Intrinsic value of Grupo Aeroportuario del Centro Norte ADR - OMAB

Previous Close

$51.12

  Intrinsic Value

$345.29

stock screener

  Rating & Target

str. buy

+575%

  Value-price divergence*

+5000%

Previous close

$51.12

 
Intrinsic value

$345.29

 
Up/down potential

+575%

 
Rating

str. buy

 
Value-price divergence*

+5000%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of OMAB stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  23.25
  43.90
  40.01
  36.51
  33.36
  30.52
  27.97
  25.67
  23.61
  21.75
  20.07
  18.56
  17.21
  15.99
  14.89
  13.90
  13.01
  12.21
  11.49
  10.84
  10.25
  9.73
  9.26
  8.83
  8.45
  8.10
  7.79
  7.51
  7.26
  7.04
  6.83
Revenue, $m
  281
  404
  566
  773
  1,031
  1,345
  1,721
  2,163
  2,674
  3,256
  3,909
  4,635
  5,432
  6,301
  7,239
  8,245
  9,317
  10,455
  11,656
  12,919
  14,244
  15,630
  17,077
  18,585
  20,154
  21,788
  23,485
  25,250
  27,084
  28,989
  30,970
Variable operating expenses, $m
 
  122
  171
  233
  311
  406
  520
  653
  808
  983
  1,181
  1,400
  1,641
  1,903
  2,186
  2,490
  2,814
  3,157
  3,520
  3,902
  4,302
  4,720
  5,157
  5,613
  6,087
  6,580
  7,093
  7,625
  8,179
  8,755
  9,353
Fixed operating expenses, $m
 
  57
  59
  60
  62
  63
  65
  67
  68
  70
  72
  73
  75
  77
  79
  81
  83
  85
  87
  90
  92
  94
  96
  99
  101
  104
  106
  109
  112
  115
  117
Total operating expenses, $m
  140
  179
  230
  293
  373
  469
  585
  720
  876
  1,053
  1,253
  1,473
  1,716
  1,980
  2,265
  2,571
  2,897
  3,242
  3,607
  3,992
  4,394
  4,814
  5,253
  5,712
  6,188
  6,684
  7,199
  7,734
  8,291
  8,870
  9,470
Operating income, $m
  141
  225
  336
  479
  658
  876
  1,137
  1,444
  1,798
  2,202
  2,657
  3,162
  3,716
  4,321
  4,973
  5,674
  6,420
  7,212
  8,048
  8,928
  9,851
  10,816
  11,823
  12,873
  13,967
  15,104
  16,286
  17,515
  18,793
  20,120
  21,499
EBITDA, $m
  155
  245
  365
  518
  709
  943
  1,222
  1,551
  1,931
  2,365
  2,851
  3,392
  3,987
  4,634
  5,334
  6,084
  6,884
  7,733
  8,629
  9,571
  10,560
  11,594
  12,673
  13,798
  14,970
  16,189
  17,456
  18,772
  20,141
  21,563
  23,041
Interest expense (income), $m
  16
  16
  26
  40
  57
  78
  105
  136
  173
  216
  265
  319
  380
  447
  520
  598
  682
  772
  867
  968
  1,073
  1,184
  1,300
  1,421
  1,547
  1,679
  1,816
  1,958
  2,105
  2,259
  2,418
Earnings before tax, $m
  133
  209
  310
  440
  601
  797
  1,032
  1,307
  1,625
  1,986
  2,392
  2,842
  3,336
  3,874
  4,454
  5,076
  5,738
  6,440
  7,181
  7,960
  8,777
  9,631
  10,523
  11,452
  12,419
  13,425
  14,471
  15,558
  16,687
  17,861
  19,081
Tax expense, $m
  38
  56
  84
  119
  162
  215
  279
  353
  439
  536
  646
  767
  901
  1,046
  1,203
  1,370
  1,549
  1,739
  1,939
  2,149
  2,370
  2,600
  2,841
  3,092
  3,353
  3,625
  3,907
  4,201
  4,506
  4,822
  5,152
Net income, $m
  95
  153
  226
  321
  438
  582
  753
  954
  1,186
  1,450
  1,746
  2,075
  2,435
  2,828
  3,251
  3,705
  4,189
  4,701
  5,242
  5,811
  6,407
  7,031
  7,682
  8,360
  9,066
  9,800
  10,564
  11,357
  12,182
  13,039
  13,929

