Covering the Mexican Economy, Actinver Research

Actinver

Covering the Mexican Economy

Actinver Research

Actinver is a mexican leading financial group, that generates well being for individuals and companies through advisory services that provides investment management to maintain and grow their wealth.

Equity Bottom-Up

<ul><li>We are initiating coverage on AERO with a 12M PT of P$42.0 per share and an Outperform rating.</li><li>Our PT implies an upside potential of 40% over the stock’s current trading price.</li><li>In addition, we provide deep insights into oil industry topics.</li></ul>

We are initiating coverage on AERO with a 12M PT of P$42.0 per share and an Outperform rating.Our PT implies an upside potential of 40% over the stock’s current trading price.In addition, we provide deep insights into oil industry topics.

Actinver Research - AERO Launch and an Oil Deep Dive (Sector Initiation)

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Grupo Aeromexico / Equity Capital Markets

<ul>
<li>Grupo Aeroméxico priced at $19.00 and closed at $20.35 (+7.1%), marking a solid first-day gain amid strong institutional demand.</li>
<li>IPO reportedly 10x oversubscribed, driven by long-only and international accounts, signaling strong conviction in Aeroméxico’s turnaround and balance sheet discipline.</li>
<li>With Apollo and Delta as backers, improving margins, and regional airline momentum, Aeroméxico’s IPO positions it for sustained flight in a recovering market.</li>
</ul>


Grupo Aeroméxico priced at $19.00 and closed at $20.35 (+7.1%), marking a solid first-day gain amid strong institutional demand.
IPO reportedly 10x oversubscribed, driven by long-only and international accounts, signaling strong conviction in Aeroméxico’s turnaround and balance sheet discipline.
With Apollo and Delta as backers, improving margins, and regional airline momentum, Aeroméxico’s IPO positions it for sustained flight in a recovering market.


Grupo Aeroméxico (AERO): Value Takes Flight with a Controlled Ascent

<ul>
<li>Since emerging from Chapter 11 in 2020, Aeroméxico has delivered record profitability with FY24 operating margins of 19% and leverage reduced to just 1.9x net debt/EBITDAR.</li>
<li>Positioned as Mexico’s flagship full-service carrier with Delta partnership synergies, Aeroméxico offers a compelling valuation discount to peers despite macro and FX headwinds.</li>
<li>Grupo Aeroméxico’s IPO is reportedly oversubscribed more than 10x, with strong participation from long-only and international investors, indicating robust institutional appetite.</li>
</ul>


Since emerging from Chapter 11 in 2020, Aeroméxico has delivered record profitability with FY24 operating margins of 19% and leverage reduced to just 1.9x net debt/EBITDAR.
Positioned as Mexico’s flagship full-service carrier with Delta partnership synergies, Aeroméxico offers a compelling valuation discount to peers despite macro and FX headwinds.
Grupo Aeroméxico’s IPO is reportedly oversubscribed more than 10x, with strong participation from long-only and international investors, indicating robust institutional appetite.


Grupo Aeroméxico (AERO): Airline Operator Seen As "Value Play" At IPO Price

<ul>
<li>The Apollo and Delta Airlines backed airliner is going public with more than $3bn in debt.</li>
<li>AERO is to offer 11.7 million shares at $18.00-$20.00 and starts the clock on its 20-day automatic effectiveness with the SEC. </li>
<li>The most recent international airline company to be listed on US exchanges was Latam Airlines Group SA (LTM US) which has fared well. </li>
</ul>


The Apollo and Delta Airlines backed airliner is going public with more than $3bn in debt.
AERO is to offer 11.7 million shares at $18.00-$20.00 and starts the clock on its 20-day automatic effectiveness with the SEC. 
The most recent international airline company to be listed on US exchanges was Latam Airlines Group SA (LTM US) which has fared well. 


Grupo Aeroméxico (AERO): Apollo-Backed Airline Operator Sets Terms in Long Awaited US IPO

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>Legal border crossings in/out of the US in December continued to weaken, including by air</li>
<li>By region, Northern crossings remain weakest; inbound West air crossings still up Y/Y</li>
<li>Numbers suggest tourism activity from Asian sources remains relatively resilient</li>
</ul>


Legal border crossings in/out of the US in December continued to weaken, including by air
By region, Northern crossings remain weakest; inbound West air crossings still up Y/Y
Numbers suggest tourism activity from Asian sources remains relatively resilient


December 2025 USCBP Data Shows US Border Crossing Activity Continued to Decline, Especially in North

Mexico

Grupo Aeromexico SAB de CV operates as an airline. The Company offers air transportation services, as well as promotes passenger loyalty programs. Grupo Aeromexico serves customers worldwide.

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Grupo Aeromexico (AERO US)

Actinver Research - AERO Launch and an Oil Deep Dive (Sector Initiation)

We are initiating coverage on AERO with a 12M PT of P$42.0 per share and an Outperform rating. Our PT implies an upside potential of 40% over the...

Actinver

Grupo Aeroméxico (AERO): Value Takes Flight with a Controlled Ascent

Aeroméxico's successful IPO debut at $20.35 (+7.1%) reflects strong institutional demand and investor confidence in the airline's turnaround and...

IPO Boutique

Grupo Aeroméxico (AERO): Airline Operator Seen As "Value Play" At IPO Price

Aeroméxico has seen record profitability post-Chapter 11, offering a compelling valuation discount with strong IPO interest.

IPO Boutique

Grupo Aeroméxico (AERO): Apollo-Backed Airline Operator Sets Terms in Long Awaited US IPO

Airliner backed by Apollo and Delta Airlines going public with over $3bn in debt, offering 11.7 million ADSs at $18.00-$20.00.

IPO Boutique

December 2025 USCBP Data Shows US Border Crossing Activity Continued to Decline, Especially in North

December data from US Customs and Border Protection show reduced border crossings in and out of the US. One bright spot is air crossings in the...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Actinver Research - AERO Launch and an Oil Deep Dive (Sector Initiation)

We are initiating coverage on AERO with a 12M PT of P$42.0 per share and an Outperform rating. Our PT implies an upside potential of 40% over the...

Actinver

Grupo Aeroméxico (AERO): Value Takes Flight with a Controlled Ascent

​Aeroméxico's successful IPO debut at $20.35 (+7.1%) reflects strong institutional demand and investor confidence in the airline's turnaround and...

IPO Boutique

Grupo Aeroméxico (AERO): Airline Operator Seen As "Value Play" At IPO Price

​Aeroméxico has seen record profitability post-Chapter 11, offering a compelling valuation discount with strong IPO interest.

IPO Boutique

Grupo Aeroméxico (AERO): Apollo-Backed Airline Operator Sets Terms in Long Awaited US IPO

​Airliner backed by Apollo and Delta Airlines going public with over $3bn in debt, offering 11.7 million ADSs at $18.00-$20.00.

IPO Boutique

December 2025 USCBP Data Shows US Border Crossing Activity Continued to Decline, Especially in North

December data from US Customs and Border Protection show reduced border crossings in and out of the US. One bright spot is air crossings in the...

Tracking Traffic

Aeroméxico's successful IPO debut at $20.35 (+7.1%) reflects strong institutional demand and investor confidence in the airline's turnaround and...

Aeroméxico has seen record profitability post-Chapter 11, offering a compelling valuation discount with strong IPO interest.

Airliner backed by Apollo and Delta Airlines going public with over $3bn in debt, offering 11.7 million ADSs at $18.00-$20.00.