Stock OMA B GRUPO AEROPORTUARIO DEL CENTRO NORTE, S.A.B. DE C.V.
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Financials Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.

Equities

OMA B

MX01OM000018

Airport Services

End-of-day quote Mexican S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
189.6 MXN +3.50% Intraday chart for Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. +18.26% +5.47%
Apr. 25 Transcript : Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., Q1 2024 Earnings Call, Apr 25, 2024
Apr. 24 Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Reports Earnings Results for the First Quarter Ended March 31, 2024 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 36,846 55,803 50,086 53,102 57,952 73,218 73,218 -
Enterprise Value (EV) 1 38,472 56,916 51,833 55,036 64,800 77,518 81,674 82,386
P/E ratio 12.9 x 17.3 x 45.9 x 18.7 x 14.9 x 13.8 x 16.4 x 14.2 x
Yield 4.34% 2.86% - 3.73% - 4.64% 4.22% 4.96%
Capitalization / Revenue 4.66 x 6.54 x 9.33 x 6.09 x 4.86 x 4.8 x 5.29 x 4.74 x
EV / Revenue 4.87 x 6.67 x 9.66 x 6.31 x 5.43 x 5.36 x 5.9 x 5.34 x
EV / EBITDA 8.13 x 10.2 x 20.3 x 10.8 x 9.14 x 8.56 x 9.99 x 8.71 x
EV / FCF 17.2 x 23.8 x -255 x 21.8 x 31.2 x 23.7 x 28.8 x 20.1 x
FCF Yield 5.81% 4.2% -0.39% 4.58% 3.21% 4.22% 3.48% 4.98%
Price to Book 4.41 x 5.71 x 4.7 x 4.8 x 6.92 x 7.1 x 7.5 x 6.11 x
Nbr of stocks (in thousands) 393,446 393,446 390,112 386,169 386,169 386,169 386,169 -
Reference price 2 93.65 141.8 128.4 137.5 150.1 189.6 189.6 189.6
Announcement Date 2/11/19 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 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 7,907 8,527 5,367 8,720 11,935 14,457 13,833 15,432
EBITDA 1 4,733 5,563 2,549 5,110 7,088 9,057 8,179 9,456
EBIT 1 4,133 4,855 1,721 4,110 6,064 8,067 7,262 8,570
Operating Margin 52.27% 56.94% 32.07% 47.14% 50.81% 55.8% 52.5% 55.53%
Earnings before Tax (EBT) 1 3,986 4,600 1,492 3,836 5,293 7,060 7,135 8,009
Net income 1 2,852 3,220 1,094 2,857 3,901 5,012 4,575 5,483
Net margin 36.07% 37.76% 20.39% 32.77% 32.69% 34.67% 33.07% 35.53%
EPS 2 7.250 8.200 2.800 7.350 10.10 12.98 11.59 13.36
Free Cash Flow 1 2,235 2,390 -203 2,521 2,080 3,271 2,840 4,105
FCF margin 28.26% 28.03% -3.78% 28.91% 17.43% 22.63% 20.53% 26.6%
FCF Conversion (EBITDA) 47.21% 42.96% - 49.33% 29.34% 36.12% 34.72% 43.41%
FCF Conversion (Net income) 78.35% 74.22% - 88.23% 53.32% 65.27% 62.07% 74.87%
Dividend per Share 2 4.063 4.063 - 5.127 - 8.807 7.999 9.409
Announcement Date 2/11/19 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 3,513 3,768 3,620
EBITDA 1 1,521 1,409 1,832 1,907 1,939 1,905 2,287 2,532 2,256 1,972 2,166 2,371 2,235
EBIT 1 1,275 1,196 1,402 1,717 1,749 1,752 2,053 2,272 1,989 1,793 1,874 2,064 1,929
Operating Margin 47.59% 54.23% 48.05% 54.59% 47.71% 54.43% 56.7% 58.16% 53.63% 47.75% 53.36% 54.77% 53.29%
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 1,702 1,879 1,706
Net income 1 1,013 748.1 924.5 1,098 1,130 1,079 1,272 1,410 1,253 1,077 1,157 1,276 1,184
Net margin 37.8% 33.91% 31.69% 34.92% 30.83% 33.51% 35.11% 36.08% 33.78% 28.68% 32.95% 33.87% 32.72%
EPS 2 2.620 1.940 2.390 2.840 2.930 2.790 3.290 3.650 3.240 2.790 3.000 3.300 3.070
Dividend per Share 2 5.127 11.20 - - - - - - - - 3.880 - 2.240
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 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 1,626 1,114 1,746 1,934 6,848 8,100 8,456 9,168
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.3435 x 0.2002 x 0.685 x 0.3785 x 0.9661 x 0.8944 x 1.034 x 0.9696 x
Free Cash Flow 1 2,235 2,390 -203 2,521 2,080 3,271 2,840 4,105
ROE (net income / shareholders' equity) 37% 35.7% 10.7% 26.3% 40.2% 55.6% 44.9% 42.8%
ROA (Net income/ Total Assets) 19.2% 17.4% 6.18% 13.9% 17% 20.7% 17.8% 17.6%
Assets 1 14,885 18,555 17,706 20,540 22,980 24,154 25,724 31,236
Book Value Per Share 2 21.20 24.80 27.30 28.60 21.70 25.30 25.30 31.00
Cash Flow per Share 2 9.360 9.540 3.340 11.40 12.90 16.20 17.10 16.90
Capex 1 1,449 1,357 1,506 1,926 2,905 2,982 2,376 3,195
Capex / Sales 18.33% 15.91% 28.06% 22.09% 24.34% 20.62% 17.18% 20.7%
Announcement Date 2/11/19 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

Ratings for Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.

Trading Rating
Investor Rating
ESG Refinitiv
C-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
189.6 MXN
Average target price
195.9 MXN
Spread / Average Target
+3.35%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Airport Operators
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