Wide-Moat Grupo Aeroportuario del Centro Norte Continues to Diversify Revenue; Maintain $48 FVE
We reiterate Grupo Aeroportuario del Centro Norte’s $48 fair value estimate and wide moat as third-quarter earnings fell in line with our projections. The sum of aeronautical and nonaeronautical revenue increased 28.4%. Aeronautical revenue was boosted by domestic and international route openings, and non-aeronautical revenue grew thanks to expanding hotel operations. Operating margins, benefiting from revenue growth and the company’s inherent operating leverage, increased 640 basis points from ...
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