Oma noted that during November total passenger traffic at the 13 airports it operates showed an increase of 20.2% y/y, in line with our expectations of 18.0%. While the solid performance on the domestic segment continued with a surge of 19.8% y/y, the increase in international traffic of 22.9% y/y was surprising. The group also noted that during the month American Airlines began operating the Monterrey - New York route.
Neutral implication: Traffic figures continue to support the favorable outlook, with solid, sustained, and profitable growth. It is worth mentioning that after having included it in our top-picks (as of February 4th, 2022), it has delivered a ~23% return vs. zero change in the Mexbol Index. Meanwhile, the current valuation of 12.0x FV/EBITDA is above the national sector average of 11.4x, so we will be updating our estimates for 2023 and PT.
