{"product_id":"asr-vrio-analysis","title":"Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR): VRIO Analysis [Mar-2026 Updated]","description":"\u003cbr\u003e\u003cp\u003eUnlocking the sustainable competitive edge of Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) hinges on a rigorous examination of its core assets. This VRIO analysis cuts straight to the heart of the matter, distilling whether the company's resources are truly Valuable, Rare, Inimitable, and Organized to capture value. Discover the definitive assessment below to see precisely where Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) stands in the landscape of industry dominance.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eGrupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - VRIO Analysis: 1. Diversified International Airport Concession Portfolio\n\u003c\/h2\u003e\n\n\u003cp\u003eYou’re looking at Grupo Aeroportuario del Sureste (ASR) and its geographic spread is key to its durability. The core takeaway here is that this diversification across Mexico, Colombia, and Puerto Rico provides a structural advantage that competitors operating only in Mexico simply don't have.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue: Stable, Long-Term Cash Flows\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThe value comes from owning the rights - the concessions - to operate \u003cstrong\u003e16\u003c\/strong\u003e airports across three distinct economies: nine in southeast Mexico, six in Colombia (managed by Airplan), and the Luis Muñoz Marín International Airport in Puerto Rico (via Aerostar). This mix means that when one market slows, another can pick up the slack. For instance, in the three-month period ending September 30, 2025 (3Q25), while Mexico traffic declined \u003cstrong\u003e1.1%\u003c\/strong\u003e year-over-year, Colombia traffic grew \u003cstrong\u003e3.1%\u003c\/strong\u003e and Puerto Rico saw a \u003cstrong\u003e1.1%\u003c\/strong\u003e increase, buffering the overall result. Revenue streams are highly recurring, built on aeronautical fees (about \u003cstrong\u003e48.5%\u003c\/strong\u003e of revenue) and commercial\/non-aeronautical sources (over \u003cstrong\u003e51.5%\u003c\/strong\u003e combined).\u003c\/p\u003e\n\n\u003cp\u003eHere’s a quick look at that regional traffic balancing act in 3Q25:\u003c\/p\u003e\n\u003ctable\u003e\n  \u003ctr\u003e\n    \u003cth\u003eRegion\u003c\/th\u003e\n    \u003cth\u003e3Q25 Passenger Traffic YoY Change\u003c\/th\u003e\n    \u003cth\u003eInternational Traffic YoY Change (3Q25)\u003c\/th\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eMexico\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003e-1.1%\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003e-0.3%\u003c\/strong\u003e\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003ePuerto Rico (Aerostar)\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003e+1.1%\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003e+11.7%\u003c\/strong\u003e\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eColombia (Airplan)\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003e+3.1%\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003e+11.2%\u003c\/strong\u003e\u003c\/td\u003e\n  \u003c\/tr\u003e\n\u003c\/table\u003e\n\u003cp\u003eWhat this estimate hides is the impact of the announced acquisition of Motiva's interests in Brazil, Ecuador, Costa Rica, and Curaçao, which, if closed, would significantly deepen this diversification.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity: Multi-Country Footprint\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eHonestly, having established, operating concessions in both Colombia and Puerto Rico alongside the core Mexican assets is rare for a publicly traded Mexican airport group. Most peers focus heavily, if not exclusively, on the domestic Mexican market. This international spread is not easily replicated today. It took years of bidding and negotiation to assemble this specific geographic puzzle.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability: High Barriers to Entry\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eImitating this portfolio is nearly impossible. Airport concessions are government-granted monopolies, often with very long durations - some Colombian concessions run until 2048. You can’t just decide to build a competing airport next to Cancún International Airport or take over the one in Medellín. The regulatory hurdles, capital requirements, and existing long-term contracts create an almost insurmountable barrier for a new entrant trying to copy the asset base.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization: Managing Complexity\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThe organization is strong because ASR successfully navigates distinct regulatory and operational landscapes. In October 2025, for example, Colombia traffic grew \u003cstrong\u003e5.1%\u003c\/strong\u003e while Puerto Rico traffic dipped \u003cstrong\u003e1.7%\u003c\/strong\u003e and Mexico was flat at \u003cstrong\u003e-0.2%\u003c\/strong\u003e. The fact that the company can manage these differing dynamics - including different currency exposures and local labor laws (like the \u003cstrong\u003e12%\u003c\/strong\u003e minimum wage hike impact noted in Q1 2025 expenses) - and still maintain a high Adjusted EBITDA margin near \u003cstrong\u003e67%\u003c\/strong\u003e in 3Q25 shows robust operational control.