Valuation of Angel Albino Corzo Airport Tuxtla Gutierrez, Chiapas

The Challenge

The Municipal Government of Tuxtla Gutierrez and the State Government of Chiapas needed a valuation model for Angel Albino Corzo Airport to serve as a basis for negotiations with the Mexican Federal Government and private investors.

Our Role

InterVISTAS built a valuation model for Angel Albino Corzo Airport that included forecasts of aviation activity, aeronautical and non-aeronautical revenue, operating expenses, and capital expenditures. The activity forecasts included annual and peak period activity levels for passengers, cargo, operations by type, landed weight based on anticipated economic growth and airline network development plans.  Revenue and expense forecasts were based on historical figures as well as the implementation of improvements to these items that are typically made by private operators.  The model generated annual cash flow, income, and returns to the investor, and featured three valuation methodologies to calibrate the range of values for the airport:

  • Value as a Multiple of Forecast Earnings
  • Net Present Value of Future Cash Flows
  • Historical Cost


The Municipal and State Governments successfully attracted funding for further infrastructure development projects.