PAC - Grupo Aeroportuario Del Sureste: Colombia Joins The Recovery

• Grupo Aeroportuario del Sureste ("Sureste") has seen air traffic recover gradually in Mexico, Puerto Rico and, lately, Colombia.
• Sureste showed its resilience in Q3, which saw a return to profitability and confirmation of the company's low leverage and comfortable liquidity.
• A new, government-operated, airport is being considered for Tulum, but we don't expect it to derail Sureste's operations in Cancun.
• The timing of a full recovery to pre-COVID-19 levels is uncertain, but patient investors will be rewarded, since the macro trends that support Sureste's growth remain in place.

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