Grupo Aeroportuario del Sureste, S. A. B. de C. V.
- Open
- 280.77
- Day high
- 281.22
- Day low
- 273.50
- Prev close
- 279.71
- Volume
- 71K
- Mkt cap
- $8.2B
- P/E (TTM)
- 14.7
- EPS (TTM)
- $18.69
- P/B
- 3.4
- P/S
- 3.9
- Yield
- 7.45%
- Per share
- $20.44
Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) is a Industrials company listed on NYSE. The stock is down 10% over the past year.
Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ASR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $5.33 | $5.34 | +0.2% | $512M | -8.8% |
| Feb 25, 2026 | $5.04 | $5.03 | -0.2% | $608M | +0.0% |
| Dec 5, 2025 | — | $3.82 | — | $476M | — |
| Jul 22, 2025 | $6.01 | $3.80 | -36.8% | $468M | -3.4% |
| Apr 10, 2025 | — | $5.46 | — | $433M | — |
| Oct 22, 2024 | $5.46 | $5.73 | +4.9% | $388M | -24.0% |
| Jul 23, 2024 | $5.64 | $9.60 | +70.2% | $404M | +1614.6% |
| Apr 9, 2024 | $0.33 | $0.36 | +8.2% | $398M | — |
| Jul 24, 2023 | $5.42 | $4.76 | -12.2% | $360M | -0.9% |
| Feb 23, 2023 | $4.69 | $4.34 | -7.5% | $371M | +11.5% |
| Jul 25, 2022 | $3.54 | $4.40 | +24.3% | $313M | +8.3% |
| Feb 24, 2022 | $2.76 | $3.28 | +18.8% | $331M | +22.7% |
Grupo Aeroportuario del Sureste, S. A. B. de C. V. company profile
Overview
Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE:ASR) is a Mexican airport operator that was incorporated in 1998 and went public in 2000. The company operates a portfolio of airports across three key regions: southeastern Mexico, Puerto Rico, and Colombia. ASUR has grown from its original nine-airport concession in Mexico to become a significant player in Latin American airport operations, expanding internationally through strategic acquisitions and concession awards. The company is headquartered in Mexico City and has established itself as one of the leading airport operators in the region, benefiting from strong tourism flows and strategic geographic positioning.
Business
ASUR operates in the airport infrastructure industry, which sits at the intersection of transportation, real estate, and hospitality services. The company's core business involves operating, maintaining, and developing airports under long-term government concessions that typically span 20-50 years. The company operates three distinct geographic segments: 1. Mexico Operations (72% of revenues): ASUR holds concessions for nine airports in southeastern Mexico, including the critical Cancún International Airport, which serves as the primary gateway to Mexico's Caribbean coast resort destinations. Other airports include Cozumel, Mérida, Huatulco, Oaxaca, Veracruz, Villahermosa, Tapachula, and Minatitlán. These airports primarily serve leisure tourism markets, with Cancún being one of Mexico's busiest international gateways. 2. Puerto Rico Operations (15% of revenues): The company operates Luis Muñoz Marín International Airport in San Juan, Puerto Rico's main international gateway. This airport serves both as a destination for Caribbean tourism and as a hub for inter-Caribbean travel. 3. Colombia Operations (12% of revenues): ASUR operates six airports in Colombia, including Enrique Olaya Herrera Airport in Medellín and José María Córdova International Airport in Rionegro, along with smaller regional airports in Montería, Carepa, Quibdó, and Corozal. Airport operations encompass two main revenue streams: aeronautical services (passenger fees, aircraft landing and parking charges, passenger walkway fees, and security services) and non-aeronautical services (retail space leasing, restaurants, car rentals, parking, ground handling, and other commercial activities). The non-aeronautical segment has become increasingly important as airports have evolved into commercial destinations in their own right.
