ASR - Slower Progress At Grupo Aeroportuario Del Centro Norte But Progress All The Same

• OMA's traffic recovery has lagged those of its Mexican airport peers, but that was always the expectation, given OMA's greater reliance on domestic travel and business travel in particular.
• Management has done a good job of managing what they can, with good cost control through the downturn and swift implementation of new tariffs.
• With a key investor nearly doubling their holdings to around 30%, OMA management is likely to be more focused on increasing dividend payouts to investors.
• OMA carries a little more risk than its Mexican airport peers given its reliance on business travel, but the extra potential returns compensate for that risk and the opportunity looks attractive.

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