ASR - Grupo Aeroportuario Centro Norte: Why This Wide-Moat Business Is Worth Considering
Worldwide, there are only approximately 17 publicly traded airport operators (Fig. 1). As I stated in a recent article, commercial airport operators usually have great economics because they are monopolistic businesses. Thanks to the combination of their rarity and attractive economics, airport operators are bid up in bull markets to a high valuation level that is out of reach for value investors. Only in extraordinary circumstances, e.g., recessions or adverse exogenous events, can they be bought at an adequate margin of safety (see here).
Fig. 1. Publicly listed airport operators in the