Intrinsic value of Grupo Aeroportuario del Centro Norte ADR - OMAB

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$43.97

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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$43.97

 
Intrinsic value

$152.48

 
Up/down potential

+247%

 
Rating

str. buy

 
Value-price divergence* premium content

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*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 1.8

 

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, %
  22.81
  27.40
  25.16
  23.14
  21.33
  19.70
  18.23
  16.90
  15.71
  14.64
  13.68
  12.81
  12.03
  11.33
  10.69
  10.12
  9.61
  9.15
  8.74
  8.36
  8.03
  7.72
  7.45
  7.21
  6.99
  6.79
  6.61
  6.45
  6.30
  6.17
  6.06
Revenue, $m
  280
  357
  446
  550
  667
  798
  944
  1,104
  1,277
  1,464
  1,664
  1,877
  2,103
  2,341
  2,592
  2,854
  3,129
  3,415
  3,713
  4,024
  4,347
  4,682
  5,031
  5,394
  5,771
  6,162
  6,569
  6,993
  7,434
  7,893
  8,370
Variable operating expenses, $m
 
  103
  129
  159
  193
  231
  273
  319
  369
  423
  480
  542
  607
  676
  748
  824
  903
  986
  1,072
  1,161
  1,255
  1,352
  1,452
  1,557
  1,666
  1,779
  1,896
  2,018
  2,146
  2,278
  2,416
Fixed operating expenses, $m
 
  60
  62
  64
  65
  67
  68
  70
  72
  74
  76
  77
  79
  81
  83
  85
  88
  90
  92
  94
  97
  99
  102
  104
  107
  109
  112
  115
  118
  121
  124
Total operating expenses, $m
  139
  163
  191
  223
  258
  298
  341
  389
  441
  497
  556
  619
  686
  757
  831
  909
  991
  1,076
  1,164
  1,255
  1,352
  1,451
  1,554
  1,661
  1,773
  1,888
  2,008
  2,133
  2,264
  2,399
  2,540
Operating income, $m
  141
  193
  256
  327
  409
  501
  603
  715
  836
  968
  1,108
  1,258
  1,417
  1,584
  1,760
  1,945
  2,138
  2,339
  2,549
  2,768
  2,995
  3,232
  3,477
  3,733
  3,998
  4,274
  4,561
  4,860
  5,170
  5,494
  5,831
EBITDA, $m
  155
  211
  278
  355
  443
  541
  650
  770
  900
  1,041
  1,191
  1,352
  1,522
  1,701
  1,890
  2,087
  2,294
  2,510
  2,735
  2,969
  3,212
  3,465
  3,729
  4,002
  4,286
  4,582
  4,889
  5,209
  5,541
  5,888
  6,248
Interest expense (income), $m
  16
  16
  22
  30
  38
  48
  59
  72
  85
  100
  115
  132
  150
  169
  189
  210
  232
  255
  279
  304
  330
  357
  386
  415
  445
  477
  510
  544
  580
  617
  655
Earnings before tax, $m
  133
  177
  233
  298
  371
  453
  544
  643
  751
  868
  993
  1,126
  1,267
  1,415
  1,571
  1,735
  1,906
  2,084
  2,270
  2,464
  2,665
  2,874
  3,092
  3,318
  3,553
  3,797
  4,051
  4,315
  4,591
  4,877
  5,175
Tax expense, $m
  38
  48
  63
  80
  100
  122
  147
  174
  203
  234
  268
  304
  342
  382
  424
  468
  515
  563
  613
  665
  720
  776
  835
  896
  959
  1,025
  1,094
  1,165
  1,239
  1,317
  1,397
Net income, $m
  95
  130
  170
  217
  271
  331
  397
  470
  549
  634
  725
  822
  925
  1,033
  1,147
  1,267
  1,391
  1,522
  1,657
  1,799
  1,946
  2,098
  2,257
  2,422
  2,594
  2,772
  2,957
  3,150
  3,351
  3,560
  3,778

