Santander starts coverage of Pinfra stock with an Outperform call

Published on 10/06/2026 at 16:52 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Santander set a MXN 335 target for Pinfra stock on September 23, 2026. Second-quarter sales rose 23.33 percent to MXN 6.08 billion.

Pinfra, MX01PI000005, Illustration mit AI erstellt.

Pinfra (MX01PI000005) received an Outperform rating and a MXN 335 price target when Santander began coverage on September 23, 2026, according to El Heraldo de Mexico. The recommendation puts concession growth and cash generation at the center of the investment case.

Sales growth meets lower profit

Pinfra generated MXN 6.08 billion in sales in the second quarter of 2026, compared with MXN 4.93 billion in the second quarter of 2025, a 23.33 percent increase, according to Simply Wall St.

The earnings mix was less favorable. Net income declined to MXN 1.77 billion from MXN 2.14 billion in the year-earlier quarter, a 17.29 percent decrease, while the concessions segment represented 67 percent of consolidated revenue and grew 4 percent year over year, according to El Heraldo de Mexico. For investors, that contrast makes concession expansion more important than headline sales growth alone.

Six projects shape the outlook

Santander's coverage identified six projects expected to enter operation between 2025 and 2027, with MXN 25.0 billion in planned capital spending and a real internal rate of return of 10 percent, El Heraldo de Mexico reported. The projects include road expansions in Tamaulipas, Michoacan, Colima and Puebla.

The same coverage identified slower Mexican economic growth, political uncertainty, delayed toll increases and competing routes as risks to the thesis, according to El Heraldo de Mexico. TradingView lists October 28, 2026 as the next earnings date for Pinfra, with a third-quarter earnings-per-share estimate of MXN 5.47, TradingView shows.

Stock remains below its yearly high

Pinfra stock had a market capitalization of MXN 103.7 billion on October 6, 2026. Its 52-week range was MXN 226.13 to MXN 317.99 on the same date, placing the market value below the upper end of that range.