Equity Analysis /
Mexico

Grupo Aeroportuario Centro Norte: Flash: International traffic growth comes back

  • In July, total number of passengers rise 16.3%, slightly above our 14.0% estimate

  • International passengers surprised to the upside by a 7.5%y/y increase, while domestic advanced 17.5%y/y

  • Favorable dynamism supports the demand outlook for the year and the FV/EBITDAR at 10.5x confirms it in our top-picks

Jose Itzamna Espitia Hernandez
Jose Itzamna Espitia Hernandez

Senior Equity Research Analyst, Infrastructure, Materials and Transportation

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Banorte
5 August 2022
Published byBanorte

Oma reported that during July, the total number of passengers in the 13 airports in which it operates showed an annual rise of 16.3%, slightly above our 14.0% estimate, given the international traffic recovery. Domestic passengers advanced by 17.5% y/y, while international passengers surprised to the upside by increasing 7.5% y/y. In total, Monterrey airport –47.2% of total passengers– recorded a 14.3% y/y growth. On the other hand, the company mentioned during the month two new routes began to operate (Monterrey–Chicago and Monterrey–Cozumel).

Neutral implication: Oma’s passengers showed a favorable dynamism, which supports the positive demand outlook for the rest of the year. Likewise, the valuation remains attractive (FV/EVBITDA of 10.9x vs. 13.2x 5-year pre-pandemic average), so we reiterate it within our top-picks.