Raising FVE After Sureste Beats on Domestic Passenger Traffic, but International Traffic Disappoints
Grupo Aeroportuario del Sureste's fourth-quarter results were mixed as international traffic disappointed, yet domestic activity was encouraging. We chose to raise our fair value estimate per ADR to $197 from $192 (to MXN 379 from MXN 368 for local shares) in light of higher-than-expected total passenger growth, though Mexico international volume disappointed. Our updated model still includes passenger growth tapering through the middle of our stage I forecast period, but we raised traffic growt...
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