Wide-Moat Pacifico Tracking for Double-Digit Revenue Growth in 2018
We found little in Best Idea and wide-moat Grupo Aeroportuario del Pacifico’s first-quarter results that changes our long-term thesis. We are maintaining our fair value estimates of $120 and MXN 225 for local shares.Passenger traffic grew 13% from the prior-year period thanks to double-digit growth at Guadalajara and Tijuana. Total revenue, excluding construction revenues, increased 10% as aeronautical revenue increased 13% and nonaeronautical revenue increased 2%. We were surprised by the ta...
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