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage: Sustained Moat\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThis combination of rare, government-protected assets managed effectively across borders results in a \u003cstrong\u003esustained competitive advantage\u003c\/strong\u003e. The long-term nature of the contracts locks in cash flows for decades, and the geographic spread dampens single-country economic shocks. This is a durable moat built on regulatory exclusivity, not just brand recognition.\u003c\/p\u003e\n\u003cp\u003eFinance: draft a sensitivity analysis on the impact of a \u003cstrong\u003e5%\u003c\/strong\u003e FX devaluation in Colombian Pesos on 2026 projected EBITDA by next Wednesday.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eGrupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - VRIO Analysis: 2. Robust Liquidity and Conservative Leverage\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e High cash reserves and low debt allow for sustained capital expenditure (CapEx) and shareholder returns even during traffic softness. Cash position was \u003cstrong\u003ePs. 16,259.3 million\u003c\/strong\u003e at September 30, 2025, with Debt to LTM Adjusted EBITDA at a healthy \u003cstrong\u003e0.2x\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003eThe capacity to fund significant capital deployment, such as the \u003cstrong\u003ePs. 1,872.8 million\u003c\/strong\u003e invested during Q3 2025, while maintaining shareholder returns, demonstrates this value component.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eFinancial Metric\u003c\/td\u003e\n\u003ctd\u003eReported Value\u003c\/td\u003e\n\u003ctd\u003eReporting Period\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eCash Position\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003ePs. 16,259.3 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eSeptember 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Debt\/LTM EBITDA\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e0.2x\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eSeptember 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eQuarterly Capital Expenditure (CapEx)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003ePs. 1,872.8 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ3 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDebt-to-Equity Ratio\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e0.47\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eLatest Reported\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Debt (USD Equivalent)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$0.64 Billion USD\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eDecember 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e The low leverage ratio is superior to many peers, though high cash is common in the sector. The \u003cstrong\u003e0.2x\u003c\/strong\u003e Net Debt\/LTM EBITDA is exceptionally low for a capital-intensive infrastructure operator.\u003c\/p\u003e\n\u003cp\u003eSupporting financial context includes:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eDebt-to-Equity Ratio of \u003cstrong\u003e0.47\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eTotal Debt reported at \u003cstrong\u003e$0.64 Billion USD\u003c\/strong\u003e as of December 2024.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Medium. Competitors can build cash, but achieving this low leverage while investing heavily is organizationally difficult. The ability to fund extraordinary dividends, such as the \u003cstrong\u003ePs. 15 per share\u003c\/strong\u003e paid in September 2025 and another \u003cstrong\u003ePs. 15 per share\u003c\/strong\u003e planned for November 2025, from retained earnings while keeping leverage low is a testament to disciplined financial policy.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Excellent. Management prioritizes a strong balance sheet, supporting dividend payments even when facing margin compression. Consolidated Adjusted EBITDA margin declined to \u003cstrong\u003e66.7%\u003c\/strong\u003e in Q3 2025, yet the balance sheet strength was maintained.\u003c\/p\u003e\n\u003cp\u003eKey organizational support metrics:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eCash position of \u003cstrong\u003ePs. 16,259.3 million\u003c\/strong\u003e at September 30, 2025, reflecting a \u003cstrong\u003e19%\u003c\/strong\u003e decrease from December 31, 2024, primarily due to dividend payments.\u003c\/li\u003e\n\u003cli\u003eConsolidated EBITDA declined \u003cstrong\u003e1.3%\u003c\/strong\u003e YoY to \u003cstrong\u003ePs. 4,639.4 million\u003c\/strong\u003e in Q3 2025.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary. While strong now, sustained high CapEx could erode this advantage if returns lag. The strategic entry into U.S. commercial operations for \u003cstrong\u003eUS$295 million\u003c\/strong\u003e signals continued investment that will be tested against future operational performance.