PAC
Grupo Aeroportuario del Pacífico, S.A.B. de C.V.
$240.40
Platform & Compounding FCF
65%
Two-stage FCF DCF
Moderate
·
Conviction
Undervalued
Trading 25.2% below fair value
You pay
$240.40
Bear
$163.29
Fair
$321.50
Bull
$516.18
Bear
$163.29
-32.1%
11% stage 1 growth, 11% discount
Fair
$321.50
+33.7%
19% stage 1 growth, 11% discount
Bull
$516.18
+114.7%
25% stage 1 growth, 11% discount
Key Value Driver
FCF growth rate (19% base case)
Terminal Value % of EV
46%
Implied Market Multiple
32.2x
Summary
Our base-case estimate uses a two-stage discounted cash flow model based on free cash flow. We then blend that result with the average analyst price target of $285.00 from 15 analysts, using a 25% weight on analyst consensus. That produces an estimated intrinsic value of $321.50 per share.
Warnings
Financial statements were converted from MXN into USD using USDMXN at 0.0578 USD per MXN.
Key Risks
- P/E alone misleads — earnings depressed by growth investment
- Cyclical or commodity businesses may be misclassified as platforms
- Terminal value dominance suggests sensitivity to long-run assumptions