Despite Storms and State Department Travel Warnings, Sureste Posts Solid 3Q and Closes Airplan
Wide-moat Sureste reported solid third-quarter results despite several hurricanes in the Caribbean and a U.S. State Department travel warning that included the state of Quintana Roo, where Cancun is located. Sureste completed its acquisition of Airplan, a Colombian airport operator, that will increase passenger traffic by roughly 40% on a full year pro forma basis. We like management’s plan to lessen its dependence on Cncun and believe Airplan will reinforce the company’s moat. We’re not updatin...
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