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eGrupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - VRIO Analysis: 3. Superior Operating Margin Profile\n\u003c\/h2\u003e\n\u003ch3\u003eValue: High profitability means more cash flow generated per unit of revenue, justifying premium valuations when sentiment is positive.\u003c\/h3\u003e\n\u003cp\u003eAdjusted EBITDA margin stood at \u003cstrong\u003e66.7%\u003c\/strong\u003e in 3Q25 (excluding IFRIC 12 effect). Consolidated EBITDA for 3Q25 was \u003cstrong\u003ePs. 4,639.4 million\u003c\/strong\u003e on total revenue of \u003cstrong\u003ePs. 8,765.4 million\u003c\/strong\u003e.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003cth\u003ePeriod\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eAdjusted EBITDA Margin (Excl. IFRIC 12)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e66.7%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e3Q25\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAdjusted EBITDA Margin\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e68.3%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e3Q24\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eConsolidated EBITDA\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003ePs. 4,639.4 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e3Q25\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Revenue\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003ePs. 8,765.4 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e3Q25\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCommercial Revenue per Passenger\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eMXN 126\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e3Q25\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003ch3\u003eRarity: ASR’s operating margins are consistently reported as outstanding, often well above industry averages.\u003c\/h3\u003e\n\u003cp\u003eASR's 3Q25 Adjusted EBITDA margin of \u003cstrong\u003e66.7%\u003c\/strong\u003e significantly surpasses general industry benchmarks:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eS\u0026amp;P 500 Average Operating Margin (22-year): \u003cstrong\u003e14.5%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eAir Transport Average Pre-tax Operating Margin (US, as of Jan 2025): \u003cstrong\u003e5.88%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ch3\u003eImitability: Medium. Competitors can improve efficiency, but ASR’s cost structure in its specific concession mix is hard to replicate exactly.\u003c\/h3\u003e\n\u003cp\u003eThe margin profile is influenced by regional performance and specific accounting treatments:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eRegion\u003c\/td\u003e\n\u003ctd\u003eEBITDA Change YoY\u003c\/td\u003e\n\u003ctd\u003eMargin Impact\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eColombia\u003c\/td\u003e\n\u003ctd\u003eNearly \u003cstrong\u003e10%\u003c\/strong\u003e growth\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e81 basis points\u003c\/strong\u003e margin expansion\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePuerto Rico\u003c\/td\u003e\n\u003ctd\u003eNearly \u003cstrong\u003e5%\u003c\/strong\u003e growth\u003c\/td\u003e\n\u003ctd\u003eMargin contracted \u003cstrong\u003e151 basis points\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMexico\u003c\/td\u003e\n\u003ctd\u003eDeclined close to \u003cstrong\u003e4%\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eMargin contracted \u003cstrong\u003e152 basis points\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003ch3\u003eOrganization: Strong. Operational discipline keeps costs in check, though margins compressed slightly in 3Q25 due to FX and concession amortization changes in Colombia.\u003c\/h3\u003e\n\u003cp\u003eProfitability was affected by specific, non-recurring or non-operational factors in 3Q25:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eTotal expenses rose approximately \u003cstrong\u003e17%\u003c\/strong\u003e Year-over-Year (Y\/Y).\u003c\/li\u003e\n\u003cli\u003eForeign exchange loss of nearly \u003cstrong\u003eMXN 1 billion\u003c\/strong\u003e versus the prior year.\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eMXN 333 million\u003c\/strong\u003e adjustment due to a permanent change in concession amortization methodology in Colombia.\u003c\/li\u003e\n\u003cli\u003eThe company maintains a strong balance sheet with a Net Debt\/LTM EBITDA ratio of \u003cstrong\u003e0.2x\u003c\/strong\u003e and a cash position of \u003cstrong\u003eMXN 16 billion\u003c\/strong\u003e at quarter-end.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ch3\u003eCompetitive Advantage: Sustained. This is a core operational strength built over two decades.\u003c\/h3\u003e\n\u003cp\u003eThe ability to consistently generate margins significantly above the industry average, even with regional volatility and accounting adjustments, demonstrates a \u003cstrong\u003esustained\u003c\/strong\u003e core operational strength.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eGrupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - VRIO Analysis: 4. Strategic U.S. Commercial Operations Foothold\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Entry into the high-yield U.S. commercial market via the acquisition of Unibail-Rodamco-Westfield (URW) retail concessions at JFK, LAX, and O\\'Hare for an enterprise value of \u003cstrong\u003eUS$295 million\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003eThe acquisition is projected to add over \u003cstrong\u003e45 million\u003c\/strong\u003e passengers to ASR\\'s existing base of \u003cstrong\u003e71 million\u003c\/strong\u003e passengers (2024) across its Mexican operations.