Intrinsic value of Grupo Aeroportuario del Centro Norte ADR - OMAB

Previous Close

$47.24

  Intrinsic Value

$3.16

stock screener

  Rating & Target

str. sell

-93%

Previous close

$47.24

 
Intrinsic value

$3.16

 
Up/down potential

-93%

 
Rating

str. sell

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  2.70
  2.93
  3.14
  3.32
  3.49
  3.64
  3.78
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
Revenue, $m
  281
  275
  283
  292
  302
  312
  324
  336
  349
  363
  378
  394
  411
  429
  448
  468
  489
  511
  535
  560
  586
  614
  643
  673
  706
  740
  775
  813
  853
  894
  938
Variable operating expenses, $m
 
  150
  154
  159
  165
  170
  176
  183
  190
  198
  206
  215
  224
  234
  244
  255
  266
  279
  291
  305
  319
  334
  350
  367
  385
  403
  423
  443
  465
  487
  511
Fixed operating expenses, $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
Total operating expenses, $m
  140
  150
  154
  159
  165
  170
  176
  183
  190
  198
  206
  215
  224
  234
  244
  255
  266
  279
  291
  305
  319
  334
  350
  367
  385
  403
  423
  443
  465
  487
  511
Operating income, $m
  141
  125
  129
  133
  137
  142
  147
  153
  159
  165
  172
  179
  187
  195
  204
  213
  222
  233
  243
  255
  267
  279
  292
  306
  321
  337
  353
  370
  388
  407
  427
EBITDA, $m
  155
  138
  142
  147
  152
  157
  163
  169
  176
  183
  190
  198
  207
  215
  225
  235
  246
  257
  269
  281
  295
  308
  323
  338
  355
  372
  390
  409
  429
  450
  471
Interest expense (income), $m
  16
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  29
  30
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  55
  58
  61
  64
Earnings before tax, $m
  133
  111
  114
  117
  121
  125
  129
  134
  139
  144
  150
  156
  163
  169
  177
  184
  192
  201
  210
  219
  229
  239
  251
  262
  274
  287
  301
  315
  330
  346
  362
Tax expense, $m
  38
  30
  31
  32
  33
  34
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  54
  57
  59
  62
  65
  68
  71
  74
  78
  81
  85
  89
  93
  98
Net income, $m
  95
  81
  83
  86
  88
  91
  95
  98
  102
  105
  110
  114
  119
  124
  129
  134
  140
  146
  153
  160
  167
  175
  183
  191
  200
  210
  220
  230
  241
  252
  265

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
  577
  594
  613
  633
  655
  679
  705
  732
  761
  793
  826
  861
  899
  938
  980
  1,025
  1,072
  1,121
  1,173
  1,228
  1,286
  1,347
  1,412
  1,479
  1,551
  1,626
  1,704
  1,787
  1,875
  1,966
Adjusted assets (=assets-cash), $m
  534
  577
  594
  613
  633
  655
  679
  705
  732
  761
  793
  826
  861
  899
  938
  980
  1,025
  1,072
  1,121
  1,173
  1,228
  1,286
  1,347
  1,412
  1,479
  1,551
  1,626
  1,704
  1,787
  1,875
  1,966
Revenue / Adjusted assets
  0.526
  0.477
  0.476
  0.476
  0.477
  0.476
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.478
  0.478
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
Average production assets, $m
  448
  131
  135
  139
  144
  149
  154
  160
  167
  173
  180
  188
  196
  204
  214
  223
  233
  244
  255
  267
  279
  293
  307
  321
  337
  353
  370
  388
  407
  427
  447
Working capital, $m
  152
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -25
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -59
  -62
  -65
  -68
Total debt, $m
  238
  232
  242
  254
  266
  279
  293
  308
  325
  342
  361
  380
  401
  424
  447
  472
  499
  527
  556
  587
  620
  654
  691
  729
  769
  812
  856
  903
  953
  1,004
  1,059
Total liabilities, $m
  354
  343
  353
  364
  377
  390
  404
  419
  436
  453
  472
  491
  512
  535
  558
  583
  610
  638
  667
  698
  731
  765
  802
  840
  880
  923
  967
  1,014
  1,063
  1,115
  1,170
Total equity, $m
  332
  234
  241
  248
  256
  265
  275
  285
  296
  308
  321
  334
  349
  364
  380
  397
  415
  434
  454
  475
  497
  521
  546
  572
  599
  628
  658
  690
  724
  759
  796
Total liabilities and equity, $m
  686
  577
  594
  612
  633
  655
  679
  704
  732
  761
  793
  825
  861
  899
  938
  980
  1,025
  1,072
  1,121
  1,173
  1,228
  1,286
  1,348
  1,412
  1,479
  1,551
  1,625
  1,704
  1,787
  1,874
  1,966
Debt-to-equity ratio
  0.717
  0.990
  1.010
  1.020
  1.040
  1.050
  1.070
  1.080
  1.090
  1.110
  1.120
  1.140
  1.150
  1.160
  1.180
  1.190
  1.200
  1.210
  1.220
  1.240
  1.250
  1.260
  1.270
  1.280
  1.280
  1.290
  1.300
  1.310
  1.320
  1.320
  1.330
Adjusted equity ratio
  0.337
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  95
  81
  83
  86
  88
  91
  95
  98
  102
  105
  110
  114
  119
  124
  129
  134
  140
  146
  153
  160
  167
  175
  183
  191
  200
  210
  220
  230
  241
  252
  265
Depreciation, amort., depletion, $m
  14
  13
  14
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  26
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
  45
Funds from operations, $m
  91
  94
  97
  100
  103
  106
  110
  114
  118
  123
  128
  133
  138
  144
  150
  157
  164
  171
  179
  187
  195
  204
  214
  224
  234
  245
  257
  269
  282
  295
  309
Change in working capital, $m
  -30
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
Cash from operations, $m
  121
  95
  97
  100
  104
  107
  111
  115
  119
  124
  129
  134
  139
  145
  152
  158
  165
  172
  180
  188
  197
  206
  216
  226
  236
  247
  259
  272
  285
  298
  313
Maintenance CAPEX, $m
  0
  -13
  -13
  -14
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
New CAPEX, $m
  -31
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
Cash from investing activities, $m
  -24
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -24
  -24
  -26
  -27
  -29
  -29
  -31
  -32
  -34
  -35
  -38
  -40
  -41
  -43
  -46
  -47
  -50
  -52
  -55
  -58
  -61
  -64
Free cash flow, $m
  97
  78
  80
  83
  85
  88
  90
  94
  97
  100
  104
  108
  113
  117
  122
  127
  133
  139
  145
  151
  158
  165
  173
  180
  189
  198
  207
  217
  227
  238
  249
Issuance/(repayment) of debt, $m
  -3
  9
  10
  11
  12
  13
  14
  15
  16
  17
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  33
  34
  36
  38
  40
  42
  45
  47
  49
  52
  55
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
  9
  10
  11
  12
  13
  14
  15
  16
  17
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  33
  34
  36
  38
  40
  42
  45
  47
  49
  52
  55
Total cash flow (excl. dividends), $m
  89
  87
  90
  94
  97
  101
  105
  109
  113
  118
  123
  128
  134
  140
  146
  152
  159
  166
  174
  182
  191
  199
  209
  219
  229
  240
  251
  264
  276
  290
  304
Retained Cash Flow (-), $m
  -35
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
Prev. year cash balance distribution, $m
 
