Intrinsic value of Grupo Aeroportuario del Centro Norte ADR - OMAB

Previous Close

$39.46

  Intrinsic Value

$102.08

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  Rating & Target

str. buy

+159%

Previous close

$39.46

 
Intrinsic value

$102.08

 
Up/down potential

+159%

 
Rating

str. buy

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 1.7

 

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
  23.20
  21.38
  19.74
  18.27
  16.94
  15.75
  14.67
  13.71
  12.83
  12.05
  11.35
  10.71
  10.14
  9.63
  9.16
  8.75
  8.37
  8.04
  7.73
  7.46
  7.21
  6.99
  6.79
  6.61
  6.45
  6.31
  6.18
  6.06
  5.95
  5.86
Revenue, $m
  281
  346
  420
  503
  595
  696
  805
  924
  1,050
  1,185
  1,328
  1,479
  1,637
  1,803
  1,976
  2,158
  2,346
  2,543
  2,747
  2,959
  3,180
  3,409
  3,648
  3,896
  4,153
  4,421
  4,700
  4,990
  5,293
  5,608
  5,936
Variable operating expenses, $m
 
  105
  127
  152
  180
  210
  243
  279
  317
  358
  401
  447
  494
  544
  597
  652
  709
  768
  830
  894
  960
  1,030
  1,102
  1,176
  1,254
  1,335
  1,419
  1,507
  1,598
  1,694
  1,793
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
  162
  186
  212
  242
  273
  308
  346
  385
  428
  473
  520
  569
  621
  676
  733
  792
  853
  917
  984
  1,052
  1,124
  1,198
  1,275
  1,355
  1,439
  1,525
  1,616
  1,710
  1,809
  1,910
Operating income, $m
  141
  184
  234
  291
  354
  422
  497
  578
  665
  757
  855
  959
  1,067
  1,181
  1,300
  1,425
  1,555
  1,690
  1,830
  1,976
  2,128
  2,286
  2,450
  2,620
  2,798
  2,982
  3,174
  3,374
  3,582
  3,800
  4,026
EBITDA, $m
  155
  203
  257
  318
  385
  459
  540
  627
  721
  820
  926
  1,037
  1,154
  1,277
  1,405
  1,539
  1,679
  1,825
  1,976
  2,133
  2,297
  2,467
  2,643
  2,827
  3,018
  3,217
  3,424
  3,639
  3,863
  4,097
  4,341
Interest expense (income), $m
  16
  16
  21
  27
  34
  42
  50
  60
  70
  80
  91
  103
  116
  129
  143
  158
  173
  189
  205
  222
  240
  258
  278
  298
  318
  340
  362
  386
  410
  435
  462
Earnings before tax, $m
  133
  168
  213
  264
  319
  380
  447
  519
  595
  677
  764
  855
  951
  1,052
  1,157
  1,267
  1,382
  1,501
  1,625
  1,754
  1,888
  2,027
  2,172
  2,323
  2,479
  2,642
  2,812
  2,989
  3,173
  3,364
  3,564
Tax expense, $m
  38
  45
  58
  71
  86
  103
  121
  140
  161
  183
  206
  231
  257
  284
  312
  342
  373
  405
  439
  474
  510
  547
  587
  627
  669
  713
  759
  807
  857
  908
  962
Net income, $m
  95
  123
  156
  192
  233
  278
  326
  379
  435
  494
  558
  624
  694
  768
  845
  925
  1,009
  1,096
  1,186
  1,280
  1,378
  1,480
  1,586
  1,696
  1,810
  1,929
  2,053
  2,182
  2,316
  2,456
  2,602

