Equity Analysis /
Mexico

Grupo Aeroportuario Centro Norte: Flash: Greater boost in domestic traffic in August

  • Oma reported a 27.4% y/y increase in total traffic in August, slightly above the expected 25.0%

  • Domestic part stood out with a solid 31.0% y/y increase, while international part showed a moderate 3.2% y/y advance

  • Strong demand supports our positive outlook with an attractive valuation (FV/EBITDA of 10.4x vs 10.8x national sector)

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
8 September 2022
Published byBanorte

Oma reported that during August, the total number of passengers in the 13 airports it operates had an annual increase of 27.4%, slightly above the expected 25.0%, showing a modest recovery in international traffic with a 3.2% y/y growth, and solid performance in the national part with a 31.0% y/y rise. On the other hand, the group mentioned during the month two new routes began to operate: Monterrey—Santa Lucía (AIFA) and Acapulco—Santa Lucía (AIFA).

Positive implication: Oma’s passengers reflected a good performance in August, which supports our positive demand outlook for the rest of the year. In this way, we reiterate our favorable company perspective in the face of solid expected growth and an attractive valuation (FV/EBITDA of 10.4x vs. 10.8x of the national sector, and 13.2x average 5 years pre-pandemic).