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e This is a first-mover advantage for ASR into major U.S. commercial airport operations, which is unique among the primary Mexican operators.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e High. The deal is signed and pending closing (expected \u003cstrong\u003e4Q25\u003c\/strong\u003e), locking out immediate competition for these specific high-value retail contracts.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Good. The company has secured financing, involving cash on hand and \u003cstrong\u003eJPMorgan Chase financing\u003c\/strong\u003e, and is organized for the closing, showing clear strategic intent.\u003c\/p\u003e\n\u003cp\u003eASR\\'s existing financial scale provides the capacity for this strategic move:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eAmount\u003c\/td\u003e\n\u003ctd\u003ePeriod\/Context\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Revenue (TTM)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.67 Billion USD\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e3Q25 Revenue\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003ePs. 8,765.4 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003ePeriod ended September 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAcquisition Enterprise Value\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eUS$295 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eURW Retail Concessions\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary. The advantage is in securing the deal; sustained success depends on execution post-closing.\u003c\/p\u003e\n\u003cp\u003eKey operational context points related to the U.S. expansion:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eThe acquired commercial programs management includes terminals at \u003cstrong\u003eJFK\u003c\/strong\u003e, \u003cstrong\u003eLAX\u003c\/strong\u003e, and \u003cstrong\u003eO\\'Hare (ORD)\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eThe expected closing date for the transaction is \u003cstrong\u003e4Q25\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eThe transaction is structured as a business combination, subject to customary conditions.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eGrupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - VRIO Analysis: 5. Aggressive International Scale Expansion via M\u0026amp;A\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e The agreement to acquire Motiva’s subsidiary CPC for a purchase price of \u003cstrong\u003eR$5,000 million\u003c\/strong\u003e (US$936 million) implies an enterprise value of \u003cstrong\u003eR$13,700 million\u003c\/strong\u003e (US$2,566 million). The portfolio reported 12-month EBITDA of \u003cstrong\u003eR$2,000 million\u003c\/strong\u003e (100% basis) and proportionate EBITDA of \u003cstrong\u003eR$1,300 million\u003c\/strong\u003e as of September 30, 2025. The deal adds over \u003cstrong\u003e45 million\u003c\/strong\u003e annual passengers to ASR’s \u003cstrong\u003e71 million\u003c\/strong\u003e reported in 2024.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue (100% Basis)\u003c\/th\u003e\n\u003cth\u003eValue (Proportionate Stake)\u003c\/th\u003e\n\u003cth\u003eReference Date\/Period\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003ePurchase Price\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eR$5,000 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003eAgreement Date\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eImplied Enterprise Value\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eR$13,700 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003eAgreement Date\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e12-Month EBITDA\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003eR$2,000 million\u003c\/strong\u003e (US$375 million)\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003eR$1,300 million\u003c\/strong\u003e (US$243 million)\u003c\/td\u003e\n\u003ctd\u003eEnding September 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Financial Debt\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003eR$6,300 million\u003c\/strong\u003e (US$1,180 million)\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003eSeptember 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAnnual Passengers Added\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e\u0026gt;45 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003eCompared to 2024 ASR traffic\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e The move adds equity interests in 20 airports across 4 new markets: Brazil, Ecuador, Costa Rica, and Curaçao, diversifying ASR’s base beyond its existing operations in Mexico, Colombia (Airplan), and Puerto Rico (Aerostar). ASR’s LTM revenue as of December 31, 2024, was \u003cstrong\u003e$1.71B\u003c\/strong\u003e.