Southeast Airport Group (ASR)

Price$251.77Cached quoteAs of 2026-09-13 01:59 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because solid earnings power is offset by higher debt and softer traffic.

At the verified close, ASR traded at about 14 times trailing earnings, near the roughly 12-to-15-times levels seen at the 2022-2024 year-ends. Cash valuation is less cheap: about 23 times free cash flow, meaning cash left after running and investing in the business. The supplied FY2024 history showed MXN 14.0 billion net income and MXN 15.6 billion operating cash flow. Meanwhile, second-quarter 2026 EBITDA, an operating-profit measure before interest, taxes, depreciation and amortization, fell 8.7% and net debt rose sharply. That mix supports a fair price, not a clear bargain.

Big pictureThe company owns scarce airport concessions, but results still swing with passenger volumes and travel mix.

From FY2019 to FY2024, revenue rose from MXN 16.8 billion to MXN 31.3 billion, about 13% annualized, while net income rose from MXN 5.7 billion to MXN 14.0 billion, about 20% annualized. Operating cash flow reached MXN 15.6 billion in 2024 and exceeded net income by 11%, showing solid cash conversion. But airport demand is cyclical: 2020 revenue fell 25% and net income fell 63% versus 2019. In second-quarter 2026, traffic fell 2.7%, partly offset by 12.6% higher commercial revenue per passenger.

Business strengthStrong cash generation and a sturdy balance sheet have funded dividends, expansion, and resilience through downturns.

FY2024 ended with MXN 20.1 billion of cash, MXN 13.4 billion of debt, and MXN 6.7 billion of net cash; current assets were 4.4 times current liabilities. That cushion supported MXN 6.3 billion of dividends, about 45% of net income, while equity rose 21% to MXN 54.2 billion. Expansion has changed the profile: by second-quarter 2026, net debt was MXN 15.1 billion, though only 0.9 times trailing EBITDA. Shareholders also approved about 2.4% dilution to internalize technical services that cost roughly MXN 401 million in 2025, before replacement in-house costs.

What could change the storyThe Brazil expansion can lift long-term value, while weaker traffic or poor deal returns would undermine it.

The biggest upside lever is the pending CPC airport acquisition: 20 airports, more than 45 million passengers, and about $243 million of proportionate trailing EBITDA against an implied $2.57 billion enterprise value, roughly 10.6 times that profit measure. Brazil’s aviation regulator approved the control transfer in June, but the transaction was still described as being in process in August. The bear case is that ASUR pays for growth while core Mexico international traffic keeps shrinking; July was down 11.5%. A sustained traffic recovery and stable leverage would strengthen the thesis.

AI: News

Second-quarter earnings softenPassenger weakness cut operating profit, but higher spending per traveler and net income growth limited the damage.

On July 23, ASUR reported second-quarter passenger traffic down 2.7% year over year and EBITDA down 8.7% to MXN 4.59 billion. Excluding construction accounting, revenue was essentially flat, while commercial revenue per passenger rose 12.6% and majority net income rose 7.1%. The shares fell about 0.8% in the next session; because the move was small and markets had other influences, attribution to the earnings release is uncertain.

July traffic stays weakInternational travel through Mexico weakened sharply, while Colombia growth only partly offset declines elsewhere.

On August 5, ASUR said July passenger traffic fell 1.9% overall. Mexico traffic declined 4.0%, including an 11.5% drop in international passengers, and Puerto Rico fell 5.1%; Colombia grew 5.8%. Year-to-date total traffic was down 0.6%. The stock fell 1.2% that day and rose 1.7% the next, so the price pattern does not support a confident claim that the traffic release caused either move.

Shareholders approve payouts and mergerOwners approved extra cash returns and modest dilution to bring a long-time technical-services partner inside the company.

On August 20, shareholders approved two extraordinary MXN 10-per-share dividends, payable in November and December, plus a merger with ITA, the technical-assistance provider. ASUR expects about 7.2 million net new shares, taking the share count from 300 million to about 307.2 million, roughly 2.4% dilution. The outsourced service cost about MXN 401 million in 2025, so internalization can save fees but adds execution risk and internal costs. The stock’s same-day move was roughly flat.

Brazil airport deal advancesA key Brazilian approval moved the 20-airport acquisition closer, expanding both growth potential and balance-sheet demands.

Brazil’s aviation regulator approved the control transfer on June 12. The deal covers 20 airports in Brazil, Ecuador, Costa Rica and Curaçao, adding more than 45 million annual passengers. ASUR agreed to pay about $936 million for the equity, with implied enterprise value around $2.57 billion. By August 20, Brazil’s transport ministry still described ASUR as being in the transfer process, so closing remained incomplete. That delay keeps financing, integration and final-return uncertainty relevant.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue	$37.24B	$31.33B	$25.82B	$25.31B	$18.78B	$12.62B	$16.82B	$15.41B	$12.59B	$9.75B	$8.99B
Operating expenses	$346.0M	$319.6M	$319.2M	$287.1M	—	—	—	—	$231.8M	$45.5M	$110.0M
Operating income	$16.99B	$17.52B	$15.24B	$14.70B	$8.66B	$3.28B	$8.48B	$7.78B	$1.48B	$4.93B	$4.07B
Operating margin	45.64%	55.92%	59.03%	58.06%	46.09%	25.95%	50.42%	50.48%	11.73%	50.57%	45.28%
EBITDA	$19.75B	$19.84B	$17.31B	$16.76B	$10.65B	$5.21B	$10.32B	$9.54B	$2.64B	$5.46B	$4.54B
EBITDA margin	53.05%	63.33%	67.05%	66.20%	56.70%	41.28%	61.34%	61.91%	20.99%	56.00%	50.50%
Net income	$10.49B	$14.03B	$10.68B	$10.65B	$6.40B	$2.13B	$5.68B	$5.12B	$6.75B	$3.63B	$2.91B
Net profit margin	28.17%	44.78%	41.34%	42.06%	34.06%	16.84%	33.79%	33.22%	53.62%	37.21%	32.39%
Basic EPSper basic share	MX$349.60	MX$45.17	MX$34.01	MX$33.29	MX$19.95	MX$6.57	MX$18.22	MX$16.63	MX$19.45	MX$12.10	MX$9.71
Diluted EPSper diluted share	MX$349.60	MX$45.17	MX$34.01	MX$33.29	MX$19.95	MX$6.57	MX$18.22	—	—	—	—