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  152
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  686
  769
  1,076
  1,469
  1,959
  2,557
  3,273
  4,113
  5,084
  6,189
  7,432
  8,811
  10,327
  11,978
  13,762
  15,674
  17,714
  19,876
  22,159
  24,561
  27,080
  29,714
  32,465
  35,332
  38,317
  41,421
  44,649
  48,004
  51,490
  55,112
  58,878
Adjusted assets (=assets-cash), $m
  534
  769
  1,076
  1,469
  1,959
  2,557
  3,273
  4,113
  5,084
  6,189
  7,432
  8,811
  10,327
  11,978
  13,762
  15,674
  17,714
  19,876
  22,159
  24,561
  27,080
  29,714
  32,465
  35,332
  38,317
  41,421
  44,649
  48,004
  51,490
  55,112
  58,878
Revenue / Adjusted assets
  0.526
  0.525
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
Average production assets, $m
  388
  558
  781
  1,066
  1,421
  1,855
  2,374
  2,983
  3,688
  4,489
  5,391
  6,391
  7,491
  8,689
  9,982
  11,369
  12,849
  14,417
  16,073
  17,815
  19,642
  21,553
  23,549
  25,628
  27,793
  30,045
  32,386
  34,820
  37,348
  39,976
  42,707
Working capital, $m
  152
  4
  6
  9
  11
  15
  19
  24
  29
  36
  43
  51
  60
  69
  80
  91
  102
  115
  128
  142
  157
  172
  188
  204
  222
  240
  258
  278
  298
  319
  341
Total debt, $m
  238
  389
  591
  849
  1,171
  1,564
  2,034
  2,586
  3,224
  3,950
  4,767
  5,673
  6,669
  7,754
  8,925
  10,182
  11,522
  12,943
  14,443
  16,021
  17,675
  19,406
  21,213
  23,097
  25,058
  27,098
  29,218
  31,422
  33,713
  36,093
  38,567
Total liabilities, $m
  354
  505
  707
  965
  1,287
  1,680
  2,150
  2,702
  3,340
  4,066
  4,883
  5,789
  6,785
  7,870
  9,041
  10,298
  11,638
  13,059
  14,559
  16,137
  17,791
  19,522
  21,329
  23,213
  25,174
  27,214
  29,334
  31,538
  33,829
  36,209
  38,683
Total equity, $m
  332
  264
  369
  504
  672
  877
  1,123
  1,411
  1,744
  2,123
  2,549
  3,022
  3,542
  4,109
  4,720
  5,376
  6,076
  6,817
  7,601
  8,424
  9,288
  10,192
  11,135
  12,119
  13,143
  14,207
  15,315
  16,465
  17,661
  18,904
  20,195
Total liabilities and equity, $m
  686
  769
  1,076
  1,469
  1,959
  2,557
  3,273
  4,113
  5,084
  6,189
  7,432
  8,811
  10,327
  11,979
  13,761
  15,674
  17,714
  19,876
  22,160
  24,561
  27,079
  29,714
  32,464
  35,332
  38,317
  41,421
  44,649
  48,003
  51,490
  55,113
  58,878
Debt-to-equity ratio
  0.717
  1.480
  1.600
  1.690
  1.740
  1.780
  1.810
  1.830
  1.850
  1.860
  1.870
  1.880
  1.880
  1.890
  1.890
  1.890
  1.900
  1.900
  1.900
  1.900
  1.900
  1.900
  1.910
  1.910
  1.910
  1.910
  1.910
  1.910
  1.910
  1.910
  1.910
Adjusted equity ratio
  0.337
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  95
  153
  226
  321
  438
  582
  753
  954
  1,186
  1,450
  1,746
  2,075
  2,435
  2,828
  3,251
  3,705
  4,189
  4,701
  5,242
  5,811
  6,407
  7,031
  7,682
  8,360
  9,066
  9,800
  10,564
  11,357
  12,182
  13,039
  13,929
Depreciation, amort., depletion, $m
  14
  20
  28
  38
  51
  67
  86
  108
