Pacifico Begins to Navigate a Flight Path Through a Turbulent Political World
We’re reiterating our fair value estimate of $109 per ADR (MXN 210 per local share) following no-moat Pacifico’s fourth-quarter earnings release. Total passenger traffic growth in the final quarter of 2018 (9%) lagged the increase during the same period last year (10%) mostly due to international traffic growth (approximately 7.5%) that fell below last year’s 9% mark. Nevertheless, Pacifico harvested stronger nonaeronautical and aeronautical revenue growth in the final quarter this year at 28% a...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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