Intrinsic value of Grupo Aeroportuario del Centro Norte ADR - OMAB

Previous Close

$46.55

  Intrinsic Value

$147.20

stock screener

  Rating & Target

str. buy

+216%

  Value-price divergence*

-93%

Previous close

$46.55

 
Intrinsic value

$147.20

 
Up/down potential

+216%

 
Rating

str. buy

 
Value-price divergence*

-93%

*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 1.9

 

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
  29.40
  26.96
  24.76
  22.79
  21.01
  19.41
  17.97
  16.67
  15.50
  14.45
  13.51
  12.66
  11.89
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.30
  7.97
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
Revenue, $m
  281
  364
  462
  576
  707
  856
  1,022
  1,205
  1,406
  1,624
  1,859
  2,110
  2,378
  2,660
  2,958
  3,271
  3,599
  3,942
  4,299
  4,672
  5,059
  5,462
  5,881
  6,317
  6,769
  7,240
  7,728
  8,237
  8,765
  9,315
  9,888
Variable operating expenses, $m
 
  110
  139
  174
  214
  258
  309
  364
  425
  491
  562
  637
  718
  803
  893
  988
  1,087
  1,190
  1,298
  1,411
  1,528
  1,650
  1,776
  1,908
  2,044
  2,186
  2,334
  2,487
  2,647
  2,813
  2,986
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
  167
  198
  234
  276
  321
  374
  431
  493
  561
  634
  710
  793
  880
  972
  1,069
  1,170
  1,275
  1,385
  1,501
  1,620
  1,744
  1,872
  2,007
  2,145
  2,290
  2,440
  2,596
  2,759
  2,928
  3,103
Operating income, $m
  141
  196
  263
  342
  432
  534
  648
  775
  913
  1,064
  1,226
  1,400
  1,584
  1,780
  1,986
  2,202
  2,429
  2,666
  2,914
  3,171
  3,440
  3,719
  4,009
  4,310
  4,624
  4,949
  5,288
  5,640
  6,006
  6,388
  6,785
EBITDA, $m
  155
  216
  288
  372
  469
  579
  703
  839
  988
  1,150
  1,325
  1,512
  1,710
  1,921
  2,143
  2,376
  2,620
  2,876
  3,142
  3,420
  3,708
  4,009
  4,321
  4,646
  4,983
  5,334
  5,698
  6,077
  6,472
  6,882
  7,310
Interest expense (income), $m
  16
  16
  23
  31
  40
  51
  64
  78
  93
  110
  128
  148
  169
  191
  215
  240
  266
  293
  322
  352
  383
  416
  449
  484
  521
  559
  598
  639
  682
  726
  772
Earnings before tax, $m
  133
  181
  241
  311
  391
  483
  584
  697
  820
  954
  1,098
  1,252
  1,415
  1,588
  1,771
  1,962
  2,163
  2,373
  2,592
  2,819
  3,057
  3,303
  3,559
  3,826
  4,103
  4,391
  4,690
  5,001
  5,325
  5,662
  6,013
Tax expense, $m
  38
  49
  65
  84
  106
  130
  158
  188
  221
  258
  296
  338
  382
  429
  478
  530
  584
  641
  700
  761
  825
  892
  961
  1,033
  1,108
  1,185
  1,266
  1,350
  1,438
  1,529
  1,623
Net income, $m
  95
  132
  176
  227
  286
  352
  427
  509
  599
  696
  801
  914
  1,033
  1,160
  1,293
  1,433
  1,579
  1,732
  1,892
  2,058
  2,231
  2,411
  2,598
  2,793
  2,995
  3,205
  3,424
  3,651
  3,887
  4,133
  4,389

