Equity Analysis /
Mexico

Grupo Aeroportuario Centro Norte: Flash: Faster demand recovery in March

  • In March, total passengers showed an increase of 47.0% y/y, representing 96.1% of the March 2019 figure

  • Passengers presented a better than expected performance during the month getting closer to pre covid levels

  • We will keep focusing on any updates it might share in the release of the 1Q22 report

Jose Itzamna Espitia Hernandez
Jose Itzamna Espitia Hernandez

Senior Equity Research Analyst, Infrastructure, Materials and Transportation

Marissa Garza Ostos
Marissa Garza Ostos

Head of Equity Research

Banorte
6 April 2022
Published by

Oma pointed that, in March the total number of passengers of the 13 airports it operates showed an increase of 47.0% y/y, representing 96.1% of the March 2019 figure, above of our ~89.0% expectation, due to a significant improvement in demand. Domestic passengers increased annually by 45.4%, while international passengers rose 59.1% y/y. Summarizing, Monterrey airport –45.0% of total passengers– showed an increase of 49.5% y/y, being 92.4% of what was recorded in March 2019. On the other hand, the company mentioned that during the month two new routes began to operate.

Positive implication: Oma passengers presented a better than expected performance during the month, being relatively close to pre-pandemic levels, which reinforces solid demand dynamism for the following months. While we believe that much of the group's favorable outlook is already incorporated into the valuation, we will keep focusing on any updates it might share in the release of the 1Q22 report in the coming weeks.