Corporación América Airports (CAAP) released operating figures for March 2026 and the year to date, showing higher passenger traffic, cargo volumes, and aircraft movements compared with the prior year, giving investors fresh data on its airport network activity.

Despite the stronger traffic figures, the recent share price has pulled back, with a 30 day share price return of 6.18% and a 90 day share price return of 18.05%. However, the 1 year total shareholder return of 24.44% and 5 year total shareholder return of almost 3x show that long term holders have still seen significant gains.

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With traffic metrics moving higher and the share price still trading below a US$32 analyst target alongside an indicated intrinsic discount, the key question is whether CAAP is still undervalued or whether markets are already pricing in future growth.

Most Popular Narrative: 24.1% Undervalued

The most followed narrative pegs Corporación América Airports' fair value at $32, above the last close of $24.29, and ties that gap directly to traffic, earnings and capital investment expectations.

Ongoing major infrastructure investments, such as the Florence Airport Master Plan (recently environmentally approved), expansion projects in Armenia, and future growth opportunities in M&A and concessions, should increase capacity and competitiveness, underpinning future top-line and adjusted EBITDA expansion.

Curious what kind of revenue growth, margin lift and earnings power would need to materialize to support that $32 figure? The popular narrative leans on a specific blend of traffic assumptions, profitability gains and a valuation multiple that many investors usually associate with higher growth infrastructure names.

Result: Fair Value of $32 (UNDERVALUED)

However, that story still leans heavily on Argentina’s economic and regulatory backdrop, along with ambitious expansion and CapEx that could pressure margins and cash flows if conditions tighten.

Next Steps

If this all sounds optimistic, now is the time to look through the numbers yourself and test whether they line up with your own expectations. To see what the current risk reward profile looks like in more detail, start with the 3 key rewards.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.