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
  691
  878
  1,095
  1,345
  1,627
  1,943
  2,292
  2,674
  3,088
  3,535
  4,012
  4,520
  5,058
  5,624
  6,219
  6,843
  7,494
  8,174
  8,882
  9,619
  10,385
  11,181
  12,009
  12,869
  13,763
  14,693
  15,659
  16,664
  17,710
  18,799
Adjusted assets (=assets-cash), $m
  534
  691
  878
  1,095
  1,345
  1,627
  1,943
  2,292
  2,674
  3,088
  3,535
  4,012
  4,520
  5,058
  5,624
  6,219
  6,843
  7,494
  8,174
  8,882
  9,619
  10,385
  11,181
  12,009
  12,869
  13,763
  14,693
  15,659
  16,664
  17,710
  18,799
Revenue / Adjusted assets
  0.526
  0.527
  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
  579
  735
  918
  1,127
  1,363
  1,628
  1,920
  2,240
  2,588
  2,962
  3,362
  3,787
  4,238
  4,713
  5,211
  5,734
  6,279
  6,849
  7,442
  8,060
  8,702
  9,369
  10,063
  10,784
  11,533
  12,311
  13,121
  13,963
  14,840
  15,752
Working capital, $m
  152
  4
  5
  6
  8
  9
  11
  13
  15
  18
  20
  23
  26
  29
  33
  36
  40
  43
  47
  51
  56
  60
  65
  69
  74
  80
  85
  91
  96
  102
  109
Total debt, $m
  238
  338
  461
  603
  767
  953
  1,160
  1,390
  1,641
  1,913
  2,206
  2,520
  2,854
  3,207
  3,579
  3,970
  4,380
  4,808
  5,254
  5,719
  6,203
  6,707
  7,230
  7,774
  8,339
  8,927
  9,537
  10,172
  10,832
  11,519
  12,235
Total liabilities, $m
  354
  454
  577
  719
  883
  1,069
  1,276
  1,506
  1,757
  2,029
  2,322
  2,636
  2,970
  3,323
  3,695
  4,086
  4,496
  4,924
  5,370
  5,835
  6,319
  6,823
  7,346
  7,890
  8,455
  9,043
  9,653
  10,288
  10,948
  11,635
  12,351
Total equity, $m
  332
  237
  301
  376
  461
  558
  666
  786
  917
  1,059
  1,212
  1,376
  1,550
  1,735
  1,929
  2,133
  2,347
  2,570
  2,804
  3,046
  3,299
  3,562
  3,835
  4,119
  4,414
  4,721
  5,040
  5,371
  5,716
  6,075
  6,448
Total liabilities and equity, $m
  686
  691
  878
  1,095
  1,344
  1,627
  1,942
  2,292
  2,674
  3,088
  3,534
  4,012
  4,520
  5,058
  5,624
  6,219
  6,843
  7,494
  8,174
  8,881
  9,618
  10,385
  11,181
  12,009
  12,869
  13,764
  14,693
  15,659
  16,664
  17,710
  18,799
Debt-to-equity ratio
  0.717
  1.430
  1.530
  1.610
  1.660
  1.710
  1.740
  1.770
  1.790
  1.810
  1.820
  1.830
  1.840
  1.850
  1.860
  1.860
  1.870
  1.870
  1.870
  1.880
  1.880
  1.880
  1.890
  1.890
  1.890
  1.890
  1.890
  1.890
  1.900
  1.900
  1.900
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
  132
  176
  227
  286
  352
  427
  509
  599
  696
  801
  914
  1,033
  1,160
  1,293
  1,433
  1,579
  1,732
  1,892
  2,058
  2,231
  2,411
  2,598
  2,793
  2,995
  3,205
  3,424
  3,651
  3,887
  4,133
  4,389
Depreciation, amort., depletion, $m
  14
  19
  25
  31
  38
  45
  54
  64
  75
  86
  99
  112
  126
  141
  157
  174
  191
  209
  228
  248
  269
  290
  312
  335
  359
  384
  410
  437
  465
  495
  525
Funds from operations, $m
  91
  151
  200
  258
  323
  398
  481
  573
  674
  783
  900
  1,026
  1,159
  1,301
  1,450
  1,606
  1,770
  1,941
  2,120
  2,306
  2,500
  2,701
  2,911
  3,128
  3,355
  3,590
  3,834
  4,088
  4,353
  4,628
  4,914
Change in working capital, $m
  -30
  1
  1
  1
  1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
Cash from operations, $m
  121
  150
  199
  256
  322
  396
  479
  571
  671
  780
