Core Thesis - Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) is undergoing a strategic transformation to become a growth-driven airport platform in Latin America, with a current share price of $318.36 and trailing and forward P/E ratios of 12.85 and 14.97 respectively [1][3]. Financial Performance - ASR has historically maintained strong financial discipline, generating over USD 700 million in annual free cash flow and keeping net leverage as low as 0.2x, which allowed for a significant extraordinary dividend of USD 25.71 per ADR in 2025 [3]. - Despite a 25% year-to-date increase in share price, ASR's valuation remains modest at approximately 12.85x earnings [3]. Strategic Initiatives - The company plans to acquire Companhia de Participacoes em Concessoes for USD 936 million, which will add 20 airports across Brazil, Ecuador, Costa Rica, and Curacao, with shareholder approval expected on January 26, 2026 [4]. - This acquisition, along with the recent purchase of URW Airports, will significantly expand ASR's operational footprint and growth potential while introducing leverage [4]. Market Positioning - The strategic shift positions ASR for a potential rerating as a regional airport powerhouse by 2026, presenting an attractive risk-reward profile at current valuation levels [5]. - The company is transitioning from a conservative, cash-rich business model to one focused on growth through acquisitions and expansion [4][6].

Core Insights - Grupo Aeroportuario del Pacífico (GAP) reported a 3.5% increase in total terminal passenger traffic across its 12 Mexican airports in November 2025 compared to November 2024 [2] - The overall passenger traffic for the year-to-date (January to November) also showed a growth of 5.8% [3] Passenger Traffic Summary - **Total Terminal Passengers**: Increased from 2,954.7 thousand in November 2024 to 3,096.6 thousand in November 2025, marking a 4.8% rise [3] - **Guadalajara Airport**: Experienced a significant increase in passenger traffic, rising by 10.4% year-over-year for November [3] - **Puerto Vallarta Airport**: Noted a 7.0% increase in passenger traffic for November [3] - **Tijuana and Los Cabos Airports**: Reported slight decreases in passenger traffic of 1.0% and 4.1%, respectively [3] Domestic vs. International Passengers - **Domestic Passengers**: Total domestic passengers decreased by 10.8% in November 2025 compared to November 2024 [5] - **International Passengers**: Total international passengers decreased by 2.0% in November 2025 compared to November 2024 [6] Highlights and Operational Insights - **Seat Availability**: Increased by 6.8% in November 2025 compared to the same month in 2024 [9] - **Load Factors**: Decreased from 85.2% in November 2024 to 78.1% in November 2025 [9] - **Impact of Hurricane Melissa**: The hurricane significantly affected Montego Bay Airport, with a 73.4% decrease in passenger traffic due to operational disruptions and damage to tourism infrastructure [2][11][12] Company Overview - Grupo Aeroportuario del Pacífico operates 12 airports in Mexico's Pacific region, including major cities and tourist destinations [13][14]

We came across a bearish thesis on Corporación América Airports S.A. on Monopolistic Investor’s Substack by Antoni Nabzdyk. In this article, we will summarize the bulls’ thesis on CAAP. Corporación América Airports S.A.'s share was trading at $26.40 as of December 2nd. CAAP’s trailing and forward P/E were 23.98 and 4.89 respectively according to Yahoo Finance. Corporación América Airports (CAAP) operates 52 airports globally, with its largest footprint in Argentina, a country facing ongoing economic inst ...

Core Points - Grupo Aeroportuario del Pacífico (GAP) has resumed operations at Kingston Airport for humanitarian aid flights following Hurricane Melissa, with commercial operations set to resume on October 30, 2025 [1] - All critical infrastructure at Kingston Airport has been inspected and is deemed suitable for operations, with safety as the top priority [2] - Operations at Montego Bay Airport remain suspended as technical teams conduct assessments for reopening [3] - GAP is committed to collaborating with local authorities in recovery efforts and prioritizes the safety of passengers and employees [4] Company Overview - Grupo Aeroportuario del Pacífico operates 12 airports in Mexico's Pacific region, including major cities and tourist destinations [5] - The company has been publicly traded since February 2006 on both the New York Stock Exchange and the Mexican Stock Exchange [5] - GAP acquired a majority stake in MBJ Airports Limited, which operates Sangster International Airport in Montego Bay, Jamaica, in April 2015 [5] - In October 2018, GAP entered into a concession agreement for the operation of Norman Manley International Airport in Kingston, Jamaica [5]

