Centro Norte's Second-Quarter Traffic Ticks Higher, but Non-Aeronautical Revenue Looks a Bit Soft
Following Grupo Aeroportuario del Centro Norte’s second-quarter earnings, we are maintaining our $55 ADR valuation and believe the stock has about 5%-10% upside. Total passenger traffic increased 8.3% year over year, buoyed by an 8.8% increase in domestic traffic and 4.9% increase in international traffic. Approximately 85% of Centro Norte's traffic is domestic, and strong economic conditions have positively impacted the operator over the last few quarters. Mexico’s unemployment rate dropped to ...
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