SOUTHEAST AIRPORT GROUP

ASR
About the company

Grupo Aeroportuario del Sureste, S. A. B. de C. V., together with its subsidiaries, holds concessions to operate, maintain, and develop airports in the southeast region of Mexico. The company operates through Cancún, Aerostar, Airplan, Mérida, Villahermosa, Holding & Services, and Other segments. It operates the airports in Cozumel, Huatulco, Mérida, Minatitlán, Oaxaca, Tapachula, Veracruz, and Villahermosa; and offers aeronautical services, such as passenger, aircraft landing and parking, passenger walkways, and airport security.

Price: $270.16Market Cap: $8.1B

Investment snapshot

24%positive consensus
Scored 1d ago

Positive

3

BUY / PASS

Neutral / negative

8 / 5

NEUTRAL / FAIL

Median fair value

$33.14

-87.7% vs price

Models with upside

0 / 17

Positive margin of safety

Strongest signal

All 8 investors pass ASR's efficiency

Key risk

ASR overvalued: all 3 models price fair value below $270.16 (median $33.14)

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILPASSFAILBUY · Rank #75 (Top 2.4%)NEUTRALPASSNEUTRALFAILNEUTRALFAILNEUTRALPASSNEUTRALNEUTRALFAILNEUTRALNEUTRAL
Score
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Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/A-1129.1%N/AN/AN/A-715.2%-515.8%N/AN/AN/AN/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2024

Latest source filing: 2025-04-10

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-04-10

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-04-10

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-04-10

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-04-10

Score computed: 2026-11-14

Annual history · FY 2024 · Market data at 2026-11-01

Latest source filing: 2025-04-10

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2024

Latest source filing: 2025-04-10

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2024

Latest source filing: 2025-04-10

Score computed: 2026-11-14

Annual history · FY 2024 · Qualitative assessment

Latest source filing: 2025-04-10

Score computed: 2026-11-14

Annual history · FY 2024 · Qualitative assessment

Latest source filing: 2025-04-10

Score computed: 2026-11-14

Annual history · FY 2024 · Market data at 2026-11-01

Latest source filing: 2025-04-10

Score computed: 2026-11-14

Annual history · FY 2024 · Price history 2025-01-01–2026-11-01

Latest source filing: 2025-04-10

Score computed: 2026-11-14

Annual history · FY 2024 · Qualitative assessment

Latest source filing: 2025-04-10

Score computed: 2026-11-14

Annual history · FY 2024 · Price history 2025-01-01–2026-11-01

Latest source filing: 2025-04-10

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-04-10

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-04-10

Score computed: 2026-11-14

Annual history · FY 2024 · Price history 2025-01-01–2026-11-01

Latest source filing: 2025-04-10

Score computed: 2026-11-14

Where It Passes

  • Efficiency100% pass✓ 11▾

    All 8 investors pass ASR's efficiency

    Current Ratio4.36
    ✓Graham>= 2.0
    ROIC (3-5 yr avg)21.1%
    ✓Buffett> 10%
    ROIC - WACC+11.1%
    ✓BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)195.0%
    ✓Greenblatt> 25%
    Current Ratio Change YoY3.88 -> 4.36
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.37x -> 0.37x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities4.36
    ✓Dreman> 1.5
    Return on Invested Capital21.4%
    ✓Munger> 15%
    ROIC (high and growing)FY2022: ROIC=22.4%; FY2023: ROIC=22.4%; FY2024: ROIC=21.4%
    ✓AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC11.8% (RR=55% x ROIC=21.4%)
    ✓AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)4/5 years above 12% (latest 21.4%)
    ✓SleepROIC > 12% in a majority of years
  • Debt & Leverage83% pass✓ 13✗ 2▾

    10 of 12 pass — Piotroski and Asness object

    LT Debt vs Net Current AssetsLT Debt $487.8M vs NCA $958.2M
    ✓GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.19, IC: 21.2x
    ✓BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.19
    ✓Lynch< 0.33
    Cash - Long-term Debt$69.4M
    ✓LynchPositive preferred
    LT Debt / Total Assets Change11.95% -> 12.03%
    ✗PiotroskiDecreased YoY
    Current Assets / Current Liabilities4.36
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0.19
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0.19
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=21.2x, D/EBITDA=0.5x
    ✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.19
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.1938; #1660/4210 (top 39.4%)
    ✗AsnessTop 30% of eligible cross-section

