Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB): A Bull Case Theory

We came across a bullish thesis on Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. on Horizons Investing’s Substack by Cade. In this article, we will summarize the bulls’ thesis on OMAB. Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.'s share was trading at $127.86 as of February 10th. OMAB’s trailing and forward P/E were 20.04 and 15.72 respectively according to Yahoo Finance.

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Grupo Aeroportuario del Bajío, S.A.B. de C.V. (OMAB) is a Mexican airport operator managing 13 airports in higher-income cities, including Monterrey, Acapulco, Mazatlán, and Ciudad Juárez. Led by CEO Ricardo Duenas Espriu since 2018, who brings extensive experience from Grupo Aeroportuario de la Ciudad de México, the Ministry of Communications and Transportation, J.P. Morgan, and the Bank of Mexico, OMAB is positioned as a durable monopoly with a government-backed contract to operate these airports until 2048.

Its business is split into Aeronautical revenue, derived from per-ticket fees charged to airlines, and Non-Aeronautical revenue, from airport retail, restaurant leases, and hotel operations. Five-year agreements allow OMAB to adjust per-ticket fees slightly above inflation, with the next renegotiation scheduled for 2025.

Financially, OMAB trades at a trailing P/E of 17x and forward P/E of 14x, with EV/EBITDA of 10x trailing and 8.7x forward, reflecting strong profitability with a 50% ROE and 23% ROIC. The company holds $242 million in cash against roughly $500 million in debt and pays a 4.6% dividend funded by approximately 75% of free cash flow. Over the past decade, revenue has compounded at 14% and diluted EPS at 17%, underpinned by steadily increasing operating margins.

Risks include potential declines in passenger volumes due to a Mexican recession or other black swan events and stagnating commercial revenue per customer. Nonetheless, OMAB presents a compelling long-term investment. Its monopoly position, robust domestic traffic, predictable contracts, and attractive dividend provide downside protection, while Mexico’s anticipated economic growth, rising ticket fees from the 2025 renegotiation, and steady volume growth create a strong potential for multiple expansion and durable long-term returns.

Previously, we covered a 

 on Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) by Chit Chat Stocks in May 2025, which highlighted strong passenger growth, rising commercial revenue per passenger, and high operating margins. OMAB’s stock price has appreciated by approximately 44.6% since our coverage. Cade shares a similar perspective but emphasizes OMAB’s monopoly position, long-term contracts, and durable free cash flow as key drivers.

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. is not on our list of the 

. As per our database, 13 hedge fund portfolios held OMAB at the end of the third quarter which was 10 in the previous quarter. While we acknowledge the risk and potential of OMAB as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than OMAB and that has 10,000% upside potential, check out our report about this