Financials Grupo Aeroportuario del Sureste, S. A. B. de C. V. BOERSE MUENCHEN

Equities

AEDA

US40051E2028

Airport Services

Real-time BOERSE MUENCHEN 19:43:01 27/05/2024 BST 5-day change 1st Jan Change
316 EUR -1.86% Intraday chart for Grupo Aeroportuario del Sureste, S. A. B. de C. V. -2.47% +17.91%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 5,620 4,968 6,187 7,003 8,806 9,750 - -
Enterprise Value (EV) 2 5,941 5,394 6,424 7,113 8,806 9,206 9,135 9,110
P/E ratio 19.4 x 50.1 x 21.2 x 13.7 x 14.6 x 13.3 x 11.8 x 11 x
Yield 2.82% - 2.14% 3.31% - 4.47% 5.38% 6.32%
Capitalization / Revenue 6.39 x 8.04 x 6.79 x 5.1 x 5.91 x 5.15 x 4.43 x 4 x
EV / Revenue 6.76 x 8.73 x 7.05 x 5.18 x 5.91 x 4.86 x 4.15 x 3.74 x
EV / EBITDA 11 x 22.6 x 12.8 x 8.09 x 8.84 x 7.86 x 6.92 x 6.18 x
EV / FCF 23.7 x -282 x 20.1 x 12.3 x - 16.2 x 16.5 x 16.4 x
FCF Yield 4.22% -0.36% 4.97% 8.15% - 6.18% 6.05% 6.1%
Price to Book 3.41 x 2.93 x 3.41 x 3.28 x - 3.31 x 3.18 x 2.76 x
Nbr of stocks (in thousands) 300,000 300,000 300,000 300,000 300,000 300,000 - -
Reference price 3 354.0 329.2 422.8 454.7 497.5 543.4 543.4 543.4
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 1,893 2,200 2,436
EBITDA 1 539.2 238.8 499.9 879.4 996.6 1,171 1,319 1,475
EBIT 1 443.1 160.3 420 797.3 891.8 1,033 1,157 1,310
Operating Margin 50.42% 25.95% 46.09% 58.06% 59.83% 54.57% 52.58% 53.78%
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 96.5 290.3 541.7 596.1 725.5 829.2 899.3
Net margin 32.49% 15.62% 31.85% 39.45% 39.99% 38.33% 37.69% 36.92%
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 - 569.1 552.8 555.4
FCF margin 28.55% -3.1% 35.06% 42.23% - 30.07% 25.13% 22.8%
FCF Conversion (EBITDA) 46.53% - 63.91% 65.95% - 48.61% 41.91% 37.66%
FCF Conversion (Net income) 87.86% - 110.07% 107.05% - 78.44% 66.67% 61.76%
Dividend per Share 2 10.00 - 9.030 15.03 - 24.28 29.21 34.36
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 - - - - - 545 615 640
Leverage (Debt/EBITDA) 0.5945 x 1.784 x 0.4741 x 0.1253 x - - - -
Free Cash Flow 1 251 -19.2 319 580 - 569 553 555
ROE (net income / shareholders' equity) 18.1% 6.09% 16.9% 25.3% - 24% 24% 24%
ROA (Net income/ Total Assets) 9.61% 3.35% 9.48% 14.6% - 16.5% 17.1% 18.5%
Assets 1 2,972 2,885 3,062 3,709 - 4,385 4,853 4,872
Book Value Per Share 2 104.0 112.0 124.0 139.0 - 164.0 171.0 197.0
Cash Flow per Share 2 28.30 9.790 34.20 44.90 - 64.80 59.70 52.20
Capex 1 111 163 178 151 - 245 416 481
Capex / Sales 12.68% 26.37% 19.57% 10.97% - 12.96% 18.93% 19.74%
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

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
543.4 MXN
Average target price
627.3 MXN
Spread / Average Target
+15.43%
Consensus
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