Where It Falls Short

  • Valuation models0% pass✗ 3▾

    ASR overvalued: all 3 models price fair value below $270.16 (median $33.14)

    Greenblatt fair value$21.98
    ✗Greenblatt-1129.1% margin vs $270.16
    Pabrai fair value$33.14
    ✗Pabrai-715.2% margin vs $270.16
    Akre fair value$43.87
    ✗Akre-515.8% margin vs $270.16
  • Valuation8% pass✓ 5✗ 23▾

    12 of 13 flag ASR's valuation — Graham, Lynch, Dreman +9 more

    Net income / market capitalization+8.38%; #913/6340 (top 14.4%)
    ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio30.8x
    ✗Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value10.5%
    ✓Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=10.5%, ROC=195.0%
    ✓GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)107.4x
    ✗Dreman< 8x
    Price / Book Value per Share30.8x
    ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessOE Yield=1.0%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF Yield
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=30.8x
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share
    ✗Ackman<= 25
    Price vs. Trailing Low112% of trailing low ($240.96)
    ✓Templeton<= 120% of trailing low (certified split-adjusted live window)
    Positive book equity / market capitalization+0.3239; #3588/6449 (top 55.6%)
    ✗AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share32.41x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change+106.4%
    ✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.1872; #3838/5247 (top 73.1%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-8.85%; #3370/6202 (top 54.3%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Growth13% pass✓ 4✗ 9▾

    7 of 8 flag ASR's growth — Graham, Lynch, Dreman +4 more

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: -20.8% vs Rev: -0.3%
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency10/10 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth17.1%
    ✓Ackman>= 5%
    Positive EPS Growth Frequency
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendrevenue up, operating margin 58.1% -> 55.9%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR17.2%
    ✓SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Profitability25% pass✓ 16✗ 19▾

    12 of 16 flag ASR's profitability — Graham, Buffett, Lynch +9 more

    Net income / market capitalization+8.38%; #913/6340 (top 14.4%)
    ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive EPS (10 years)0/11 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)10/11 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)19.7%
    ✓Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)55.9% (latest)
    ✓BuffettStable or rising over 10 years
    Free Cash Flow Proxy$335.4M
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE25.9%
    ✓Lynch> 15%
    EBIT / Enterprise Value10.5%
    ✓Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=10.5%, ROC=195.0%
    ✓GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets16.78%
    ✓PiotroskiROA > 0
    ROA Change YoY15.18% -> 16.78% (delta: +1.60%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=18.62%, ROA=16.78%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue65.0%
    ✓Dreman>= 8%
    Net Income / Shareholders' Equity25.9%
    ✓Dreman> 12%
    Margin of SafetyP/B=30.8x
    ✗PabraiP/B < 1.5 or P/E < 15
    Return on Equity25.1% (3-yr avg)
    ✓AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency10/10 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue55.9%
    ✓Ackman>= 15%
    Net Income / Shareholders Equity25.9%
    ✓Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend58.1% (2022) -> 55.9% (2024)
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendrevenue up, operating margin 58.1% -> 55.9%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Gross profit / total assets
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity+25.88%; #564/5226 (top 10.8%)
    ✓AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0488; #2552/5884 (top 43.4%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Cash Flow30% pass✓ 4✗ 8▾

    7 of 10 flag ASR's cash flow — Buffett, Lynch, Dreman +4 more

    Free Cash Flow Proxy$335.4M
    ✗BuffettPositive and growing
    FCF Positive and Growing$234.7M
    ✗LynchPositive and growing
    Operating Cash Flow$754.7M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=18.62%, ROA=16.78%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)107.4x
    ✗Dreman< 8x
    P/E or FCF Yield
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive1/1 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap
    ✗Ackman>= 4%
    Price / FCF per Share
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency9/9 years positive
    ✓SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section
  • Verdicts44% pass✓ 4✗ 5▾

    Split decision: 8 NEUTRAL · 5 FAIL · 3 PASS

    Overall verdict
    ✗GrahamFAIL (3/9)✓BuffettPASS (5/9)✗LynchFAIL (4/7)✓GreenblattRank #75•PiotroskiNEUTRAL (F-Score 7)✓DremanPASS (6/11)•MungerNEUTRAL (3/4)✗PabraiFAIL (1/3)•AkreNEUTRAL (4/6)✗MarksFAIL (3/5)•AckmanNEUTRAL (6/9)✓TempletonPASS (4/8)•SleepNEUTRAL (4/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (2/6)•SchlossNEUTRAL (4/7)•OshaughnessyNEUTRAL (Not ranked)

Business & financials

Financial snapshot: annual FY 2024. Current investor scores may use newer quarterly data.

