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Grupo Aeroportuario del Sureste SAB de CV ADR ASR

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Morningstar’s Analysis

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Economic Moat




Sureste Faces a Tough Road in the Near Term, but We See a Pathway to Recovery in 2021

Analyst Note

| Brian Bernard, CFA, CPA |

Grupo Aeroportuario del Sureste reported weak second-quarter results in line with our expectations, showing the continued impact of the coronavirus pandemic. We’re maintaining our fair value estimate of $131 per ADR, as we continue to expect air travel demand to be challenged in 2020. Total revenue fell 56.6% year over year, largely due to weaker aeronautical (down 78%) and nonaeronautical (down 75.3%) growth. Passenger traffic fell 94% to 846 thousand passengers, with negative growth in domestic traffic (down 91.3%) and international traffic (down 98.5%). Air traffic in the quarter was subdued by the suspension of nonessential activities by local governments.

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Company Profile

Business Description

Based in Mexico City, Grupo Aeroportuario del Sureste operates nine airports in southeast Mexico under its government-granted concession plus one in Puerto Rico and six in Colombia. Mexico was 61% of 2019 passenger traffic total of nearly 55.7 million people, with Cancun alone accounting for 46%. Thanks to increased spending per passenger at Cancun, nonaeronautical revenue comprises 36% of total revenue, typically a larger percentage than at its two publicly traded peers, Pacifico and Centro Norte.

Bosque de Alisos Number 47A - 4th Floor, Bosques de las Lomas
Mexico City, DF, 05120, Mexico
T +52 5552840408
Sector Industrials
Industry Airports & Air Services
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 1,555