Equity Analysis /
Mexico

Grupo Aeroportuario Centro Norte: Flash: Domestic segment momentum continues in October

  • Oma’s total passengers in October increased 21.4%, in line with our 23.0% expectation

  • Domestic segment continued with solid growth of 23.8%y/y, while international keeps recovering but at a slower pace

  • Favorable outlook is sustained by solid growth and a healthy balance sheet, which stands out in the complex backdrop

Jose Itzamna Espitia Hernandez
Jose Itzamna Espitia Hernandez

Senior Equity Research Analyst, Infrastructure, Materials and Transportation

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Marissa Garza Ostos
Marissa Garza Ostos

Head of Equity Research

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Banorte
7 November 2022
Published byBanorte

Oma reported that in October, total passenger traffic at the 13 airports it operates increased 21.4% y/y, in line with our expectations of 23.0%.  Domestic segment solid performance continued, rising 23.8% y/y, while international traffic keeps recovering, albeit at a slower pace (+4.2% y/y). The group mentioned that three new routes began operating during the month.

Neutral Implication: Oma's passenger traffic performed well in October, which supports our solid demand expectation for the rest of the year. Confirming the favorable outlook, which includes sustained profitable growth and a healthy financial balance sheet, which stands out given the complex backdrop. Thus, we reaffirm it within our top-picks.