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
  658
  799
  957
  1,131
  1,323
  1,531
  1,756
  1,997
  2,253
  2,524
  2,811
  3,112
  3,427
  3,757
  4,102
  4,461
  4,834
  5,222
  5,626
  6,046
  6,482
  6,935
  7,406
  7,896
  8,405
  8,935
  9,487
  10,062
  10,661
  11,285
Adjusted assets (=assets-cash), $m
  534
  658
  799
  957
  1,131
  1,323
  1,531
  1,756
  1,997
  2,253
  2,524
  2,811
  3,112
  3,427
  3,757
  4,102
  4,461
  4,834
  5,222
  5,626
  6,046
  6,482
  6,935
  7,406
  7,896
  8,405
  8,935
  9,487
  10,062
  10,661
  11,285
Revenue / Adjusted assets
  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
  0.526
  0.526
Average production assets, $m
  448
  551
  669
  802
  948
  1,109
  1,283
  1,471
  1,673
  1,888
  2,115
  2,355
  2,608
  2,872
  3,148
  3,437
  3,738
  4,050
  4,376
  4,714
  5,066
  5,431
  5,811
  6,206
  6,616
  7,043
  7,487
  7,950
  8,431
  8,933
  9,456
Working capital, $m
  152
  4
  5
  6
  7
  8
  9
  10
  12
  13
  15
  16
  18
  20
  22
  24
  26
  28
  30
  33
  35
  38
  40
  43
  46
  49
  52
  55
  58
  62
  65
Total debt, $m
  238
  316
  409
  512
  627
  753
  890
  1,038
  1,196
  1,364
  1,543
  1,731
  1,929
  2,136
  2,353
  2,579
  2,815
  3,060
  3,315
  3,580
  3,856
  4,143
  4,440
  4,750
  5,072
  5,406
  5,755
  6,117
  6,495
  6,888
  7,298
Total liabilities, $m
  354
  432
  525
  628
  743
  869
  1,006
  1,154
  1,312
  1,480
  1,659
  1,847
  2,045
  2,252
  2,469
  2,695
  2,931
  3,176
  3,431
  3,696
  3,972
  4,259
  4,556
  4,866
  5,188
  5,522
  5,871
  6,233
  6,611
  7,004
  7,414
Total equity, $m
  332
  226
  274
  328
  388
  454
  525
  602
  685
  773
  866
  964
  1,067
  1,176
  1,289
  1,407
  1,530
  1,658
  1,791
  1,930
  2,074
  2,223
  2,379
  2,540
  2,708
  2,883
  3,065
  3,254
  3,451
  3,657
  3,871
Total liabilities and equity, $m
  686
  658
  799
  956
  1,131
  1,323
  1,531
  1,756
  1,997
  2,253
  2,525
  2,811
  3,112
  3,428
  3,758
  4,102
  4,461
  4,834
  5,222
  5,626
  6,046
  6,482
  6,935
  7,406
  7,896
  8,405
  8,936
  9,487
  10,062
  10,661
  11,285
Debt-to-equity ratio
  0.717
  1.400
  1.490
  1.560
  1.620
  1.660
  1.690
  1.720
  1.750
  1.770
  1.780
  1.800
  1.810
  1.820
  1.830
  1.830
  1.840
  1.850
  1.850
  1.860
  1.860
  1.860
  1.870
  1.870
  1.870
  1.880
  1.880
  1.880
  1.880
  1.880
  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
  123
  156
  192
  233
  278
  326
  379
  435
  494
  558
  624
  694
  768
  845
  925
  1,009
  1,096
  1,186
  1,280
  1,378
  1,480
  1,586
  1,696
  1,810
  1,929
  2,053
  2,182
  2,316
  2,456
  2,602
Depreciation, amort., depletion, $m
  14
  18
  22
  27
  32
  37
  43
  49
  56
  63
  71
  79
  87
  96
  105
  115
  125
  135
  146
  157
  169
  181
  194
  207
  221
  235
  250
  265
  281
  298
  315
Funds from operations, $m
  91
  141
  178
  219
  265
  315
  369
  428
  490
  557
  628
  703
  781
  864
  950
  1,040
  1,133
  1,231
  1,332
  1,438
  1,547
  1,661
  1,779
  1,903
  2,031
  2,164
  2,302
  2,447
  2,597
  2,754
  2,917
Change in working capital, $m
  -30
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
Cash from operations, $m
  121
  141
  177
  218
  264
  313
  368
  426
  489
  556
  626
  701
  780
  862
  948
  1,038