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
  681
  852
  1,049
  1,273
  1,524
  1,802
  2,106
  2,437
  2,794
  3,176
  3,583
  4,014
  4,468
  4,946
  5,447
  5,971
  6,517
  7,086
  7,679
  8,295
  8,936
  9,602
  10,294
  11,013
  11,760
  12,537
  13,345
  14,187
  15,062
  15,974
Adjusted assets (=assets-cash), $m
  534
  681
  852
  1,049
  1,273
  1,524
  1,802
  2,106
  2,437
  2,794
  3,176
  3,583
  4,014
  4,468
  4,946
  5,447
  5,971
  6,517
  7,086
  7,679
  8,295
  8,936
  9,602
  10,294
  11,013
  11,760
  12,537
  13,345
  14,187
  15,062
  15,974
Revenue / Adjusted assets
  0.524
  0.524
  0.523
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
Average production assets, $m
  326
  415
  519
  639
  776
  929
  1,098
  1,283
  1,485
  1,703
  1,935
  2,183
  2,446
  2,723
  3,014
  3,320
  3,639
  3,972
  4,318
  4,680
  5,055
  5,446
  5,851
  6,273
  6,711
  7,167
  7,640
  8,133
  8,645
  9,179
  9,735
Working capital, $m
  152
  4
  5
  6
  7
  9
  10
  12
  14
  16
  18
  21
  23
  26
  29
  31
  34
  38
  41
  44
  48
  52
  55
  59
  63
  68
  72
  77
  82
  87
  92
Total debt, $m
  238
  331
  444
  573
  720
  885
  1,068
  1,268
  1,485
  1,720
  1,971
  2,238
  2,521
  2,820
  3,134
  3,463
  3,807
  4,166
  4,540
  4,929
  5,334
  5,755
  6,192
  6,647
  7,119
  7,610
  8,121
  8,652
  9,205
  9,780
  10,379
Total liabilities, $m
  354
  447
  560
  689
  836
  1,001
  1,184
  1,384
  1,601
  1,836
  2,087
  2,354
  2,637
  2,936
  3,250
  3,579
  3,923
  4,282
  4,656
  5,045
  5,450
  5,871
  6,308
  6,763
  7,235
  7,726
  8,237
  8,768
  9,321
  9,896
  10,495
Total equity, $m
  332
  234
  292
  360
  437
  523
  618
  722
  836
  958
  1,089
  1,229
  1,377
  1,533
  1,697
  1,868
  2,048
  2,235
  2,431
  2,634
  2,845
  3,065
  3,293
  3,531
  3,777
  4,034
  4,300
  4,577
  4,866
  5,166
  5,479
Total liabilities and equity, $m
  686
  681
  852
  1,049
  1,273
  1,524
  1,802
  2,106
  2,437
  2,794
  3,176
  3,583
  4,014
  4,469
  4,947
  5,447
  5,971
  6,517
  7,087
  7,679
  8,295
  8,936
  9,601
  10,294
  11,012
  11,760
  12,537
  13,345
  14,187
  15,062
  15,974
Debt-to-equity ratio
  0.717
  1.420
  1.520
  1.590
  1.650
  1.690
  1.730
  1.750
  1.780
  1.790
  1.810
  1.820
  1.830
  1.840
  1.850
  1.850
  1.860
  1.860
  1.870
  1.870
  1.870
  1.880
  1.880
  1.880
  1.880
  1.890
  1.890
  1.890
  1.890
  1.890
  1.890
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
  130
  170
  217
  271
  331
  397
  470
  549
  634
  725
  822
  925
  1,033
  1,147
  1,267
  1,391
  1,522
  1,657
  1,799
  1,946
  2,098
  2,257
  2,422
  2,594
  2,772
  2,957
  3,150
  3,351
  3,560
  3,778
Depreciation, amort., depletion, $m
  14
  18
  22
  28
  33
  40
  47
  55
  64
  73
  83
  94
  105
  117
  129
  142
  156
  170
  185
  201
  217
  234
  251
  269
  288
  308
  328
  349
  371
  394
  418
Funds from operations, $m
  53
  147
  193
  245
  304
  371
  444
  525
  612
  707
  808
  916
  1,030
  1,150
  1,277
  1,409
  1,548
  1,692
  1,843
  1,999
  2,163
  2,332
  2,508
  2,691
  2,882
  3,080
  3,285
  3,499
  3,722
  3,954
  4,196
Change in working capital, $m
  -54
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
Cash from operations, $m
  107
  150
  192
  244
  303
  369
  443
  523
  611
  705
  806
  913
  1,027
  1,147
  1,274
  1,406
  1,545
  1,689
  1,839
  1,996
  2,159
  2,328
  2,504
  2,687
  2,878
  3,075
  3,281
  3,495
  3,717
  3,949
  4,191
Maintenance CAPEX, $m
  0
  -14
  -18
  -22
  -27
  -33
  -40
  -47
  -55
  -64
  -73
  -83
  -94
  -105
  -117
  -129
  -142
  -156
  -170
  -185
  -201
  -217
  -234
  -251
  -269
  -288
  -308
  -328
  -349
  -371
  -394
New CAPEX, $m
  -17
  -89
  -104
  -120
  -136
  -153
  -169
  -186
  -202
  -217
  -233
  -248
  -263
  -277
  -291
  -305
  -319
  -333
  -347
  -361
  -376
  -390
  -406
  -422
  -438
  -455
  -474
  -493
  -513
  -534
  -556
Cash from investing activities, $m
  -10
  -103
  -122
  -142
  -163
  -186
  -209
  -233
  -257
  -281
  -306
  -331
  -357
  -382
  -408
  -434
  -461
  -489
  -517
  -546
  -577
  -607
  -640
  -673
  -707
  -743
  -782
  -821
  -862
  -905
  -950
Free cash flow, $m
  97
  47
  70
  101
  139
  183
  233
  290
  354
  424
  500
  582
  671
  765
  866
  972
  1,083
  1,200
  1,322
  1,450
  1,583
  1,721
  1,865
  2,015
  2,170
  2,332
  2,500
  2,674
  2,856
  3,044
  3,241
Issuance/(repayment) of debt, $m
  -3
  96
  113
  130
  147
  165
  182
  200
  217
  234
  251
  267
  283
  299
  314
  329
  344
  359
  374
  389
  405
  421
  437
  455
  472
  491
  511
  531
  553
  575
  599
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
  96
  113
  130
  147
  165
  182
  200
  217
  234
  251
  267
  283
  299
  314
  329
  344
  359
  374
  389
  405
  421
  437
  455
  472
  491
  511
  531
  553
  575
  599
Total cash flow (excl. dividends), $m
  89
  143
  182
  231
  286
  348
  416
  490
  571
  658
  751
  850
  954
  1,064
  1,180
  1,301
  1,427
  1,559
  1,696
  1,839
  1,987
  2,142
  2,302
  2,469
  2,642
  2,823
  3,010
  3,205
  3,408
  3,620
  3,840
Retained Cash Flow (-), $m
  -35
  -51
  -59
  -68
  -77
  -86
  -95
  -104
  -114
  -122
  -131
  -140
  -148
  -156
  -164
  -172
  -180
  -187
  -195
  -203
  -211
  -220
  -228
  -237
  -247
  -256
  -267
  -277
  -288
  -300
  -313
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
 