  133
  162
  195
  231
  270
  314
  360
  410
  464
  520
  580
  643
  709
  778
  850
  925
  1,003
  1,085
  1,169
  1,257
  1,348
  1,443
  1,542
Funds from operations, $m
  91
  173
  255
  359
  490
  649
  839
  1,062
  1,319
  1,612
  1,941
  2,306
  2,706
  3,142
  3,612
  4,116
  4,653
  5,222
  5,823
  6,454
  7,116
  7,809
  8,532
  9,285
  10,069
  10,885
  11,733
  12,614
  13,530
  14,482
  15,471
Change in working capital, $m
  -30
  1
  2
  2
  3
  3
  4
  5
  6
  6
  7
  8
  9
  10
  10
  11
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
Cash from operations, $m
  121
  171
  253
  357
  487
  645
  835
  1,057
  1,314
  1,606
  1,934
  2,298
  2,697
  3,132
  3,601
  4,105
  4,641
  5,209
  5,809
  6,440
  7,102
  7,794
  8,516
  9,268
  10,052
  10,867
  11,714
  12,595
  13,510
  14,461
  15,449
Maintenance CAPEX, $m
  0
  -14
  -20
  -28
  -38
  -51
  -67
  -86
  -108
  -133
  -162
  -195
  -231
  -270
  -314
  -360
  -410
  -464
  -520
  -580
  -643
  -709
  -778
  -850
  -925
  -1,003
  -1,085
  -1,169
  -1,257
  -1,348
  -1,443
New CAPEX, $m
  -31
  -170
  -223
  -285
  -356
  -434
  -519
  -609
  -704
  -802
  -901
  -1,001
  -1,100
  -1,198
  -1,294
  -1,387
  -1,479
  -1,569
  -1,656
  -1,742
  -1,827
  -1,911
  -1,995
  -2,080
  -2,165
  -2,252
  -2,341
  -2,433
  -2,529
  -2,628
  -2,731
Cash from investing activities, $m
  -24
  -184
  -243
  -313
  -394
  -485
  -586
  -695
  -812
  -935
  -1,063
  -1,196
  -1,331
  -1,468
  -1,608
  -1,747
  -1,889
  -2,033
  -2,176
  -2,322
  -2,470
  -2,620
  -2,773
  -2,930
  -3,090
  -3,255
  -3,426
  -3,602
  -3,786
  -3,976
  -4,174
Free cash flow, $m
  97
  -13
  10
  44
  93
  160
  249
  362
  502
  671
  871
  1,102
  1,367
  1,664
  1,994
  2,357
  2,751
  3,177
  3,633
  4,118
  4,632
  5,174
  5,743
  6,339
  6,962
  7,612
  8,288
  8,992
  9,724
  10,485
  11,275
Issuance/(repayment) of debt, $m
  -3
  154
  202
  258
  322
  393
  470
  552
  638
  726
  816
  906
  996
  1,085
  1,172
  1,257
  1,340
  1,421
  1,500
  1,578
  1,655
  1,731
  1,807
  1,884
  1,961
  2,040
  2,121
  2,204
  2,290
  2,380
  2,474
Issuance/(repurchase) of shares, $m
  9
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -8
  154
  202
  258
  322
  393
  470
  552
  638
  726
  816
  906
  996
  1,085
  1,172
  1,257
  1,340
  1,421
  1,500
  1,578
  1,655
  1,731
  1,807
  1,884
  1,961
  2,040
  2,121
  2,204
  2,290
  2,380
  2,474
Total cash flow (excl. dividends), $m
  89
  141
  212
  302
  415
  553
  719
  914
  1,140
  1,397
  1,687
  2,009
  2,363
  2,749
  3,166
  3,614
  4,091
  4,598
  5,133
  5,696
  6,287
  6,904
  7,550
  8,222
  8,923
  9,651
  10,409
  11,196
  12,015
  12,865
  13,749
Retained Cash Flow (-), $m
  -35
  -81
  -105
  -135
  -168
  -205
  -245
  -288
  -333
  -379
  -426
  -473
  -520
  -566
  -612
  -656
  -699
  -742
  -783
  -824
  -864
  -904
  -943
  -983
  -1,024
  -1,065
  -1,107
  -1,151
  -1,196
  -1,243
  -1,292
Prev. year cash balance distribution, $m
 
