Copa Holdings (CPA) is a Panama-based airliner with destinations in Latin America, the Caribbean, and the United States. Copa has grown earnings per share every year since 2001, largely driven by best-in-class operating margins, low-risk growth strategies, and an extremely favorable macro environment. The outlook for Latin American growth remains strong, and regional flight demand is increasing rapidly as the middle class broadens. CPA is currently valued at slightly less than $6 billion, which appears rather modest in the context of its current operating performance and future growth prospects.
Favorable Macro Operating Environment
Copa's headquarters are located in Panama, which has been at the center of Latin American growth over the past several years. RGDP growth...
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