Core Viewpoint - Grupo Aeroportuario del Pacífico (GAP) is currently focused on resuming airport operations in Jamaica following the impact of Hurricane Melissa, a Category 5 storm, which led to the suspension of operations at Kingston and Montego Bay airports [1][2]. Group 1: Impact of Hurricane Melissa - Hurricane Melissa caused the suspension of operations at Kingston Airport on October 25 at 9:00 p.m. and at Montego Bay Airport on October 26 at 12:00 p.m. due to deteriorating weather conditions [1]. - GAP is assessing the damage to airport facilities and is coordinating with authorities to restore normal operations as soon as possible [2]. Group 2: Company Response and Priorities - The CEO of GAP emphasized that the priority is the safety and well-being of employees, their families, stranded passengers, and local communities [2]. - GAP's airport terminals in Kingston and Montego Bay have remained closed since the weekend, and the company is committed to safely reopening them to facilitate humanitarian aid [2]. Group 3: Financial Significance - During the first nine months of 2025, the airports in Jamaica accounted for 11.0% of GAP's total passenger traffic and 8.8% of consolidated EBITDA [2]. Group 4: Company Overview - Grupo Aeroportuario del Pacífico operates 12 airports in Mexico's Pacific region, including major cities and tourist destinations [4]. - GAP has been involved in airport operations in Jamaica since acquiring a majority stake in MBJ Airports Limited in April 2015 and taking control of the Norman Manley International Airport in October 2019 [4]. Group 5: Future Monitoring - GAP will continue to monitor the situation and provide updates on damage assessments, operating conditions, and the timeline for resuming operations [3].

Core Insights - VINCI reported a consolidated revenue increase of 3.7% to €54.3 billion for the first nine months of 2025, with organic growth of 2.0% and a positive impact from changes in scope of 2.5% [4][5][6] - The order book reached €70.6 billion, up 6% year-on-year, indicating strong business activity and a renewal rate across all business lines [8][38] - The company confirmed its guidance for 2025, expecting continued revenue and earnings growth despite an increase in corporate tax rates in France [24][56] Revenue and Key Indicators - Concessions revenue increased by 5.4% to €9.4 billion, driven by growth in VINCI Airports and VINCI Autoroutes [2][9] - Energy Solutions revenue rose by 6.7% to €20.7 billion, with significant contributions from international markets [11][12] - Construction revenue was slightly up by 0.8% to €24.5 billion, with VINCI Construction showing a 0.9% increase [15][16] Order Intake and Book - Order intake for the first nine months of 2025 was €46.9 billion, a decrease of 3% compared to the previous year, but showed a 4% increase in the third quarter [6][37] - The order book at the end of September 2025 represented 14 months of average business activity, with international business comprising 70% of the total [8][38] Financial Position - VINCI's net financial debt decreased to €21.4 billion, down €0.8 billion year-on-year, reflecting a strong liquidity position [19] - The company maintained stable credit ratings from Standard & Poor's and Moody's, indicating confidence in its financial health [19] Recent Developments - VINCI Energies completed 25 acquisitions in the first nine months of 2025, contributing over €400 million in revenue, primarily in Germany [20][21] - Key contracts won include projects in energy transition and infrastructure, enhancing VINCI's market position [21][23] Outlook - The company anticipates continued growth in revenue and earnings for 2025, with specific expectations for each business line [24][29] - VINCI expects to increase renewable electricity capacity to around 5 GW by the end of 2025 [29]

Core Thesis - Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) is viewed positively due to its strong fundamentals, growth potential, and attractive valuation compared to its current share price of $319.48 as of October 8th [1][4]. Company Overview - ASR operates a portfolio of airports primarily in Mexico, Puerto Rico, and Colombia, and has recently expanded into U.S. airport retail through the acquisition of URW Airports, LLC [2]. - The company owns Cancun International Airport, along with significant stakes in San Juan International and Medellín airports [2]. Financial Performance - ASR has delivered over 21 times price return since 2000, with operating margins above 50%, ROIC of 21%, ROE of 29%, and ROA of 15% [3]. - The company maintains a strong balance sheet with low debt levels despite ongoing expansion efforts at Cancun International [3]. Valuation and Growth Potential - Current valuation metrics include a forward P/E of 13x and a free cash flow multiple of 19x, indicating an attractive investment opportunity [3]. - A conservative DCF analysis suggests a fair value of $468 per share, representing nearly 50% upside from the current price, with potential to exceed $600 under optimistic scenarios [4]. Competitive Advantages - ASR benefits from a substantial competitive moat, as airports are difficult to replicate and face limited competition from alternative travel modes [3]. - The company’s international customer base at key airports provides insulation from domestic economic volatility [4]. Market Context - The bullish thesis on ASR aligns with previous positive coverage of Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB), which also highlighted strong passenger growth and high operating margins [5].