  149
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  210
  106
  167
  247
  348
  474
  626
  807
  1,018
  1,261
  1,535
  1,843
  2,182
  2,554
  2,957
  3,392
  3,856
  4,350
  4,872
  5,423
  6,001
  6,606
  7,239
  7,899
  8,586
  9,302
  10,046
  10,819
  11,622
  12,457
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  201
  97
  146
  203
  270
  344
  423
  504
  585
  661
  729
  786
  830
  857
  868
  862
  839
  801
  750
  689
  621
  548
  474
  402
  334
  271
  216
  167
  127
  94
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., through its subsidiaries, develops, operates, and maintains airports in Mexico. It also operates NH T2 Hotel in Terminal 2 of the Mexico City International Airport. The company operates 13 international airports in Monterrey, Acapulco, Mazatlán, Zihuatanejo, Ciudad Juárez, Reynosa, Chihuahua, Culiacán, Durango, San Luis Potosí, Tampico, Torreón, and Zacatecas cities. It has a strategic alliance with VYNMSA Desarrollo Inmobiliario, S.A. de C.V. to build and operate an industrial park at the Monterrey airport. The company is headquartered in San Pedro Garza García, Mexico. Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. is a subsidiary of Aeroinvest, S.A. de C.V.

FINANCIAL RATIOS  of  Grupo Aeroportuario del Centro Norte ADR (OMAB)

Valuation Ratios
P/E Ratio 211.9
Price to Sales 71.6
Price to Book 60.6
Price to Tangible Book
Price to Cash Flow 166.4
Price to Free Cash Flow 223.7
Growth Rates
Sales Growth Rate 23.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 34.8%
Cap. Spend. - 3 Yr. Gr. Rate 7.1%
Financial Strength
Quick Ratio 51
Current Ratio 0
LT Debt to Equity 70.8%
Total Debt to Equity 71.7%
Interest Coverage 9
Management Effectiveness
Return On Assets 16.1%
Ret/ On Assets - 3 Yr. Avg. 12.6%
Return On Total Capital 17.2%
Ret/ On T. Cap. - 3 Yr. Avg. 13%
Return On Equity 30.2%
Return On Equity - 3 Yr. Avg. 22.5%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 81.1%
Gross Margin - 3 Yr. Avg. 76.6%
EBITDA Margin 58%
EBITDA Margin - 3 Yr. Avg. 51.3%
Operating Margin 50.2%
Oper. Margin - 3 Yr. Avg. 45%
Pre-Tax Margin 47.3%
Pre-Tax Margin - 3 Yr. Avg. 40.1%
Net Profit Margin 33.8%
Net Profit Margin - 3 Yr. Avg. 29.7%
Effective Tax Rate 28.6%
Eff/ Tax Rate - 3 Yr. Avg. 25.5%
Payout Ratio 72.6%

