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...Grupo Aeroportuario del Sureste holds concessions to operate, maintain and develop nine airports in the southeast region of Mexico. As operators of these airports, Co. charges airlines, passengers and other users fees for the use of the airports' facilities. Co. also derives rental and other income from commercial activities conducted at its airports, such as the leasing of space to restaurants and retailers. Co.'s concessions include the concession for Cancun International Airport, the airports in Cozumel, Huatulco, Merida, Minatitlan, Oaxaca, Tapachula, Veracruz and Villahermosa.
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