Morningstar - Grupo Aeroportuario del Sureste SA de CV Class B (ASUR.B) Sureste Registers Solid 3Q Passenger Growth but Costs Creep Higher; Raising Our FVE

Report

Morningstar

Chris Higgins

EUR 100.00 For Business Accounts Only

Sureste Registers Solid 3Q Passenger Growth but Costs Creep Higher; Raising Our FVE

Weâ€™re raising our fair value estimate for wide-moat Grupo Aeroportuario del Sureste to $205 from $194 for ADR shares, and to MXN 396 from MXN 367 for local shares. Our updated fair value estimate reflects Suresteâ€™s increased traffic at San Juan and Colombian airports, adjustments for theÂ time value of money, and a revised spot rate for the Mexican peso, which has depreciated lately. After shares traded off by more than 3% on Oct. 23, Sureste remains fairly valued with a risk-adjusted price/fair ...

24/10/2018 15 EN

Underlying

Grupo Aeroportuario del Sureste SA de CV Class B

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.

See profile

MXP001661018 Mexican Stock Exchange Mexico

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

See profile

Analysts

Chris Higgins

Other Reports on these Companies

TheScreener

GRUPO AEROPORTUARIO DEL SURESTE 'B' with less fundamental stars is reduced to Neutral

GRUPO AEROPORTUARIO DEL SURESTE 'B' (MX), a company active in the Transportation Services industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date January 21, 2022, the closing price was MXN 404.67 and its expected va...

Free Trial

January 22, 2022 January 22, 2022 1 EN

Independent Investment Research

Monthly LMI Update Independent Investment Research

Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked. This compares to the total dividends of 5 cents per share in FY20. The Board has confirmed that, in...

August 6, 2021 August 6, 2021 10 EN

Morningstar

Morningstar | Grupo Aeroportuario Sureste Domestic Traffic Strong, but U.S. Traffic to and from Mexico Still Weak

Wide-moat Grupo Aeroportuario del Sureste reported a second-quarter 2019 that featured an EPS beat and results that give us no reason to alter our thesis. Total revenue grew 4.7% year over year supported by aeronautical and non-aeronautical growth of 7.3% and 7.2%, respectively. Total passenger traffic grew by 6.9% year over year, with nearly 5% growth in Mexican passenger traffic (makes up 62% of Suresteâ€™s total traffic). Mexican domestic traffic growth continues to outpace international volumes as U.S. passenger traffic to and from Mexico continues to be weak. Management expects U.S. traff...

EUR 850.00

July 24, 2019 July 24, 2019 3 EN

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Contract manufacturer Lonza reported solid half-year results, with over CHF 2.9 billion in total sales year to date, up about 6.4% from last year and boosted by foreign exchange tailwinds. Core EBITDA margin expanded 30 basis points from last year to about 27.8%, helped slightly by new accounting standards. Management indicated that it continues to expect mid- to high-single-digit sales growth in 2019. We are maintaining our fair value estimate of CHF 210 per share and our no-moat rating. The ph...

EUR 100.00

July 25, 2019 July 25, 2019 13 EN

Damien Conover

Damien Conover

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

We don't expect any major changes to our AstraZeneca fair value estimate following second-quarter results that largely fell in line with our expectations and slightly ahead of consensus expectations. Overall, the company is posting leading Big Pharma sales growth with total sales up 18% operationally year over year, led by impressive cancer drug sales growth of 57%. Astra's ability to continue to bring next generation drugs to the market that address unmet medical need (especially in oncology) s...

EUR 100.00

July 25, 2019 July 25, 2019 14 EN

Damien Conover

Damien Conover

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

EUR 100.00

July 25, 2019 July 25, 2019 14 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Sureste Registers Solid 3Q Passenger Growth but Costs Creep Higher; Raising Our FVE

GRUPO AEROPORTUARIO DEL SURESTE 'B' with less fundamental stars is reduced to Neutral

Monthly LMI Update Independent Investment Research

Morningstar | Grupo Aeroportuario Sureste Domestic Traffic Strong, but U.S. Traffic to and from Mexico Still Weak

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe