Operating Margin - Grupo Aeroportuario del Pacifico SAB de CV (BMV:GAPB)

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Price: 467.59 MXN 6.29%

Market Cap: 200.8B MXN

42%

Current

46%

Average

18.8%

Industry

Operating Margin represents how efficiently a company is able to generate profit through its core operations.

Higher ratios are generally better, illustrating the company is efficient in its operations and is good at turning sales into profits.

Operating Margin

42%

Operating Profit

17.3B

Revenue

41.1B

Operating Margin Across Competitors

Country	Company	Market Cap	Operating Margin
MX	Grupo Aeroportuario del Pacifico SAB de CV BMV:GAPB	200.8B MXN	42%
ES	Aena SME SA MAD:AENA	35.4B EUR	46%
TH	Airports of Thailand PCL SET:AOT	714.3B THB	38%
FR	Aeroports de Paris SA PAR:ADP	13B EUR	18%
IN	GMR Airports Ltd NSE:GMRAIRPORT	1.1T INR	24%
CN	Shanghai International Airport Co Ltd SSE:600009	77.2B CNY	17%
CH	Flughafen Zuerich AG SIX:FHZN	7.5B CHF	33%
MX	Grupo Aeroportuario del Sureste SAB de CV BMV:ASURB	160.6B MXN	50%
IN	GMR Infrastructure Ltd NSE:GMRINFRA	759.3B INR	24%
DK	Copenhagen Airports A/S CSE:KBHL	52.3B DKK	33%
IN	GMR Airports Infrastructure Ltd BSE:532754	746.3B INR	24%

Grupo Aeroportuario del Pacifico SAB de CV
Glance View

Economic Moat

Narrow

Market Cap

200.8B MXN

Industry

Transportation Infrastructure

Grupo Aeroportuario del Pacífico SAB de CV, known as GAP, stands as a key player in Mexico’s aviation infrastructure. Founded in 1998 during the country’s airport privatization initiative, GAP took flight by operating 12 airports across the Pacific region of Mexico. With a portfolio ranging from the touristic appeal of Los Cabos to the bustling business thoroughfare of Guadalajara, the company provides essential facilities for air transit, developing and managing airport infrastructure. By meticulously orchestrating a symphony of aeronautical and non-aeronautical services, GAP ensures seamless connections for millions of travelers and efficient operations for airlines. It focuses on enhancing passenger experience, from maintaining runways and terminals to providing premium services within its airport lounges, reinforcing its reputation for reliability and efficiency. The company’s profitability narrative stems not only from traditional sources, such as airline charges, landing fees, and passenger charges, but also from a diverse array of non-aeronautical ventures. Retail operations, parking services, and car rentals within airport premises constitute significant revenue streams, leveraging the captive audience of air travelers. Additionally, GAP is strategically savvy, consistently upgrading and expanding airport facilities to cater to increasing passenger traffic and responding to market demands. Through phased expansions and improvements, the group maintains a forward-looking approach that underscores its commitment to growth and sustainability. This dual-focus strategy—balancing aeronautical and non-aeronautical revenues—positions GAP as a resilient enterprise in the dynamic aviation industry, continually embracing innovation while ensuring operational excellence.

View GAPB Analysis

GAPB Intrinsic Value

What is Intrinsic Value?

Economic Moat is a concept popularized by Warren Buffett to describe a company's durable competitive advantage. It represents the 'moat' that protects a company from competitors and helps it sustain profitability over the long term. Our analysis of the past 10 years showed that companies with a wide economic moat significantly outperformed the market, delivering +645% returns compared to +189% for the S&P 500.

Our research into Economic Moat performance spans the past 10 years and focuses on companies with a wide economic moat. For this analysis, we calculated the average stock price returns of these companies, comparing them to the performance of the S&P 500 index over the same period.

The results were compelling: wide moat stocks achieved a remarkable +645% average return, compared to +188% for the broader market. This difference highlights the long-term benefits of investing in businesses that can maintain their market position and pricing power over time.

Note: This research does not account for survivorship bias. Past performance is not indicative of future results.

Determining whether a company has an economic moat requires both a deep dive into financial metrics and a qualitative assessment of its competitive position. Our analysts conduct a rigorous evaluation that focuses on identifying structural advantages that enable a company to sustain profitability and defend its market share over the long term.

The process begins with an analysis of a company’s historical financial performance. We assess how consistently the company has generated returns above its cost of capital and whether those returns have been stable or improving. However, financial performance alone doesn’t reveal the full picture. To understand the sources of these advantages, we evaluate five key drivers of economic moats:

Network Effect: We analyze whether the value of a company’s product or service grows as its user base expands. Platforms like payment systems or marketplaces benefit from this self-reinforcing.

Switching Costs: We assess whether customers face significant costs or disruptions when switching to a competitor’s product or service. High switching costs create customer stickiness and provide pricing power.

Intangible Assets: Strong brands, patents, and regulatory licenses can protect a company’s market position by creating barriers for competitors or enabling premium pricing. For example, a well-recognized consumer brand may command higher customer loyalty and margins.

Efficient scale: Occurs when a market is optimally served by one or a few players, making it unprofitable for new entrants to compete. This typically happens in industries with high fixed costs or geographic constraints, such as utilities or pipelines.

Cost Advantage: Companies with structural cost advantages can produce goods or services at a lower cost than their competitors, enabling them to offer competitive pricing or maintain higher margins. These advantages often arise from economies of scale, superior supply chain management, or proprietary technology. Firms like Walmart leverage their massive scale to negotiate better terms with suppliers, allowing them to undercut competitors on price.

By examining these factors in combination with a company’s financial performance and market positioning, we classify each company into one of three categories:

This rigorous evaluation ensures that our moat ratings are both comprehensive and reliable, giving investors the tools they need to make well-informed, long-term decisions.

The AI Assistant may sometimes provide inaccurate information.

Make your own investment decisions or consult a licensed financial advisor.

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Grupo Aeroportuario del Pacifico SAB de CV
BMV:GAPB