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.