Revenue model
ASUR generates revenue through a diversified airport business model combining regulated aeronautical fees and market-driven commercial activities. Aeronautical revenues are primarily driven by passenger traffic volumes and are collected through fees paid by airlines and passengers for basic airport services including landing rights, passenger processing, and security. These fees are typically regulated by government aviation authorities and adjusted periodically. Non-aeronautical revenues represent the higher-margin growth engine, generated through retail and commercial leasing within airport terminals. The company leases space to retailers, restaurants, car rental companies, and other service providers, typically earning both fixed rents and percentage-of-sales fees. Additional revenue streams include parking fees, ground handling services, and cargo operations. The business model benefits from several positive margin drivers: passenger traffic growth increases both aeronautical and commercial revenues with relatively fixed infrastructure costs; tourism market expansion, particularly in leisure destinations like Cancún; currency appreciation in local markets versus the US dollar; and the ability to increase commercial revenue per passenger through terminal improvements and better retail mix. Margin pressures can arise from: aircraft fleet issues such as the ongoing Pratt & Whitney engine problems affecting major airline customers; capacity constraints at connecting airports like Mexico City; new competing airports such as the Tulum Airport near Cancún; regulatory changes including concession fee increases (ASUR's concession fee increased from 5% to 9%); and macroeconomic factors affecting travel demand including inflation, recession fears, and geopolitical tensions that can reduce discretionary travel spending.
Competitive moat
ASUR possesses a strong economic moat based primarily on its monopolistic airport concessions and strategic geographic positioning. The company's airports operate under long-term government concessions that provide exclusive rights to serve specific catchment areas, creating natural monopolies that are extremely difficult for competitors to replicate. The regulatory barriers to entry are exceptionally high, as new airport development requires massive capital investment, extensive government approvals, and lengthy environmental and safety certifications. The company's geographic moat is particularly strong in leisure tourism markets. Cancún Airport's position as the primary gateway to Mexico's Caribbean coast resort destinations creates significant switching costs for airlines and tour operators who have built their operations around this hub. Similarly, the San Juan airport serves as Puerto Rico's main international gateway with limited viable alternatives. However, the moat faces some challenges. The opening of Tulum Airport near Cancún represents direct competition, though management expects it to capture only 2.9 million passengers in 2025 compared to Cancún's 30+ million. Additionally, ASUR's dependence on specific airline partners creates vulnerability - the ongoing Pratt & Whitney engine issues affecting airlines like Volaris demonstrate how external factors can impact traffic. The company also faces regulatory risk, as evidenced by the recent concession fee increase from 5% to 9%, which directly impacts profitability. Despite these challenges, the fundamental infrastructure moat remains intact, supported by the practical impossibility of replicating airport locations and the enormous capital requirements for new airport development.
Risks & safety
ASUR demonstrates a strong margin of safety with excellent financial positioning and reasonable valuation metrics. • Liquidity and Solvency: Cash and short-term investments of $964 million provide substantial liquidity buffer. Current ratio of 4.1x indicates strong short-term financial health. Debt-to-equity ratio of 0.25x represents conservative leverage. • Cash Generation: Strong free cash flow of $536 million in 2024 demonstrates robust cash generation capabilities. Operating cash flow of $747 million provides solid coverage of capital expenditures. • Valuation Metrics: P/E ratio of 11.9x appears reasonable for a infrastructure company with monopolistic characteristics. EV/EBITDA of 68x seems elevated but reflects the asset-heavy nature and long-term concession values. • Other Considerations: Return on equity of 25% indicates efficient capital utilization. The company maintains negative net leverage, actually holding more cash than debt. Strong EBITDA margins of 69.7% demonstrate pricing power and operational efficiency.
Recent development
Over the past few years, ASUR has focused on several key strategic initiatives based on the earnings call transcripts. The company has been executing a major infrastructure expansion program, particularly at Cancún Airport where Terminal 1 expansion is expected to complete in Q2 2026 and Terminal 4 is scheduled for completion by 2028. This represents a multi-billion peso investment to accommodate growing passenger volumes. The company has also pursued geographic diversification through its investment in a Dominican Republic airport project, taking a 25% stake in what is expected to be an 8-million passenger capacity facility. This expansion beyond the core Mexico-Puerto Rico-Colombia footprint represents a new growth avenue. Commercial revenue optimization has been a major focus, with ASUR opening 45 new commercial spaces across its airports in 2024 and achieving record-high commercial revenues per passenger in Mexico. The company has been strategically improving its retail mix and terminal layouts to maximize non-aeronautical revenue generation. ASUR has also enhanced its sustainability initiatives, implementing ESG reporting requirements, collecting scope-3 carbon emissions data, and installing solar panels across its facilities. The company has renewed partnerships with environmental organizations like Pronatura and is exploring strategic alliances with UNICEF for social impact programs. The 2024-2028 Master Development Plan approval represents a significant milestone, providing a framework for continued infrastructure investment despite the challenging concession fee increase from 5% to 9% that came with the new regulatory period.
ASR company profile · for informational purposes only — not investment advice.
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