GRUPO AEROPORTUARIO DEL CENTRO NORTE, S.A.B. DE C.V. Financials Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.
Equities
OMA B
MX01OM000018
Airport Services
|
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 182.8 MXN | -1.95% |
|
-0.29% | +1.66% |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 55,803 | 50,086 | 53,102 | 57,952 | 69,418 | 70,572 | - | - |
| Enterprise Value (EV) 1 | 56,916 | 51,833 | 55,036 | 64,800 | 77,518 | 79,208 | 79,921 | 81,305 |
| P/E ratio | 17.3 x | 45.9 x | 18.7 x | 14.9 x | 13.8 x | 15.4 x | 13.6 x | 11.2 x |
| Yield | 2.86% | - | 3.73% | - | - | 4.95% | 5.16% | 6.37% |
| Capitalization / Revenue | 6.54 x | 9.33 x | 6.09 x | 4.86 x | 4.8 x | 4.94 x | 4.63 x | 3.83 x |
| EV / Revenue | 6.67 x | 9.66 x | 6.31 x | 5.43 x | 5.36 x | 5.54 x | 5.25 x | 4.42 x |
| EV / EBITDA | 10.2 x | 20.3 x | 10.8 x | 9.14 x | 8.56 x | 9.64 x | 8.51 x | 7.23 x |
| EV / FCF | 23.8 x | -255 x | 21.8 x | 31.2 x | 23.7 x | 24.5 x | 19.2 x | 17.3 x |
| FCF Yield | 4.2% | -0.39% | 4.58% | 3.21% | 4.22% | 4.09% | 5.21% | 5.77% |
| Price to Book | 5.71 x | 4.7 x | 4.8 x | 6.92 x | 7.1 x | 7.06 x | 6.06 x | 5 x |
| Nbr of stocks (in thousands) | 393,446 | 390,112 | 386,169 | 386,169 | 386,169 | 386,169 | - | - |
| Reference price 2 | 141.8 | 128.4 | 137.5 | 150.1 | 179.8 | 182.8 | 182.8 | 182.8 |
| Announcement Date | 2/13/20 | 2/15/21 | 2/22/22 | 2/16/23 | 2/23/24 | - | - | - |
1MXN in Million2MXN
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 8,527 | 5,367 | 8,720 | 11,935 | 14,457 | 14,292 | 15,237 | 18,415 |
| EBITDA 1 | 5,563 | 2,549 | 5,110 | 7,088 | 9,057 | 8,217 | 9,390 | 11,242 |
| EBIT 1 | 4,855 | 1,721 | 4,110 | 6,064 | 8,067 | 7,370 | 8,570 | 10,598 |
| Operating Margin | 56.94% | 32.07% | 47.14% | 50.81% | 55.8% | 51.57% | 56.25% | 57.55% |
| Earnings before Tax (EBT) 1 | 4,600 | 1,492 | 3,836 | 5,293 | 7,060 | 6,583 | 8,019 | 9,664 |
| Net income 1 | 3,220 | 1,094 | 2,857 | 3,901 | 5,012 | 4,596 | 5,369 | 6,674 |
| Net margin | 37.76% | 20.39% | 32.77% | 32.69% | 34.67% | 32.16% | 35.23% | 36.24% |
| EPS 2 | 8.200 | 2.800 | 7.350 | 10.10 | 12.98 | 11.84 | 13.39 | 16.32 |
| Free Cash Flow 1 | 2,390 | -203 | 2,521 | 2,080 | 3,271 | 3,236 | 4,162 | 4,692 |
| FCF margin | 28.03% | -3.78% | 28.91% | 17.43% | 22.63% | 22.64% | 27.31% | 25.48% |
| FCF Conversion (EBITDA) | 42.96% | - | 49.33% | 29.34% | 36.12% | 39.38% | 44.32% | 41.74% |
| FCF Conversion (Net income) | 74.22% | - | 88.23% | 53.32% | 65.27% | 70.41% | 77.52% | 70.31% |
| Dividend per Share 2 | 4.063 | - | 5.127 | - | - | 9.050 | 9.436 | 11.65 |
| Announcement Date | 2/13/20 | 2/15/21 | 2/22/22 | 2/16/23 | 2/23/24 | - | - | - |
1MXN in Million2MXN
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 2,680 | 2,206 | 2,918 | 3,145 | 3,666 | 3,220 | 3,622 | 3,906 | 3,709 | 3,755 | 3,556 | 3,857 | 3,708 |
