Modest Traffic Growth for Centro Norte, but Long-Term Thesis Still Intact; Shares Undervalued
Wide moat Centro Norte reported fourth-quarter and full-year 2017 results that featured modest traffic growth but a record high adjusted EBITDA margin. We do not envision material changes to our $47 fair value estimate per ADR (MXN 114 for local shares), noting that exchange rate updates may move our fair value estimates slightly. Fourth-quarter traffic increased 2% to 5 million passengers, and the sum of aeronautical and nonaeronautical revenue increased 5% thanks to the traffic growth and an i...Grupo Aeroportuario del Centro Norte (OMA) operates and manages thirteen airports in central and northern region Mexico: Monterrey; Acapulco, Mazatlan and Zihuatanejo; Ciudad Juarez and Reynosa; Chihuahua, Culiacan, Durango, San Luis Potosi, Tampico, Torreon, and Zacatecas. Co.'s airports serve more than 16.9 million domestic and international passengers with aeronautical and commercial services. Co. also provides cargo handling, storage, generates revenue from hotel services and restaurants, shops, banks, and other retail services to passengers in its airports.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.