Grupo Aeroportuario del Pacifico Leverages Passenger Growth; Increasing Our Fair Value Estimate
Following wide-moat Grupo Aeroportuario del Pacifico’s first-quarter earnings report, we raised our fair value estimate to $92 from $89 per ADR due to the time value of money and incorporating the current MXN/USD spot rate of 18.90 as of April 27, 2017. Domestic traffic increased 11.0%, and international traffic increased 11.7%. The MXN/USD spot rate sits at historically high levels. This weakened peso limits the ability for Mexico citizens to travel abroad (so they travel more domestically), an...
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