Passenger Traffic at Grupo Aeroportuario del Centro Norte Increases 9%; Maintain FVE
Wide-moat Grupo Aeroportuario del Centro Norte posted strong top- and bottom-line growth in the first quarter, and continues to increase passenger traffic at impressive rates as the Mexican economy steadily growth. We maintain our fair value estimate, and believe the company is fairly valued at current share prices. The sum of aeronautical and non-aeronautical revenues jumped 22.4% on the back of an 8.8% increase in total passenger traffic. Domestic traffic, representing more than 80% of total t...
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