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e High. The agreed-upon asset package, including 17 of the 20 airports having more than 15 years remaining on their concession life, is contractually unavailable to rivals pending closing.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Good. The company is executing this large, complex cross-border M\u0026amp;A, with the transaction expected to close in \u003cstrong\u003eH1 2026\u003c\/strong\u003e. Shareholder approval is sought via an Ordinary General Shareholders' Meeting called for January 26, 2026, to authorize the acquisition and related financing.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary. The value realization is contingent upon successful integration post-\u003cstrong\u003eH1 2026\u003c\/strong\u003e closing. ASR’s pre-deal Debt to LTM Adjusted EBITDA was \u003cstrong\u003e0.58x\u003c\/strong\u003e.\u003c\/p\u003e\n\n\u003cul\u003e\n\u003cli\u003eASR's October 2025 total passenger traffic was \u003cstrong\u003e5.3 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eASR's 4Q24 Mexico passenger traffic was \u003cstrong\u003e10.1 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eGrupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - VRIO Analysis: 6. Proven Commercial Revenue Per Passenger Growth\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue\u003c\/strong\u003e: Ability to extract more revenue from each traveler through retail, parking, and other services, which is key to long-term profitability.\u003c\/p\u003e\n\u003cp\u003eCommercial revenue per passenger reached \u003cstrong\u003ePs. 126.1\u003c\/strong\u003e in 3Q25, a \u003cstrong\u003e1.0%\u003c\/strong\u003e YoY increase.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity\u003c\/strong\u003e: While all airports pursue this, ASR shows consistent, albeit modest, growth even when overall traffic is flat or down.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability\u003c\/strong\u003e: Medium. Competitors can sign better retail deals, but ASR’s operational expertise in this area is established.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization\u003c\/strong\u003e: Strong. They added \u003cstrong\u003e45\u003c\/strong\u003e new commercial spaces over the last twelve months, showing active management of the commercial offering.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage\u003c\/strong\u003e: Sustained. It’s an embedded operational focus that drives better yields than the sector average.\u003c\/p\u003e\n\u003cp\u003eThe following table details key commercial and operational metrics from the 3Q25 period:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eValue (3Q25)\u003c\/td\u003e\n\u003ctd\u003eYear-over-Year Change\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eConsolidated Commercial Revenue per Passenger\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003ePs. 126.1\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e+1.0%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMexico Commercial Revenue per Passenger\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003eMXN 144\u003c\/strong\u003e (Implied)\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e-4%\u003c\/strong\u003e (Implied)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal New Commercial Spaces Added (Last 12 Months)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e45\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNew Spaces Added - Colombia\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e31\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNew Spaces Added - Puerto Rico\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e8\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNew Spaces Added - Mexico\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e6\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eFurther statistical detail supporting the commercial strength includes:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eTotal passenger traffic increased \u003cstrong\u003e0.4%\u003c\/strong\u003e YoY to serve over \u003cstrong\u003e17 million\u003c\/strong\u003e passengers.\u003c\/li\u003e\n\u003cli\u003eTotal Revenues (Excluding Construction Services) increased \u003cstrong\u003e1.0%\u003c\/strong\u003e YoY.\u003c\/li\u003e\n\u003cli\u003eTotal Revenues (Including Construction Services) increased \u003cstrong\u003e17.1%\u003c\/strong\u003e YoY to \u003cstrong\u003ePs. 8,765.4 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eCommercial Revenue per Passenger growth by region: Colombia: \u003cstrong\u003e+14%\u003c\/strong\u003e; Puerto Rico: \u003cstrong\u003e+10%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eColombia Non-Aeronautical Revenues grew in the \u003cstrong\u003ehigh teens\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eGrupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - VRIO Analysis: 7. Strong Performance of Non-Mexican Assets\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Colombia and Puerto Rico are the growth engines, offsetting weakness in the core Mexican market. Colombia traffic grew \u003cstrong\u003e3.1%\u003c\/strong\u003e and Puerto Rico \u003cstrong\u003e1.1%\u003c\/strong\u003e in 3Q25. Mexico traffic decreased \u003cstrong\u003e1.1%\u003c\/strong\u003e in 3Q25.