ASR - Grupo Aeroportuario Del Pacifico Shares Don't Fully Reflect Improving Traffic

• GAP has seen a better-than-expected recovery in traffic in 2021, leading the Mexican airport operators with its attractive mix of tourist destinations and business hubs.
• Cost control has been good through the challenging reopening process, and operating leverage should improve on further tariff implementation and traffic improvements, including new routes to Puerto Vallarta.
• High single-digit long-term revenue and FCF growth, and a return to 60% EBITDA margins in 2023, can support double-digit returns from here.

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