  89
  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
 
  169
  84
  86
  89
  92
  95
  98
  102
  106
  110
  115
  119
  124
  130
  135
  141
  147
  154
  161
  168
  176
  184
  193
  202
  211
  221
  232
  243
  254
  266
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
 
  162
  77
  75
  73
  71
  69
  67
  64
  61
  58
  54
  51
  47
  44
  40
  36
  32
  28
  25
  21
  18
  15
  13
  10
  8
  6
  5
  4
  3
  2
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
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Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. is a holding company. The Company, through its subsidiaries, holds concessions to operate, maintain and develop over 10 airports in Mexico. The Company's segments include Metropolitan, Tourist, Regional, Border, Hotel and Other. The Company also engages in various commercial and diversification activities conducted at its airports, such as the leasing of space to restaurants and retailers, the operation of parking facilities, and the operation of the NH Terminal 2 Hotel and the Hilton Garden Inn Hotel at the Monterrey airport. The Company's airports serve the Monterrey metropolitan area; approximately three tourist destinations, such as Acapulco, Mazatlan and Zihuatanejo; over seven regional centers, such as Chihuahua, Culiacan, Durango, San Luis Potosi, Tampico, Torreon and Zacatecas, and approximately two border cities, such as Ciudad Juarez and Reynosa.

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

Valuation Ratios
P/E Ratio 195.8
Price to Sales 66.2
Price to Book 56
Price to Tangible Book
Price to Cash Flow 153.7
Price to Free Cash Flow 206.7
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 $268 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 2.7% 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 54.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 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 6.4% 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 47.7%.

Life of production assets of 10 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 -7.3%. 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 - $316 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 393 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 $18.6 billion.

RELATED COMPANIES Price Int.Val. Rating
PAC Grupo Aeroport 99.56 8.34  str.sell
ASR Grupo Aeroport 172.72 9.67  str.sell

COMPANY NEWS

▶ OMA appoints new members of management   [Jul-19-18 05:00PM  GlobeNewswire]
▶ OMA reports a 9.1% increase in June 2018 passenger traffic   [Jul-04-18 05:00PM  GlobeNewswire]
▶ OMA reports a 10.0% increase in May 2018 passenger traffic   [Jun-06-18 05:00PM  GlobeNewswire]
▶ OMA inaugurates the new Acapulco airport terminal building   [May-25-18 06:30PM  GlobeNewswire]
▶ OMA announces payment date for Ps. 1,600 million dividend   [May-21-18 09:56AM  GlobeNewswire]
▶ OMA reports a 9.6% increase in April 2018 passenger traffic   [May-07-18 10:45AM  GlobeNewswire]
▶ OMA appoints new Chief Financial Officer   [Apr-03-18 05:00PM  GlobeNewswire]
▶ OMA Calls Annual Shareholders Meeting   [Apr-02-18 09:50PM  GlobeNewswire]
▶ OMA announces resignation of Chief Financial Officer   [Nov-16-17 05:00PM  GlobeNewswire]
▶ OMA launches the OMA Foundation   [Oct-13-17 08:30AM  GlobeNewswire]
▶ OMA reports a 2.9% increase in July 2017 passenger traffic   [Aug-08-17 06:00PM  GlobeNewswire]
▶ 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]
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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