\u003c\/p\u003e\n\u003cp\u003eThe non-Mexican assets demonstrated superior traffic momentum in the third quarter of 2025:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eColombia (Airplan) passenger traffic increased \u003cstrong\u003e3.1%\u003c\/strong\u003e YoY, driven by an \u003cstrong\u003e11.2%\u003c\/strong\u003e increase in international traffic.\u003c\/li\u003e\n\u003cli\u003ePuerto Rico (Aerostar) total traffic increased \u003cstrong\u003e1.1%\u003c\/strong\u003e YoY, with international traffic up \u003cstrong\u003e11.7%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eThe relative financial contribution highlights the importance of these regions, despite Mexico representing the largest revenue base:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003e2024 Value\u003c\/td\u003e\n\u003ctd\u003e2025 Value\u003c\/td\u003e\n\u003ctd\u003e% Chg.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Revenue (Ps.)\u003c\/td\u003e\n\u003ctd\u003e7,483,293\u003c\/td\u003e\n\u003ctd\u003e8,765,450\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e17.1\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMexico Revenue (Ps.)\u003c\/td\u003e\n\u003ctd\u003e5,386,401\u003c\/td\u003e\n\u003ctd\u003e6,479,089\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e20.3\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSan Juan Revenue (Ps.)\u003c\/td\u003e\n\u003ctd\u003e1,215,566\u003c\/td\u003e\n\u003ctd\u003e1,325,782\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e9.1\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eColombia Revenue (Ps.)\u003c\/td\u003e\n\u003ctd\u003e881,326\u003c\/td\u003e\n\u003ctd\u003e960,579\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e9.0\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCommercial Revenues per PAX (Ps.)\u003c\/td\u003e\n\u003ctd\u003e124.9\u003c\/td\u003e\n\u003ctd\u003e126.1\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e1.0\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMexico PAX\/Rev (Ps.)\u003c\/td\u003e\n\u003ctd\u003e149.0\u003c\/td\u003e\n\u003ctd\u003e144.2\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e(3.3)\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSan Juan PAX\/Rev (Ps.)\u003c\/td\u003e\n\u003ctd\u003e152.4\u003c\/td\u003e\n\u003ctd\u003e166.8\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e9.5\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eColombia PAX\/Rev (Ps.)\u003c\/td\u003e\n\u003ctd\u003e52.0\u003c\/td\u003e\n\u003ctd\u003e59.1\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e13.6\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEBITDA (Ps.)\u003c\/td\u003e\n\u003ctd\u003e4,700,373\u003c\/td\u003e\n\u003ctd\u003e4,639,368\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e(1.3)\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e The consistent outperformance of the Colombian (Airplan) and Puerto Rican (Aerostar) segments relative to the Mexican portfolio is a distinct feature. Colombia accounted for approximately \u003cstrong\u003e20%\u003c\/strong\u003e of total revenues, with revenue growth in the \u003cstrong\u003ehigh single digits\u003c\/strong\u003e, while Puerto Rico accounted for nearly \u003cstrong\u003e18%\u003c\/strong\u003e of total revenues, also reporting revenue growth in the \u003cstrong\u003ehigh single digit\u003c\/strong\u003e in 3Q25.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Medium. Competitors cannot easily replicate ASR’s specific asset quality in Medellin or SJU. Commercial revenue per passenger in Colombia saw a \u003cstrong\u003e13.6%\u003c\/strong\u003e increase to Ps. \u003cstrong\u003e59.1\u003c\/strong\u003e, and in San Juan (Puerto Rico) it increased \u003cstrong\u003e9.5%\u003c\/strong\u003e to Ps. \u003cstrong\u003e166.8\u003c\/strong\u003e, significantly outpacing the \u003cstrong\u003e(3.3)%\u003c\/strong\u003e decline in Mexico to Ps. \u003cstrong\u003e144.2\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Strong. Management effectively allocates CapEx and focus to these higher-growth regions. Over the last 12 months, ASR added \u003cstrong\u003e45\u003c\/strong\u003e new commercial spaces across its airports, with \u003cstrong\u003e31\u003c\/strong\u003e in Colombia, \u003cstrong\u003e8\u003c\/strong\u003e in Puerto Rico, and \u003cstrong\u003e6\u003c\/strong\u003e in Mexico.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained. This geographic diversification is built into the asset base, providing resilience as evidenced by the \u003cstrong\u003e3.1%\u003c\/strong\u003e traffic growth in Colombia and \u003cstrong\u003e1.1%\u003c\/strong\u003e in Puerto Rico offsetting the \u003cstrong\u003e1.1%\u003c\/strong\u003e decline in Mexico in 3Q25.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eGrupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - VRIO Analysis: 8. Operational Resilience to Traffic Headwinds\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e The ability to maintain high EBITDA margins and even grow EBITDA despite stagnant or declining passenger traffic in its largest market, Mexico.