Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB): A Bull Case Theory

We came crossed a bullish thesis on Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. on Horizons Investing’s Substack by Cade. In this article, we volition summarize the bulls’ thesis on OMAB. Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.'s share was trading astatine $127.86 as of February 10th. OMAB’s trailing and forward P/E were 20.04 and 15.72 respectively according to Yahoo Finance.

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Grupo Aeroportuario del Bajío, S.A.B. de C.V. (OMAB) is simply a Mexican airdrome relation managing 13 airports successful higher-income cities, including Monterrey, Acapulco, Mazatlán, and Ciudad Juárez. Led by CEO Ricardo Duenas Espriu since 2018, who brings extended acquisition from Grupo Aeroportuario de la Ciudad de México, the Ministry of Communications and Transportation, J.P. Morgan, and the Bank of Mexico, OMAB is positioned arsenic a durable monopoly with a government-backed declaration to run these airports until 2048.

Its concern is divided into Aeronautical revenue, derived from per-ticket fees charged to airlines, and Non-Aeronautical revenue, from airdrome retail, edifice leases, and edifice operations. Five-year agreements let OMAB to set per-ticket fees somewhat supra inflation, with the adjacent renegotiation scheduled for 2025.

Financially, OMAB trades astatine a trailing P/E of 17x and guardant P/E of 14x, with EV/EBITDA of 10x trailing and 8.7x forward, reflecting beardown profitability with a 50% ROE and 23% ROIC. The institution holds $242 cardinal successful currency against astir $500 cardinal successful indebtedness and pays a 4.6% dividend funded by astir 75% of escaped currency flow. Over the past decade, gross has compounded astatine 14% and diluted EPS astatine 17%, underpinned by steadily expanding operating margins.

Risks see imaginable declines successful rider volumes owed to a Mexican recession oregon different achromatic swan events and stagnating commercialized gross per customer. Nonetheless, OMAB presents a compelling semipermanent investment. Its monopoly position, robust home traffic, predictable contracts, and charismatic dividend supply downside protection, portion Mexico’s anticipated economical growth, rising summons fees from the 2025 renegotiation, and dependable measurement maturation make a beardown imaginable for aggregate enlargement and durable semipermanent returns.

Previously, we covered a bullish thesis on Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) by Chit Chat Stocks successful May 2025, which highlighted beardown rider growth, rising commercialized gross per passenger, and precocious operating margins. OMAB’s banal terms has appreciated by astir 44.6% since our coverage. Cade shares a akin position but emphasizes OMAB’s monopoly position, semipermanent contracts, and durable escaped currency travel arsenic cardinal drivers.