Passenger Traffic Continues to Grow at Grupo Aeroportuario del Sureste; Raising FVE to $149
Wide-moat Grupo Aeroportuario del Sureste, or ASUR, reported strong third-quarter results, registering a year-over-year increase of 15.8% in aeronautical revenue and a 23.7% increase in nonaeronautical revenue. On the back of this revenue growth, operating margins increased 520 basis points from the prior-year period to 52.4%. We use the spot rate of MXN 18.5 per $1, and the increase in our fair value estimate to $149 from $142 per ADR is primarily driven by the strengthening Mexican peso relati...
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