year, but dropped 19% and 5% in Puerto Rico and Colombia, respectively. We believe Puerto Rico will return to growth in 2019 and capacity adjustments in Colombia will be settled by the end of 2018. We still see roughly 10%...
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