The case for & against
Bull & Bear analysis
Grupo Aeroportuario del Centro Norte (OMAB) operates a network of 13 airports in northern and central Mexico, focusing on enhancing passenger experience and increasing operational efficiency. The company is well-positioned to capitalize on both domestic and international travel trends, especially following significant recovery trajectories within the aviation sector. OMAB has established itself as a key player in Mexico’s airport management landscape and remains strategically engaged in expanding connectivity through its major hub in Monterrey, aligning with the ongoing recovery in travel demand post-pandemic.
Bull says
- ↑Passenger traffic reached 28.8M in 2025, up 8.5% YoY
- ↑Adjusted EBITDA hit 10.2B pesos, delivering a 74.5% margin
- ↑16B pesos Master Development Program set to expand airport capacity
- ↑Non-aeronautical revenues climbed 8% on parking, F&B and lounges
- ↑Dividend yield of 5.53% with a healthy payout ratio
- ↑6.9% tariff increase supports revenue and yield upside
Bear says
- ↓Concession taxes rose to 265M pesos after a 9% rate hike
- ↓Negative earnings yield and low book-to-price raise valuation concerns
- ↓Elevated short interest signals bearish investor sentiment
- ↓Rising labor and utility costs risk future margin expansion
- ↓Economic volatility may dampen traffic growth forecasts
- ↓Weak balance-sheet quality heightens risk in downturns
Investment themes with OMAB
Commercial airline operators and related services
Earnings Call · Q4 2024 · Mgmt. Guidance
Transcript signals
Bull points
- in the fourth quarter, total passenger traffic in our 13 airports grew by 4.6%, with a 1.5% increase in domestic traffic and significant 26.4% growth in international passenger traffic.
- we delivered outstanding results through strategic initiatives focused on maximizing revenues and optimizing operations.
- Restaurant revenues grew by 22%. VIP lounge revenues increased by 51%. And parking revenues increased by 33 million pesos as compared to 2023.
Bear points
- 2024 started off with challenges, particularly due to aircraft capacity constraints stemming from Pratt & Whitney engine inspection program, which affected two of our largest airline partners, Viva and Volaris. Together, these airlines accounted for 71% of our total passenger traffic in our airports last year.