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...
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