GRUPO AEROPORTUARIO DEL SURESTE, S. A. B. DE C. V. Financials Grupo Aeroportuario del Sureste, S. A. B. de C. V. OTC Markets
Equities
ASRMF
MXP001661018
Airport Services
|
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 32.11 USD | -7.73% |
|
-3.28% | +5.80% |
| 06/05 | Grupo Aeroportuario del Sureste, S. A. B. de C. V. Reports Traffic Results for the Month and Year to Date of April 30, 2024 | CI |
| 03/05 | A return to normality for the airport sector? |  |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 5,620 | 4,968 | 6,187 | 7,003 | 8,806 | 10,048 | - | - |
| Enterprise Value (EV) 2 | 5,941 | 5,394 | 6,424 | 7,113 | 8,604 | 9,512 | 9,439 | 9,190 |
| P/E ratio | 19.4 x | 50.1 x | 21.2 x | 13.7 x | 14.6 x | 14 x | 12.4 x | 11.6 x |
| Yield | 2.82% | - | 2.14% | 3.31% | 4.01% | 4.36% | 4.93% | 5.75% |
| Capitalization / Revenue | 6.39 x | 8.04 x | 6.79 x | 5.1 x | 5.91 x | 5.32 x | 4.56 x | 4.18 x |
| EV / Revenue | 6.76 x | 8.73 x | 7.05 x | 5.18 x | 5.77 x | 5.03 x | 4.28 x | 3.82 x |
| EV / EBITDA | 11 x | 22.6 x | 12.8 x | 8.09 x | 8.63 x | 8.08 x | 7.17 x | 6.18 x |
| EV / FCF | 23.7 x | -282 x | 20.1 x | 12.3 x | 12 x | 14.8 x | 17 x | 15.3 x |
| FCF Yield | 4.22% | -0.36% | 4.97% | 8.15% | 8.32% | 6.76% | 5.88% | 6.53% |
| Price to Book | 3.41 x | 2.93 x | 3.41 x | 3.28 x | 3.32 x | 3.38 x | 3.17 x | 2.74 x |
| Nbr of stocks (in thousands) | 3,00,000 | 3,00,000 | 3,00,000 | 3,00,000 | 3,00,000 | 3,00,000 | - | - |
| Reference price 3 | 354.0 | 329.2 | 422.8 | 454.7 | 497.5 | 570.7 | 570.7 | 570.7 |
| Announcement Date | 24/02/20 | 24/02/21 | 24/02/22 | 23/02/23 | 26/02/24 | - | - | - |
1MXN in Million2USD in Million3MXN
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 878.9 | 617.7 | 911.2 | 1,373 | 1,491 | 1,890 | 2,204 | 2,406 |
| EBITDA 1 | 539.2 | 238.8 | 499.9 | 879.4 | 996.6 | 1,177 | 1,317 | 1,486 |
| EBIT 1 | 443.1 | 160.3 | 420 | 797.3 | 891.8 | 1,031 | 1,159 | 1,312 |
| Operating Margin | 50.42% | 25.95% | 46.09% | 58.06% | 59.83% | 54.56% | 52.58% | 54.54% |
| Earnings before Tax (EBT) 1 | 400.3 | 139.7 | 394.2 | 764 | 855.3 | 1,017 | 1,133 | 1,190 |
| Net income 1 | 285.6 | 96.5 | 290.3 | 541.7 | 596.1 | 732 | 830.7 | 916.4 |
| Net margin | 32.49% | 15.62% | 31.85% | 39.45% | 39.99% | 38.73% | 37.69% | 38.08% |
| EPS 2 | 18.22 | 6.574 | 19.95 | 33.29 | 34.01 | 40.78 | 46.10 | 49.32 |
| Free Cash Flow 1 | 250.9 | -19.15 | 319.5 | 579.9 | 715.5 | 642.9 | 555.3 | 600 |
| FCF margin | 28.55% | -3.1% | 35.06% | 42.23% | 48% | 34.01% | 25.2% | 24.93% |
| FCF Conversion (EBITDA) | 46.53% | - | 63.91% | 65.95% | 71.79% | 54.6% | 42.16% | 40.38% |
| FCF Conversion (Net income) | 87.86% | - | 110.07% | 107.05% | 120.03% | 87.82% | 66.85% | 65.47% |
| Dividend per Share 2 | 10.00 | - | 9.030 | 15.03 | 19.93 | 24.87 | 28.16 | 32.83 |
| Announcement Date | 24/02/20 | 24/02/21 | 24/02/22 | 23/02/23 | 26/02/24 | - | - | - |
1USD in Million2MXN
