GAP Reports Second-Quarter Results, Upgrades Guidance, and Merits a Fair Value Estimate Increase
Wide-moat Grupo Aeroportuario del PacÃfico, or GAP, reported second-quarter 2016 results. Management increased 2016 guidance for air traffic and revenue, but only moved up EBITDA margin guidance by 100 basis points. In our previous note, we flagged the company’s strong traffic growth and expected it to beat its initial guidance for a 7% year-over-year traffic increase. We are raising our fair value estimate on the shares to $86 from $80 primarily because of a higher traffic growth outlook over t...
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