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eLatest Period Result (3Q25)\u003c\/th\u003e\n\u003cth\u003eYear-over-Year Change\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eMexico Passenger Traffic\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003eDecreased \u003cstrong\u003e1.1%\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eConsolidated EBITDA\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003ePs.4,639.4 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eDeclined \u003cstrong\u003e1.3%\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAdjusted EBITDA Margin (excl. IFRIC 12)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e66.7%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eDecreased from \u003cstrong\u003e68.3%\u003c\/strong\u003e in 3Q24\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e This resilience is noted by analysts as superior to sector peers when traffic is soft.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Medium. It requires tight cost control and strong commercial performance to offset aeronautical revenue dips.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Strong. The company demonstrates an ability to manage costs and leverage fixed assets effectively during downturns.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained. It reflects deep operational experience in managing concession agreements.\u003c\/p\u003e\n\u003cp\u003eFurther statistical evidence supporting this operational management includes:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eCommercial revenue per passenger increased \u003cstrong\u003e1.0%\u003c\/strong\u003e Year-over-Year to \u003cstrong\u003ePs.126.1\u003c\/strong\u003e in 3Q25.\u003c\/li\u003e\n\u003cli\u003eIn 3Q25, while Mexico traffic decreased \u003cstrong\u003e1.1%\u003c\/strong\u003e, Colombia traffic increased \u003cstrong\u003e3.1%\u003c\/strong\u003e and Puerto Rico traffic increased \u003cstrong\u003e1.1%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eThe Adjusted EBITDA margin contraction of \u003cstrong\u003e157 basis points\u003c\/strong\u003e in 3Q25 to \u003cstrong\u003e66.7%\u003c\/strong\u003e was managed despite the traffic headwinds in the largest market.\u003c\/li\u003e\n\u003cli\u003eThe company maintained a healthy leverage profile with Debt to LTM Adjusted EBITDA at \u003cstrong\u003e0.2x\u003c\/strong\u003e at September 30, 2025.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eGrupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) - VRIO Analysis: 9. Favorable Regulatory Structure in Puerto Rico\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e The dual-till system in Puerto Rico provides a degree of pricing power that insulates some revenue streams from the more restrictive Mexican regulatory environment. A dual-till approach separates aeronautical charges from concession activities, ensuring infrastructure charges fully cover airport infrastructure costs.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e This specific regulatory setup is unique to the Aerostar concession compared to the Mexican ones.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e High. Competitors cannot change the terms of ASR’s existing concession agreements.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Good. Management capitalizes on the structure, with Puerto Rico reporting strong operational metrics in the latest reported quarter.\u003c\/p\u003e\n\n\u003cul\u003e\n\u003cli\u003ePuerto Rico (Aerostar) passenger traffic increased by \u003cstrong\u003e4.6%\u003c\/strong\u003e year-over-year in 3Q24.\u003c\/li\u003e\n\u003cli\u003eSan Juan (Puerto Rico) Total Revenue increased by \u003cstrong\u003e14.5%\u003c\/strong\u003e year-over-year in 3Q24, reaching \u003cstrong\u003ePs.1,215,566 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eFor ASR overall in 3Q24, Commercial Revenues per Passenger were \u003cstrong\u003ePs.152.4\u003c\/strong\u003e, compared to \u003cstrong\u003ePs.139.2\u003c\/strong\u003e in 3Q23.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained. It is a contractual feature of the asset.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric (3Q24)\u003c\/td\u003e\n\u003ctd\u003eMexico\u003c\/td\u003e\n\u003ctd\u003ePuerto Rico (San Juan)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003ePassenger Traffic YoY Variation\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e-10.1%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e+4.6%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Revenue YoY Change\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e+17.1%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e+14.5%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eFinance:\u003c\/strong\u003e The URW acquisition was completed on \u003cstrong\u003eMay 18, 2023\u003c\/strong\u003e. The transaction is reflected in pro forma condensed combined financial statements in accordance with Financial Reporting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) \u003cstrong\u003e805\u003c\/strong\u003e, Business Combinations, and FASB ASC \u003cstrong\u003e350\u003c\/strong\u003e, Intangibles – Goodwill and Other.\u003c\/p\u003e","brand":"dcf.fm","offers":[{"title":"Default Title","offer_id":45516116164757,"sku":"asr-vrio-analysis","price":7.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0630\/5189\/0837\/files\/asr-vrio-analysis.png?v=1740179688","url":"https:\/\/dcf-model.com\/es\/products\/asr-vrio-analysis","provider":"AI-Powered Discounted Cash Flow Model Templates","version":"1.0","type":"link"}