  898
  1,023
  1,157
  1,298
  1,447
  1,603
  1,767
  1,938
  2,116
  2,302
  2,496
  2,697
  2,906
  3,124
  3,350
  3,584
  3,829
  4,083
  4,347
  4,622
  4,908
Maintenance CAPEX, $m
  0
  -15
  -19
  -25
  -31
  -38
  -45
  -54
  -64
  -75
  -86
  -99
  -112
  -126
  -141
  -157
  -174
  -191
  -209
  -228
  -248
  -269
  -290
  -312
  -335
  -359
  -384
  -410
  -437
  -465
  -495
New CAPEX, $m
  -31
  -132
  -156
  -182
  -209
  -237
  -265
  -292
  -320
  -347
  -374
  -400
  -426
  -450
  -475
  -499
  -522
  -546
  -570
  -593
  -617
  -642
  -667
  -694
  -721
  -749
  -779
  -810
  -842
  -876
  -913
Cash from investing activities, $m
  -24
  -147
  -175
  -207
  -240
  -275
  -310
  -346
  -384
  -422
  -460
  -499
  -538
  -576
  -616
  -656
  -696
  -737
  -779
  -821
  -865
  -911
  -957
  -1,006
  -1,056
  -1,108
  -1,163
  -1,220
  -1,279
  -1,341
  -1,408
Free cash flow, $m
  97
  4
  24
  50
  82
  122
  169
  224
  287
  358
  437
  524
  619
  721
  831
  947
  1,071
  1,201
  1,337
  1,481
  1,630
  1,786
  1,949
  2,118
  2,293
  2,476
  2,666
  2,863
  3,067
  3,280
  3,501
Issuance/(repayment) of debt, $m
  -3
  103
  122
  143
  164
  186
  207
  229
  251
  272
  293
  314
  334
  353
  372
  391
  410
  428
  447
  465
  484
  503
  523
  544
  565
  587
  611
  635
  660
  687
  715
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
  103
  122
  143
  164
  186
  207
  229
  251
  272
  293
  314
  334
  353
  372
  391
  410
  428
  447
  465
  484
  503
  523
  544
  565
  587
  611
  635
  660
  687
  715
Total cash flow (excl. dividends), $m
  89
  107
  146
  192
  246
  307
  377
  453
  538
  631
  731
  838
  953
  1,074
  1,203
  1,338
  1,480
  1,629
  1,784
  1,946
  2,114
  2,290
  2,472
  2,661
  2,858
  3,063
  3,276
  3,497
  3,728
  3,967
  4,216
Retained Cash Flow (-), $m
  -35
  -54
  -64
  -75
  -86
  -97
  -108
  -120
  -131
  -142
  -153
  -164
  -174
  -184
  -194
  -204
  -214
  -223
  -233
  -243
  -253
  -263
  -273
  -284
  -295
  -307
  -319
  -331
  -345
  -359
  -374
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
 
  202
  82
  118
  161
  211
  268
  334
  407
  488
  578
  674
  778
  890
  1,008
  1,134
  1,266
  1,405
  1,551
  1,703
  1,862
  2,027
  2,199
  2,378
  2,563
  2,757
  2,957
  3,166
  3,383
  3,608
  3,843
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
 
  193
  75
  103
  132
  163
  195
  225
  254
  281
  303
  320
  332
  338
  339
  333
  322
  306
  286
  262
  237
  210
  182
  156
  131
  107
  86
  68
  52
  39
  29
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 192.9
Price to Sales 65.2
Price to Book 55.2
Price to Tangible Book
Price to Cash Flow 151.5
Price to Free Cash Flow 203.7
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 29.4% 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 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 41.582 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 $1.9 billion.

RELATED COMPANIES Price Int.Val. Rating
PAC Grupo Aeroport 108.46 59.93  sell
ASR Grupo Aeroport 199.64 9.60  str.sell

COMPANY NEWS

▶ 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]
▶ 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]
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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