Company Profile

Industry: Transportation
SIC Sector: Air Transportation
Size: Mid Cap($8.1B)
Revenue: $1.5B-0.3% YoY
Net Income: $680.0M+8.0% YoY

Financial Snapshot

Operating Margin55.9%
Return on Equity25.9%
Debt / Equity0.19
Current Ratio4.36
Shares Retired0.0% / 0.0% 2y

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Shareholder Return

Fiscal 2024

Retired 0.0% of shares last year, 0.0% over two.

Buybacks
—
Dividends
$304.3M

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

MetricFY 2024
Sources
  • 20-F · 2025-04-10
FY 2023
Sources
  • 20-F · 2024-04-15
FY 2022
Sources
  • 20-F · 2023-04-17
FY 2021
Sources
  • 20-F · 2022-04-08
FY 2020
Sources
  • 20-F · 2021-04-12
Market Cap$8.1Bcurrent$76.8Best.$68.3Best.$49.3Best.$37.2Best.
Revenue$1.5B$1.5B↑17%$1.3B↑42%$918.2M↑45%$634.7M
Operating Income$849.1M↓6%$899.3M↑19%$755.4M↑79%$423.2M↑157%$164.7M
Net Income$680.0M↑8%$629.8M↑15%$547.1M↑75%$312.7M↑192%$106.9M
EPS (Diluted)----------
Gross Margin—————
Operating Margin55.9%↓5%59.0%↑2%58.1%↑26%46.1%↑78%26.0%
ROE25.9%↑9%23.8%↓7%25.6%↑49%17.2%↑172%6.3%
Total Debt$509.3M↓1%$516.1M↓2%$527.8M↑55%$339.8M↓3%$350.5M
Shareholders' Equity$2.6B↓1%$2.7B↑24%$2.1B↑18%$1.8B↑7%$1.7B
Current Ratio4.36↑12%3.88↑19%3.25↑6%3.08↑10%2.79
Debt / Equity0.190.19↓21%0.25↑32%0.19↓10%0.21
Operating Cash Flow$754.7M↓5%$793.2M↑14%$694.8M↑37%$505.7M↑242%$147.7M
Free Cash Flow----------

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Transportation

ASR vs Peers — Financial Grading

Revenue$1.5BBottom 25%
Net Income$680.0MBottom 25%
ROE25.9%Median
D/E0.19Top 25%
Op. Margin55.9%Top 25%
Curr. Ratio4.36Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
UNION PACIFIC CORPUNP$179.7B$302.44$24.5B$7.1B38.7%1.7240.2%0.912/94/94/70/3F-Score 73/11
CSX CORPCSX$95.9B$52.05$14.1B$2.9B22.0%1.4332.1%0.812/94/93/70/3F-Score 53/11
ROYAL CARIBBEAN CRUISES LTDRCL$86.5B$323.27$17.9B$4.3B42.5%2.1327.4%0.181/91/91/70/3F-Score 73/11
CANADIAN NATIONAL RAILWAY COCNI$76.3B$127.18————————————
NORFOLK SOUTHERN CORPNSC$73.6B$327.88$12.2B$2.9B18.5%1.1035.8%0.853/96/93/70/3F-Score 65/11
MPLX LPMPLX$58.0B$57.25$13.0B$5.0B34.6%1.7945.7%1.232/94/94/71/3F-Score 68/11
Carnival Corp Ltd.CCL$39.3B$29.23$26.6B$2.8B22.5%2.1716.8%0.321/91/92/70/3F-Score 74/11
OLD DOMINION FREIGHT LINE, INC.ODFL$36.0B$174.54$5.5B$1.0B23.7%0.0124.8%1.443/97/95/71/3F-Score 65/11