| EBITDA 1 | 1,521 | 1,409 | 1,832 | 1,907 | 1,939 | 1,905 | 2,287 | 2,532 | 2,256 | 1,972 | 2,137 | 2,373 | 2,252 |
| EBIT 1 | 1,275 | 1,196 | 1,402 | 1,717 | 1,749 | 1,752 | 2,053 | 2,272 | 1,989 | 1,793 | 1,865 | 2,090 | 1,967 |
| Operating Margin | 47.59% | 54.23% | 48.05% | 54.59% | 47.71% | 54.43% | 56.7% | 58.16% | 53.63% | 47.75% | 52.44% | 54.2% | 53.05% |
| Earnings before Tax (EBT) 1 | 1,246 | 1,032 | 1,218 | 1,498 | 1,544 | 1,524 | 1,771 | 2,000 | 1,765 | 1,517 | 1,701 | 1,930 | 1,832 |
| Net income 1 | 1,013 | 748.1 | 924.5 | 1,098 | 1,130 | 1,079 | 1,272 | 1,410 | 1,253 | 1,077 | 1,172 | 1,312 | 1,231 |
| Net margin | 37.8% | 33.91% | 31.69% | 34.92% | 30.83% | 33.51% | 35.11% | 36.08% | 33.78% | 28.68% | 32.97% | 34.01% | 33.2% |
| EPS 2 | 2.620 | 1.940 | 2.390 | 2.840 | 2.930 | 2.790 | 3.290 | 3.650 | 3.240 | 2.790 | 3.037 | 3.394 | 3.190 |
| Dividend per Share 2 | 5.127 | 11.20 | - | - | - | - | - | - | - | - | 3.737 | 1.974 | 3.737 |
| Announcement Date | 2/22/22 | 4/25/22 | 7/26/22 | 10/28/22 | 2/16/23 | 4/26/23 | 7/28/23 | 10/27/23 | 2/23/24 | 4/24/24 | - | - | - |
1MXN in Million2MXN
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 1,114 | 1,746 | 1,934 | 6,848 | 8,100 | 8,635 | 9,349 | 10,732 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 0.2002 x | 0.685 x | 0.3785 x | 0.9661 x | 0.8944 x | 1.051 x | 0.9955 x | 0.9546 x |
| Free Cash Flow 1 | 2,390 | -203 | 2,521 | 2,080 | 3,271 | 3,236 | 4,162 | 4,693 |
| ROE (net income / shareholders' equity) | 35.7% | 10.7% | 26.3% | 40.2% | 55.6% | 45.8% | 44.5% | 42.3% |
| ROA (Net income/ Total Assets) | 17.4% | 6.18% | 13.9% | 17% | 20.7% | 17.9% | 18.1% | 21.4% |
| Assets 1 | 18,555 | 17,706 | 20,540 | 22,980 | 24,154 | 25,726 | 29,655 | 31,164 |
| Book Value Per Share 2 | 24.80 | 27.30 | 28.60 | 21.70 | 25.30 | 25.90 | 30.20 | 36.50 |
| Cash Flow per Share 2 | 9.540 | 3.340 | 11.40 | 12.90 | 16.20 | 17.10 | 16.90 | 15.10 |
| Capex 1 | 1,357 | 1,506 | 1,926 | 2,905 | 2,982 | 3,084 | 2,979 | 3,443 |
| Capex / Sales | 15.91% | 28.06% | 22.09% | 24.34% | 20.62% | 21.58% | 19.55% | 18.69% |
| Announcement Date | 2/13/20 | 2/15/21 | 2/22/22 | 2/16/23 | 2/23/24 | - | - | - |
1MXN in Million2MXN
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
C-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
12
Last Close Price
182.8
MXN
Average target price
197
MXN
Spread / Average Target
+7.81%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +1.66% | 4.27B | |
| +12.13% | 26.16B | |
| +4.53% | 5.45B | |
| -5.41% | 5.06B | |
| -3.73% | 4.49B | |
| +4.60% | 3.36B | |
| -17.97% | 3.11B | |
| 0.00% | 2.7B | |
| +14.38% | 2.37B | |
| +10.11% | 2.01B |
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- Financials Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.