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 329.3 | 267.3 | 308.6 | 315.4 | 394.6 | 357.5 | 365.8 | 332.8 | 401.7 | 434.2 | 476.4 | 480.1 | 519 | 543.2 | - |
| EBITDA 1 | 159.4 | 181.1 | 197.3 | 203.8 | 240.1 | 251.1 | 247.2 | 231.6 | 243.7 | 299.1 | 286 | 291.3 | 299.3 | 318.1 | - |
| EBIT 1 | 135.3 | 166.2 | 181.2 | 185.2 | 211.3 | 222.5 | 232 | 202.9 | 213.4 | 267.4 | 254.2 | 259.4 | 267.2 | 285.7 | - |
| Operating Margin | 41.08% | 62.18% | 58.7% | 58.72% | 53.55% | 62.23% | 63.41% | 60.97% | 53.12% | 61.59% | 53.36% | 54.04% | 51.49% | 52.59% | - |
| Earnings before Tax (EBT) 1 | 127.7 | 154.3 | 186.5 | 175.9 | 195.3 | 193.2 | 212.4 | 210.4 | 219.1 | 264.8 | 269.1 | 272.9 | 278 | - | - |
| Net income 1 | 97.65 | 108.1 | 130 | 127.6 | 138.9 | 139.3 | 145.3 | 149.5 | 148.2 | 180 | 182.1 | 184.7 | 189.3 | - | - |
| Net margin | 29.65% | 40.43% | 42.12% | 40.45% | 35.21% | 38.95% | 39.71% | 44.91% | 36.89% | 41.45% | 38.21% | 38.48% | 36.47% | - | - |
| EPS 2 | 6.710 | 7.312 | 8.872 | 8.488 | 8.537 | 8.374 | 8.149 | 9.032 | 8.457 | 10.27 | 10.02 | 10.34 | 10.66 | 12.10 | - |
| Dividend per Share 2 | 9.030 | - | 15.03 | - | - | - | - | - | - | - | 15.93 | 8.515 | 3.493 | 7.632 | 7.632 |
| Announcement Date | 24/02/22 | 25/04/22 | 25/07/22 | 24/10/22 | 23/02/23 | 24/04/23 | 24/07/23 | 23/10/23 | 26/02/24 | 22/04/24 | - | - | - | - | - |
1USD in Million2MXN
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 321 | 426 | 237 | 110 | - | - | - | - |
| Net Cash position 1 | - | - | - | - | 203 | 536 | 609 | 858 |
| Leverage (Debt/EBITDA) | 0.5945 x | 1.784 x | 0.4741 x | 0.1253 x | - | - | - | - |
| Free Cash Flow 1 | 251 | -19.2 | 319 | 580 | 715 | 643 | 555 | 600 |
| ROE (net income / shareholders' equity) | 18.1% | 6.09% | 16.9% | 25.3% | 23.6% | 24% | 24% | 23.5% |
| ROA (Net income/ Total Assets) | 9.61% | 3.35% | 9.48% | 14.6% | 14.4% | 16.5% | 17.1% | 18.5% |
| Assets 1 | 2,972 | 2,885 | 3,062 | 3,709 | 4,126 | 4,424 | 4,862 | 4,965 |
| Book Value Per Share 2 | 104.0 | 112.0 | 124.0 | 139.0 | 150.0 | 169.0 | 180.0 | 208.0 |
| Cash Flow per Share 2 | 28.30 | 9.790 | 34.20 | 44.90 | 45.40 | 64.80 | 59.70 | 52.20 |
| Capex 1 | 111 | 163 | 178 | 151 | 80.1 | 245 | 416 | 481 |
| Capex / Sales | 12.68% | 26.37% | 19.57% | 10.97% | 5.37% | 12.97% | 18.9% | 19.99% |
| Announcement Date | 24/02/20 | 24/02/21 | 24/02/22 | 23/02/23 | 26/02/24 | - | - | - |
1USD in Million2MXN
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
570.7
MXN
Average target price
627.3
MXN
Spread / Average Target
+9.91%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +9.45% | 2.92TCr | |
| +6.01% | 1.21TCr | |
| +6.94% | 946.14Cr | |
| -11.36% | 681.98Cr | |
| +9.28% | 648.38Cr | |
| +5.03% | 587.24Cr | |
| +35.05% | 352.15Cr | |
| +1.09% | 308.21Cr | |
| +14.20% | 300.37Cr |
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- Financials Grupo Aeroportuario del Sureste, S. A. B. de C. V.
