The following table contextualizes ASR’s current valuation multiples and dividend yields against explicitly named comparable entities:
| Entity | Ticker | P/E Ratio | EV/EBITDA | Dividend Yield | | :--- | :--- | :--- | :--- | :--- | | Grupo Aeroportuario del Sureste | ASR | 12.3x - 13.6x | 7.2x - 7.6x | 6.5% - 8.6% | | Grupo Aeroportuario del Pacífico | PAC | 19.1x - 20.6x | 11.4x | 1.9% | | Grupo Aeroportuario del Centro Norte| OMAB | 14.2x - 14.4x | 8.8x - 8.9x | 5.2% | | Airports of Thailand | AOT | 44.3x - 46.8x | 23.8x - 25.1x | 1.4% | | Aena S.M.E. | AENA | 17.1x | 11.7x | 4.1% |
Data metrics reflect the trailing twelve months and forward consensus estimates surrounding the Q3 2026 reporting period.
Capital Expenditures (CAPEX) and Infrastructure
To maintain the operational integrity of its concessions and unlock future non-aeronautical revenue, ASR is committed to a heavy capital expenditure cycle. During Q3 2026 alone, the company deployed MXN 2.7 billion in CapEx `(finance.biggo.com)`.
Looking ahead to 2027, management has provided explicit guidance for an aggregate capital spending program of approximately MXN 11 billion `(finance.biggo.com)`.
The projected geographic allocation for the 2027 CapEx budget reflects the company's new multi-national focus:
Mexico: MXN 6.0 billion `(finance.biggo.com)`. Costa Rica: MXN 1.8 billion `(finance.biggo.com)`. Puerto Rico: MXN 1.7 billion `(finance.biggo.com)`. Brazil: MXN 1.5 billion (targeting runway refurbishments at Belo Horizonte and regional facility upgrades) `(finance.biggo.com)`. U.S. Commercial: MXN 414 million `(finance.biggo.com)`. Colombia & Curaçao: MXN 230 million and MXN 213 million, respectively `(finance.biggo.com)`.
Crucially, management expects all regional operations—with the sole exception of Puerto Rico—to fund these ambitious investments entirely through localized operating cash flow. The specific funding mechanism for Puerto Rico's MXN 1.7 billion CapEx was not explicitly detailed by management on the earnings call, though it is structurally supported by existing U.S. dollar-denominated debt (which constitutes 46.4% of the company's total MXN 70 billion debt) or project finance-like debt retained locally by the Aerostar subsidiary. Management explicitly stated they do not expect additional overall corporate leverage in 2027 to cover these obligations `(fitchratings.com)`.
The crown jewel of the current CapEx cycle is the Terminal 1 expansion at Cancún Airport. Originally slated for earlier completion, construction is now expected to finish in the fourth quarter of 2026, with passenger operations commencing by the end of the first quarter of 2027 `(alphastreet.com)`. This infrastructure upgrade is vital; it is designed to relieve severe passenger bottlenecks and dramatically expand the high-margin non-aeronautical commercial retail space available to international travelers `(alphastreet.com)`.