Lowering FVE for Local Shares but Maintaining for ADRs Following Pacifico's Investor Day
We are maintaining our fair value estimate for ADRs at $109 but lowering our fair value estimate for local shares to MXN 206 from MXN 210 following Grupo Aeroportuario del Pacifico’s 2019 investor day and after the peso rallied against the dollar (MXN 19.20 to 18.90) following our last update. After taking in management’s latest 2019 guidance and observing early passenger traffic results, we raised annual traffic growth in our model above 6.5%, from slightly below 6%, and concurrently lowered Pa...
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