Equity Analysis /
Mexico

Grupo Aeroportuario Centro Norte: Flash: Domestic traffic keeps driving growth

  • Oma’s total passengers in September increased 26.1%, above our 22.0% expectation

  • Domestic segment continued with solid growth of 29.9%y/y, while international remain practically unchanged 0.7% y/y

  • Favorable outlook is sustained by future growth and an attractive valuation; which confirms our buy recommendation

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 October 2022
Published byBanorte

Oma noted that during September, the total number of passengers of the 13 airports it operates recorded a 26.1% y/y increase, slightly above our 22.0% expectation, continuing with a solid performance in national segment by rising 29.9% y/y, while international traffic remained practically unchanged (+0.7% y/y). In turn, the group said that during the month four new routes began to operate.

Positive implication: Oma’s passengers showed a solid performance in September, supporting our forward-outlook rise in traffic, which alongside a solid expected growth, and an attractive valuation (FV/EBITDA of 10.5x vs. 10.7x in domestic sector and 13.2x 5 year-average pre-pandemic), reiterates our positive outlook for the company. In this way, we will pay special attention for any updates the company might share in its 3Q22 report on Monday, October 24th, after the market closes.