Centro Norte Begins to Navigate a Post-AMLO World
We raised our fair value estimate about 5% to MXN 109 from MXN 104 (to $45 per ADR from $43) for wide-moat Grupo Aeroportuario del Centro Norte stock following fourth-quarter results that beat our expectations and the time value of money. We raised our 2019 passenger growth estimations after examining 2018 results and early 2019 domestic and international passenger growth, which we believe reflects strong consumer confidence in Mexican air travel. We also raised our passenger traffic forecasts f...
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