Covering the Mexican Economy, Actinver Research

Actinver

Covering the Mexican Economy

Actinver Research

Actinver is a mexican leading financial group, that generates well being for individuals and companies through advisory services that provides investment management to maintain and grow their wealth.

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Grupo Aeroportuario del Pacifi / Equity Bottom-Up

<ul><li>Operating Revenues of P$6.7bn were driven by solid non-aeronautical growth.</li><li>Total operating sales growth of 6% YoY was driven by a solid 39% YoY gain in non-aeronautical revenues, mainly explained by consolidating the cargo and free trade zone business at the Guadalajara airport (GWTC).</li><li>In contrast, aeronautical revenues (69% of total) decreased 4% YoY because of a 6% contraction in total PAX, negatively impacted by fleet grounding due to P&W issues.</li></ul>

Operating Revenues of P$6.7bn were driven by solid non-aeronautical growth.Total operating sales growth of 6% YoY was driven by a solid 39% YoY gain in non-aeronautical revenues, mainly explained by consolidating the cargo and free trade zone business at the Guadalajara airport (GWTC).In contrast, aeronautical revenues (69% of total) decreased 4% YoY because of a 6% contraction in total PAX, negatively impacted by fleet grounding due to P&W issues.

GAPB MM - Actinver Research - GAP 3Q24: Positive Results, In line with our estimates (Quick View)

<ul><li>During the last decades, the airport industry has proven to be resilient, having a traffic recovery from previous local or global crises such as September 11, in the EE.UU., SARS, and the financial crisis.</li><li>The COVID-19 pandemic was not the exception, and now the traffic recovery is within its traffic recovery corridor worldwide, reaching the pre-pandemic levels.</li><li> Although we expect 3Q24 quarterly results to be negatively impacted by total traffic contraction, overall total EBITDA will rise 15% YoY, mainly explained by a positive performance on VOLAR, ASUR, and GAP’s results.</li></ul>

During the last decades, the airport industry has proven to be resilient, having a traffic recovery from previous local or global crises such as September 11, in the EE.UU., SARS, and the financial crisis.The COVID-19 pandemic was not the exception, and now the traffic recovery is within its traffic recovery corridor worldwide, reaching the pre-pandemic levels. Although we expect 3Q24 quarterly results to be negatively impacted by total traffic contraction, overall total EBITDA will rise 15% YoY, mainly explained by a positive performance on VOLAR, ASUR, and GAP’s results.

Actinver Research - Air Transport: Attractive Valuations Supported Solid Potential Returns (Sector Initiation)

Mexico

Grupo Aeroportuario del Pacifico SAB de CV operates and maintains airports in the Pacific and central regions of Mexico.

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Grupo Aeroportuario del Pacifi (GAPB MM)

GAPB MM - Actinver Research - GAP 3Q24: Positive Results, In line with our estimates (Quick View)

Operating Revenues of P$6.7bn were driven by solid non-aeronautical growth. Total operating sales growth of 6% YoY was driven by a solid 39% YoY...

Actinver

Actinver Research - Air Transport: Attractive Valuations Supported Solid Potential Returns (Sector Initiation)

During the last decades, the airport industry has proven to be resilient, having a traffic recovery from previous local or global crises such as...

Actinver

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