  1,131
  1,229
  1,330
  1,435
  1,545
  1,659
  1,777
  1,900
  2,028
  2,161
  2,299
  2,443
  2,594
  2,750
  2,914
Maintenance CAPEX, $m
  0
  -15
  -18
  -22
  -27
  -32
  -37
  -43
  -49
  -56
  -63
  -71
  -79
  -87
  -96
  -105
  -115
  -125
  -135
  -146
  -157
  -169
  -181
  -194
  -207
  -221
  -235
  -250
  -265
  -281
  -298
New CAPEX, $m
  -31
  -104
  -118
  -132
  -146
  -161
  -175
  -188
  -202
  -215
  -227
  -240
  -252
  -264
  -276
  -289
  -301
  -313
  -325
  -338
  -352
  -365
  -380
  -395
  -410
  -427
  -444
  -462
  -482
  -502
  -523
Cash from investing activities, $m
  -24
  -119
  -136
  -154
  -173
  -193
  -212
  -231
  -251
  -271
  -290
  -311
  -331
  -351
  -372
  -394
  -416
  -438
  -460
  -484
  -509
  -534
  -561
  -589
  -617
  -648
  -679
  -712
  -747
  -783
  -821
Free cash flow, $m
  97
  22
  41
  64
  90
  121
  156
  195
  238
  285
  336
  391
  449
  511
  576
  644
  716
  791
  869
  951
  1,036
  1,124
  1,216
  1,311
  1,410
  1,513
  1,620
  1,731
  1,847
  1,967
  2,093
Issuance/(repayment) of debt, $m
  -3
  81
  92
  104
  115
  126
  137
  148
  158
  168
  178
  188
  198
  207
  217
  226
  236
  245
  255
  265
  276
  286
  298
  309
  322
  335
  348
  363
  378
  394
  410
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
  81
  92
  104
  115
  126
  137
  148
  158
  168
  178
  188
  198
  207
  217
  226
  236
  245
  255
  265
  276
  286
  298
  309
  322
  335
  348
  363
  378
  394
  410
Total cash flow (excl. dividends), $m
  89
  103
  133
  167
  205
  247
  293
  343
  396
  454
  514
  579
  647
  718
  792
  870
  952
  1,036
  1,125
  1,216
  1,312
  1,411
  1,514
  1,621
  1,732
  1,848
  1,969
  2,094
  2,225
  2,361
  2,503
Retained Cash Flow (-), $m
  -35
  -43
  -48
  -54
  -60
  -66
  -71
  -77
  -83
  -88
  -93
  -98
  -103
  -108
  -113
  -118
  -123
  -128
  -133
  -138
  -144
  -150
  -155
  -162
  -168
  -175
  -182
  -189
  -197
  -205
  -214
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
 
  209
  85
  113
  145
  181
  222
  266
  314
  366
  421
  481
  543
  610
  679
  752
  829
  908
  991
  1,078
  1,168
  1,261
  1,358
  1,459
  1,564
  1,673
  1,787
  1,905
  2,028
  2,155
  2,289
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
  78
  99
  120
  141
  161
  180
  196
  210
  221
  228
  232
  232
  228
  221
  211
  198
  183
  166
  148
  130
  113
  96
  80
  65
  52
  41
  31
  24
  17
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. 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 163.6
Price to Sales 55.3
Price to Book 46.8
Price to Tangible Book
Price to Cash Flow 128.4
Price to Free Cash Flow 172.6
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 23.2% 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 159.3%.

Life of production assets of 32 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 42.477 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 $1.7 billion.

RELATED COMPANIES Price Int.Val. Rating
PAC Grupo Aeroport 93.98 59.59  sell
ASR Grupo Aeroport 175.79 9.59  str.sell

COMPANY NEWS

▶ 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]
▶ 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]
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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