Core Insights - Grupo Aeroportuario del Pacífico (GAP) reported a 1.0% increase in total terminal passenger traffic across its 12 Mexican airports for September 2025 compared to September 2024 [2][3] - The overall passenger traffic for the year-to-date (January to September) increased by 6.4% compared to the same period in 2024 [3] Passenger Traffic Summary - **Total Terminal Passengers**: - September 2025: 2,821.1 thousand, up from 2,731.9 thousand in September 2024, representing a 3.3% increase [3] - Year-to-date (Jan-Sep 2025): 27,071.6 thousand, compared to 25,452.6 thousand in 2024, a 6.4% increase [3] - **Domestic Terminal Passengers**: - September 2025: 1,580.8 thousand, down from 1,632.4 thousand in September 2024, a decrease of 3.2% [5] - Year-to-date (Jan-Sep 2025): 20,736.8 thousand, slightly up from 20,684.7 thousand in 2024, a 0.3% increase [5] - **International Terminal Passengers**: - September 2025: 1,240.3 thousand, down from 1,188.8 thousand in September 2024, a decrease of 4.2% [5] - Year-to-date (Jan-Sep 2025): 6,334.8 thousand, compared to 6,267.5 thousand in 2024, a 1.1% increase [5] Airport-Specific Performance - **Guadalajara Airport**: - September 2025: 990.4 thousand, up 1.3% from 977.6 thousand in September 2024 [3] - Year-to-date (Jan-Sep 2025): 9,295.2 thousand, a 5.9% increase from 8,779.7 thousand in 2024 [3] - **Tijuana Airport**: - September 2025: 675.4 thousand, a 2.2% increase from 660.8 thousand in September 2024 [3] - Year-to-date (Jan-Sep 2025): 6,434.0 thousand, a 2.3% increase from 6,288.3 thousand in 2024 [3] - **Los Cabos Airport**: - September 2025: 208.4 thousand, down 5.7% from 220.9 thousand in September 2024 [3] - Year-to-date (Jan-Sep 2025): 2,170.7 thousand, a 2.4% increase from 2,119.7 thousand in 2024 [3] - **Puerto Vallarta Airport**: - September 2025: 235.2 thousand, a 7.4% increase from 219.0 thousand in September 2024 [3] - Year-to-date (Jan-Sep 2025): 2,354.6 thousand, an 11.0% increase from 2,121.6 thousand in 2024 [3] Operational Metrics - **Seats and Load Factors**: - Available seats in September 2025 increased by 1.3% compared to September 2024 [9] - Load factors decreased from 81.0% in September 2024 to 80.7% in September 2025 [9]

Group 1 - The company Grupo Aeroportuario del Pacífico (GAP) has refinanced a USD $40.0 million credit line with Banco Nacional de México for a five-year term, maturing on September 18, 2030 [1] - The interest on the new credit line will be paid monthly at a variable rate equivalent to SOFR plus 81 basis points, with no additional commissions [1] Group 2 - GAP operates 12 airports in Mexico's Pacific region, including major cities like Guadalajara and Tijuana, as well as tourist destinations such as Puerto Vallarta and Los Cabos [2] - The company was listed on the New York Stock Exchange in February 2006 and acquired a majority stake in MBJ Airports Limited in April 2015 [2] - GAP entered into a concession agreement for the Norman Manley International Airport in Jamaica in October 2018 and took control of operations in October 2019 [2]

Core Insights - Grupo Aeroportuario del Pacífico (GAP) reported a 3.3% increase in total terminal passenger traffic across its 12 Mexican airports in August 2025 compared to August 2024 [2][3] - The total number of terminal passengers for August 2025 reached approximately 3.28 million, up from 3.12 million in August 2024 [3][6] - The year-to-date passenger traffic from January to August 2025 increased by 6.7% compared to the same period in 2024, totaling approximately 24.25 million passengers [3][6] Passenger Traffic by Airport - Guadalajara airport saw a 4.7% increase in passenger traffic, with 1.1 million passengers in August 2025 compared to 1.05 million in August 2024 [3][7] - Puerto Vallarta experienced the highest growth at 12.8%, with 314,000 passengers in August 2025 [3][7] - Tijuana airport reported a slight decrease of 1.6%, with 785,600 passengers in August 2025 [3][7] Domestic and International Passenger Trends - Domestic terminal passengers increased by 0.8% to approximately 2.15 million in August 2025 [5][6] - International terminal passengers decreased by 6.3% at Puerto Vallarta and 6.8% at Tijuana, while Montego Bay saw a 5.3% increase [5][6] Load Factors and Capacity - Available seats in August 2025 increased by 3.6% compared to August 2024, while load factors slightly decreased from 84.3% to 84.0% [9] - The overall capacity utilization remains stable despite the increase in available seats [9] Company Overview - Grupo Aeroportuario del Pacífico operates 12 airports in Mexico's Pacific region, including major cities and tourist destinations [10] - The company has been publicly traded since February 2006 on both the New York Stock Exchange and the Mexican Stock Exchange [10]