Centro Norte Fights Through Headwinds as Passenger Traffic Increases
Wide-moat Centro Norte’s third-quarter results beat consensus, but we’re maintaining our $55 fair value estimate. This quarter was full of passenger traffic headwinds. The Sept. 19 earthquake in Mexico City interrupted operations at the government-operated Mexico City international airport, a primary connecting hub for many of Centro Norte’s airports. Furthermore, new slot constraints at Mexico City reduced the number of routes to Centro Norte’s airports. Lastly, Aeromexico capacity reductions a...
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