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 2024-04-25 pm EDT 5-day change 1st Jan Change
314.5 MXN +1.45% Intraday chart for Grupo Aeroportuario del Pacífico, S.A.B. de C.V. +18.17% +6.10%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 84,008 118,081 116,751 144,551 141,048 158,910 158,910 -
Enterprise Value (EV) 1 93,462 126,813 125,553 156,750 141,048 174,139 190,727 192,440
P/E ratio 17.8 x 25.1 x 57.1 x 21.9 x 15.6 x 15.6 x 19.3 x 16.6 x
Yield 4.77% 3.75% - - - 4.67% 5.29% 4.41%
Capitalization / Revenue 5.95 x 7.28 x 9.84 x 7.6 x 5.15 x 4.51 x 4.6 x 4.55 x
EV / Revenue 6.62 x 7.82 x 10.6 x 8.24 x 5.15 x 5.24 x 5.52 x 5.51 x
EV / EBITDA 10.6 x 12.9 x 21.6 x 14.4 x 8.75 x 9.85 x 11 x 9.8 x
EV / FCF 19.7 x 22.3 x 309 x 25.5 x - 49.9 x 24.3 x 21.1 x
FCF Yield 5.07% 4.48% 0.32% 3.92% - 2% 4.12% 4.75%
Price to Book 4.33 x 6.42 x 5.72 x 8.21 x - 7.57 x 6.38 x 6.91 x
Nbr of stocks (in thousands) 525,576 525,576 525,576 512,302 505,277 505,277 505,277 -
Reference price 2 159.8 224.7 222.1 282.2 279.2 314.5 314.5 314.5
Announcement Date 2/21/19 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 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 14,123 16,226 11,866 19,015 27,380 33,224 34,557 34,897
EBITDA 1 8,814 9,793 5,820 10,908 16,128 17,684 17,412 19,637
EBIT 1 7,245 8,017 3,820 8,857 13,814 15,139 14,129 16,457
Operating Margin 51.3% 49.41% 32.19% 46.58% 50.45% 45.57% 40.89% 47.16%
Earnings before Tax (EBT) 1 7,008 7,346 2,386 7,829 12,276 12,762 12,223 13,617
Net income 1 4,937 4,937 2,165 6,510 9,043 9,621 8,589 10,047
Net margin 34.95% 30.43% 18.24% 34.24% 33.03% 28.96% 24.85% 28.79%
EPS 2 8.975 8.934 3.892 12.86 17.90 19.04 16.26 18.95
Free Cash Flow 1 4,734 5,685 406.5 6,149 - 3,491 7,850 9,132
FCF margin 33.52% 35.04% 3.43% 32.34% - 10.51% 22.72% 26.17%
FCF Conversion (EBITDA) 53.71% 58.05% 6.98% 56.37% - 19.74% 45.09% 46.5%
FCF Conversion (Net income) 95.9% 115.15% 18.78% 94.45% - 36.28% 91.41% 90.89%
Dividend per Share 2 7.620 8.420 - - - 14.69 16.65 13.88
Announcement Date 2/21/19 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 Q2 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
Net sales 1 4,896 5,293 5,188 6,013 6,610 6,752 8,006 8,340 8,360 7,393 9,132 7,586 8,328 8,248 8,328
EBITDA 1 2,797 3,098 3,255 3,708 4,082 4,085 4,252 4,696 4,577 4,270 4,142 4,187 4,209 4,115 4,204
EBIT 1 2,287 2,580 2,736 3,144 3,519 3,497 3,654 4,078 3,956 3,650 3,455 3,594 3,451 3,392 3,563
Operating Margin 46.71% 48.75% 52.73% 52.29% 53.23% 51.8% 45.65% 48.9% 47.32% 49.37% 37.83% 47.38% 41.44% 41.13% 42.79%
Earnings before Tax (EBT) 1 1,881 2,366 2,407 2,871 3,230 3,270 2,904 3,404 3,447 3,106 2,805 2,908 3,175 2,911 2,892
Net income 1 1,424 1,780 1,923 2,222 2,365 2,663 1,817 2,561 2,488 2,379 2,249 1,992 2,310 2,112 2,095
Net margin 29.09% 33.63% 37.05% 36.95% 35.77% 39.44% 22.7% 30.71% 29.77% 32.18% 24.63% 26.26% 27.74% 25.61% 25.16%
EPS 2 2.738 3.458 3.821 4.390 4.650 5.270 3.597 4.255 4.925 4.708 4.451 3.744 3.414 3.347 3.646
Dividend per Share 2 7.800 - - - 7.200 7.200 - - 3.710 3.710 6.009 2.730 2.700 2.630 2.730
Announcement Date 7/28/21 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 - - - -
1MXN in Million2MXN
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 9,454 8,732 8,801 12,199 - 24,359 31,817 33,531
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.073 x 0.8916 x 1.512 x 1.118 x - 1.377 x 1.827 x 1.708 x
Free Cash Flow 1 4,734 5,685 406 6,149 - 3,491 7,851 9,132
ROE (net income / shareholders' equity) 23.7% 24.5% 10.5% 31.7% - 47.2% 39.7% 40.3%
ROA (Net income/ Total Assets) 12.5% 12.2% 4.66% 12.2% - 15% 11.7% 13.6%
Assets 1 39,534 40,564 46,469 53,342 - 63,975 73,107 74,070
Book Value Per Share 2 36.90 35.00 38.80 34.40 - 39.20 49.30 45.50
Cash Flow per Share 2 12.90 14.60 6.360 21.90 - 27.60 27.50 30.90
Capex 1 2,502 2,479 3,160 4,947 - 10,444 9,268 8,037
Capex / Sales 17.71% 15.28% 26.63% 26.02% - 31.44% 26.82% 23.03%
Announcement Date 2/21/19 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
314.5 MXN
Average target price
314 MXN
Spread / Average Target
-0.15%
Consensus
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