Wide-Moat Pacifico’s Investor Day Delights After Record Year; Shares Undervalued
Best Idea Grupo Aeroportuario del Pacifico held an investor day that confirmed our long-term thesis and highlighted management’s strategy to capitalize on increasing passenger traffic. We’re maintaining our $120 per ADR fair value estimate (MXN 225 for local shares), which implies roughly 20% upside in the shares.ÂLower fares for travelers thanks to more intense competition among airlines has fueled growth at Pacifico’s airports. Seat capacity in Mexico is also up more than 8% year over year in...
Grupo Aeroportuario del Pacifico operates concessions to operate one international airport in Jamaica and twelve airports, which serve two major metropolitan areas (Guadalajara and Tijuana), several tourist destinations (Puerto Vallarta, Los Cabos, La Paz and Manzanillo), and a number of mid-sized cities (Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali and Los Mochis). All of Co.'s airports are equipped to receive international flights and maintain customs, refueling and immigration services by the Mexican government. Also, Co. leases space to restaurants and retailers at its airports. In 2016, Co.'s airports served a total of approximately 32.6 million terminal passengers.
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