OMAB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the OMAB stock intrinsic value calculation we used $281 million for the last fiscal year's total revenue generated by Grupo Aeroportuario del Centro Norte ADR. The default revenue input number comes from 2016 income statement of Grupo Aeroportuario del Centro Norte ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our OMAB stock valuation model: a) initial revenue growth rate of 43.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for OMAB is calculated based on our internal credit rating of Grupo Aeroportuario del Centro Norte ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Grupo Aeroportuario del Centro Norte ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of OMAB stock the variable cost ratio is equal to 30.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $56 million in the base year in the intrinsic value calculation for OMAB stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 6.7% for Grupo Aeroportuario del Centro Norte ADR.

Corporate tax rate of 27% is the nominal tax rate for Grupo Aeroportuario del Centro Norte ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the OMAB stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for OMAB are equal to 137.9%.

Life of production assets of 27.7 years is the average useful life of capital assets used in Grupo Aeroportuario del Centro Norte ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for OMAB is equal to 1.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $332 million for Grupo Aeroportuario del Centro Norte ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 43.16 million for Grupo Aeroportuario del Centro Norte ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Grupo Aeroportuario del Centro Norte ADR at the current share price and the inputted number of shares is $2.2 billion.

RELATED COMPANIES Price Int.Val. Rating
PAC Grupo Aeroport 116.51 61.88  sell
ASR Grupo Aeroport 219.10 9.67  str.sell

COMPANY NEWS

▶ OMA reports a 6.8% increase in June 2017 passenger traffic   [Jul-06-17 08:30AM  GlobeNewswire]
▶ OMA reports a 6.6% increase in May 2017 passenger traffic   [Jun-06-17 09:45PM  GlobeNewswire]
▶ OMA announces payment date for Ps. 1,600 million dividend   [May-04-17 05:45PM  GlobeNewswire]
▶ OMA reports a 5.9% increase in March 2017 passenger traffic   [Apr-05-17 08:30AM  GlobeNewswire]
▶ OMA Calls Annual Shareholders Meeting   [Mar-22-17 05:00PM  GlobeNewswire]
▶ OMA Calls Ordinary Shareholders Meeting   [Feb-08-17 08:00AM  GlobeNewswire]
▶ ICA and ADP are unwinding partnership in SETA   [Oct-06-16 05:30PM  GlobeNewswire]
▶ OMA reports a 12.2% increase in June 2016 passenger traffic   [Jul-05-16 06:30PM  GlobeNewswire]
▶ OMA reports an 8.8% increase in May 2016 passenger traffic   [Jun-06-16 06:30PM  GlobeNewswire]
▶ OMA reports a 5.3% increase in April 2016 passenger traffic   [May-05-16 06:30PM  GlobeNewswire]
▶ CENTRAL NORTH AIRPORT GROUP Financials   [01:04PM  EDGAR Online Financials]
▶ OMA announces payment date for Ps. 1,400 million dividend   [Apr-15-16 09:25AM  GlobeNewswire]
▶ OMA issues call for Annual Shareholders Meeting   [Mar-16-16 09:39AM  GlobeNewswire]
▶ OMA Informs Regarding Share Trading Volume Today   [Feb-02-16 08:15PM  GlobeNewswire]
▶ OMA Informs Regarding Share Trading Volume Today   [Jan-08-16 05:00PM  GlobeNewswire]
▶ OMA Joins the Mexican Stock Exchange IPC Index   [Aug-13  05:30PM  GlobeNewswire]
▶ OMA Clarifies 2015 Outlook   [Jul-23  11:11AM  GlobeNewswire]
▶ OMA Appoints New Chief Financial Officer   [Jul-17  08:30AM  GlobeNewswire]
▶ OMA Form 20F for 2014   [Apr-28  02:30PM  at noodls]
Stock chart of OMAB Financial statements of OMAB Annual reports of OMAB
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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