- As expected, OMA has seen a less impressive traffic recovery than its Mexican airport peers, as business travel is still well below pre-pandemic levels.
- Despite traffic volumes 10% below pre-pandemic norms, the company is producing record margins and management believes it can sustain a 75% EBITDA margin.
- Business travel should continue to normalize, supporting high single-digit FCF growth and double-digit annualized return potential, but a weaker economy is a growing near-term threat.
For further details see:
Grupo Aeroportuario Del Centro Norte's Valuation Still Tied To Normalization In Business Travel Within Mexico.