Fresh Look at Mexican Airport Operators Brings Raised FVE for Sureste; Remaining Operators Unchanged
We’re reiterating our wide moat rating for Mexican airport operators and leaving our fair value estimates in place for Centro Norte and Pacifico, while raising Sureste’s fair value estimate per ADR to $197 from $192 (MXN 379 from MXN 368). Our fair value estimate for Sureste is higher on raised passenger traffic expectations in 2019 and 2020 following fourth-quarter results that outpaced our expectations. In each model we moved our flat growth period to 2021 and raised passenger growth in the ou...
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