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Contents
Mexican Airports – Strong Fundamentals, Long-Term Potential 2
Investment Views 3
Industry Overview 6
Industry Fundamentals 8
Airline Industry 11
The Economy 14
Swine Flu 14
Industry Outlook – Conclusions 17
Grupo Aeroportuario Centro Norte – Defensive Passenger Mix, Attractive Multiples 19
Grupo Aeroportuario del Sureste – Riskier Proposition in the Current Environment 37
Grupo Aeroportuario del Pacífico – Fairly Valued Despite Attractive FCF Yield 55
Appendix 1: Master Development Plan – Gap 73
Appendix 2: Master Development Plan – Asur 74
Appendix 3: Master Development Plan – Oma 75
Appendix 4: Map of Privatized Airports in Mexico 76
Appendix 5: Mexico Tourism Snapshot 77
Appendix 6: Swine Flu – Geographic Distribution by Country 78
Appendix 7: Swine Flu – Geographic Distribution in Mexico 79
Appendix 8: Passengers Travelling by Bus 80
Appendix 9: Airfares vs. Bus Fares 81
Appendix 10: Taxes – Airport Industry 82
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