  242
  123
  163
  209
  262
  321
  386
  458
  536
  620
  710
  806
  908
  1,016
  1,129
  1,247
  1,371
  1,501
  1,636
  1,776
  1,922
  2,074
  2,232
  2,396
  2,566
  2,744
  2,928
  3,120
  3,319
  3,527
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
 
  232
  113
  142
  172
  203
  233
  261
  286
  308
  325
  337
  344
  345
  341
  331
  317
  298
  276
  252
  226
  199
  172
  146
  122
  100
  80
  63
  48
  36
  27
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 182.7
Price to Sales 62
Price to Book 52.3
Price to Tangible Book
Price to Cash Flow 162.2
Price to Free Cash Flow 192.8
Growth Rates
Sales Growth Rate 22.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -26.1%
Cap. Spend. - 3 Yr. Gr. Rate -5%
Financial Strength
Quick Ratio 51
Current Ratio 0.3
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 61.4%
Gross Margin - 3 Yr. Avg. 70%
EBITDA Margin 58.2%
EBITDA Margin - 3 Yr. Avg. 51.3%
Operating Margin 50.4%
Oper. Margin - 3 Yr. Avg. 45%
Pre-Tax Margin 47.5%
Pre-Tax Margin - 3 Yr. Avg. 40.1%
Net Profit Margin 33.9%
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 $280 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 27.4% 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 28.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $59 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 116.3%.

Life of production assets of 23.3 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 41.918 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 $1.8 billion.


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RELATED COMPANIES Price Int.Val. Rating
PAC Grupo Aeroport 100.42 465.62  str.buy
ASR Grupo Aeroport 182.86 48.99  str.sell

COMPANY NEWS

▶ 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]
▶ OMA Announces First Quarter 2015 Earnings   [Apr-22  05:17PM  at noodls]
▶ OMA Announces First Quarter 2015 Earnings   [05:00PM  GlobeNewswire]
Stock chart of OMAB Financial statements 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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