Financials Grupo Aeroportuario del Pacífico, S.A.B. de C.V.

Equities

GAP B

MX01GA000004

Airport Services

End-of-day quote Mexican S.E. 06:00:00 2024-04-28 pm EDT 5-day change 1st Jan Change
315.1 MXN +0.20% Intraday chart for Grupo Aeroportuario del Pacífico, S.A.B. de C.V. +14.95% +6.31%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 118,081 116,751 144,551 141,048 149,779 157,657 - -
Enterprise Value (EV) 1 126,813 125,553 156,750 141,048 174,139 190,594 191,187 194,264
P/E ratio 25.1 x 57.1 x 21.9 x 15.6 x 15.6 x 19.5 x 16.6 x 13.4 x
Yield 3.75% - - - - 4.11% 4.45% 4.67%
Capitalization / Revenue 7.28 x 9.84 x 7.6 x 5.15 x 4.51 x 4.6 x 4.52 x 4.2 x
EV / Revenue 7.82 x 10.6 x 8.24 x 5.15 x 5.24 x 5.56 x 5.48 x 5.18 x
EV / EBITDA 12.9 x 21.6 x 14.4 x 8.75 x 9.85 x 10.9 x 9.74 x 8.89 x
EV / FCF 22.3 x 309 x 25.5 x - 49.9 x 24.3 x 20.9 x 31.8 x
FCF Yield 4.48% 0.32% 3.92% - 2% 4.12% 4.78% 3.14%
Price to Book 6.42 x 5.72 x 8.21 x - 7.57 x 6.78 x 6.86 x 5.27 x
Nbr of stocks (in thousands) 525,576 525,576 512,302 505,277 505,277 505,277 - -
Reference price 2 224.7 222.1 282.2 279.2 296.4 312.0 312.0 312.0
Announcement Date 2/20/20 2/25/21 2/22/22 2/21/23 2/26/24 - - -
1MXN in Million2MXN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 16,226 11,866 19,015 27,380 33,224 34,273 34,897 37,537
EBITDA 1 9,793 5,820 10,908 16,128 17,684 17,412 19,637 21,861
EBIT 1 8,017 3,820 8,857 13,814 15,139 14,129 16,457 18,784
Operating Margin 49.41% 32.19% 46.58% 50.45% 45.57% 41.23% 47.16% 50.04%
Earnings before Tax (EBT) 1 7,346 2,386 7,829 12,276 12,762 11,925 13,514 15,680
Net income 1 4,937 2,165 6,510 9,043 9,621 8,464 9,975 11,677
Net margin 30.43% 18.24% 34.24% 33.03% 28.96% 24.7% 28.59% 31.11%
EPS 2 8.934 3.892 12.86 17.90 19.04 15.99 18.78 23.28
Free Cash Flow 1 5,685 406.5 6,149 - 3,491 7,850 9,132 6,102
FCF margin 35.04% 3.43% 32.34% - 10.51% 22.91% 26.17% 16.26%
FCF Conversion (EBITDA) 58.05% 6.98% 56.37% - 19.74% 45.09% 46.5% 27.91%
FCF Conversion (Net income) 115.15% 18.78% 94.45% - 36.28% 92.75% 91.54% 52.25%
Dividend per Share 2 8.420 - - - - 12.82 13.88 14.58
Announcement Date 2/20/20 2/25/21 2/22/22 2/21/23 2/26/24 - - -
1MXN in Million2MXN
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 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
Net sales 1 5,293 5,188 6,013 6,610 6,752 8,006 8,340 8,360 7,393 9,132 8,495 8,328 8,248 8,328 -
EBITDA 1 3,098 3,255 3,708 4,082 4,085 4,252 4,696 4,577 4,270 4,142 4,649 4,209 4,115 4,204 -
EBIT 1 2,580 2,736 3,144 3,519 3,497 3,654 4,078 3,956 3,650 3,455 3,986 3,451 3,392 3,563 -
Operating Margin 48.75% 52.73% 52.29% 53.23% 51.8% 45.65% 48.9% 47.32% 49.37% 37.83% 46.92% 41.44% 41.13% 42.79% -
Earnings before Tax (EBT) 1 2,366 2,407 2,871 3,230 3,270 2,904 3,404 3,447 3,106 2,805 3,392 3,175 2,911 2,892 -
Net income 1 1,780 1,923 2,222 2,365 2,663 1,817 2,561 2,488 2,379 2,249 2,439 2,310 2,112 2,095 -
Net margin 33.63% 37.05% 36.95% 35.77% 39.44% 22.7% 30.71% 29.77% 32.18% 24.63% 28.71% 27.74% 25.61% 25.16% -
EPS 2 3.458 3.821 4.390 4.650 5.270 3.597 4.255 4.925 4.708 4.451 4.827 3.414 3.347 3.646 3.534
Dividend per Share 2 - - - 7.200 7.200 - - 3.710 3.710 - 2.730 2.513 2.513 2.513 -
Announcement Date 10/27/21 2/22/22 4/25/22 7/25/22 10/21/22 2/21/23 4/17/23 7/24/23 10/23/23 2/26/24 4/23/24 - - - -
1MXN in Million2MXN
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 8,732 8,801 12,199 - 24,359 32,937 33,531 36,607
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.8916 x 1.512 x 1.118 x - 1.377 x 1.892 x 1.708 x 1.675 x
Free Cash Flow 1 5,685 406 6,149 - 3,491 7,851 9,132 6,102
ROE (net income / shareholders' equity) 24.5% 10.5% 31.7% - 47.2% 40.6% 40.3% 36.5%
ROA (Net income/ Total Assets) 12.2% 4.66% 12.2% - 15% 11.7% 13.6% -
Assets 1 40,564 46,469 53,342 - 63,975 72,045 73,542 -
Book Value Per Share 2 35.00 38.80 34.40 - 39.20 46.00 45.50 59.20
Cash Flow per Share 2 14.60 6.360 21.90 - 27.60 27.50 30.90 28.20
Capex 1 2,479 3,160 4,947 - 10,444 9,216 8,309 7,878
Capex / Sales 15.28% 26.63% 26.02% - 31.44% 26.89% 23.81% 20.99%
Announcement Date 2/20/20 2/25/21 2/22/22 2/21/23 2/26/24 - - -
1MXN 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
15
Last Close Price
312 MXN
Average target price
314 MXN
Spread / Average Target
+0.64%
Consensus
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