ASUR (ASR) Q4 Results In Line With Expectations; Strong 2010 Outlook
By Benzinga Staff
February 19, 2010 5:34 PM
February 19, 2010 5:34 PM
Grupo Aeroportuario del Sureste (ADR) (NYSE: ASR) was rated a “Buy” by Citigroup (NYSE: C), with a target price of $61.
ASUR reported Q4 EPADS of $0.41 (lower than Citigroup’s estimate of $0.53), and below Q4 2008 EPADS of $0.50.The company reported a revenue of P$753.4 million. Consolidated EITDA margin was 59.1%, better than Q4 2008 figure of 57%.Commercial revenue per passenger was stronger than estimated at $4.69 and can improve on ASUR’s expectations on the expansion of car rental operations in 4 airports.
Citigroup sees ASUR as a strong buy since traffic growth (and commercial revenue per passenger) comps will get easier as the year progresses.
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