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 Stock Analysis Compilation’s Substack. 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 $107.19 as of July 22^nd. OMAB’s trailing and forward P/E were 18.87 and 17.30, respectively, according to Yahoo Finance.

Grupo Aeroportuario Centro Norte, S.A.B. de C.V. (OMAB), a leading Mexican airport operator, runs 13 airports under a 50-year concession from the Ministry of Communications and Transportation, renewable for another 50 years. The business model is structurally protected by high entry barriers, as airports function as regional monopolies where regulatory, capital, and environmental constraints preclude competing facilities.

Airlines and passengers are captive users, providing durable demand and allowing OMAB to sustain pricing power and long-term stability. Operating under a concession framework, OMAB outsources most services, relying primarily on regulated passenger fees for revenue, making passenger traffic the key performance driver. With predetermined capital expenditures set through five-year Master Development Programs (MDPs), OMAB enjoys strong visibility into margins and maintains a capital-light model supporting a 41% free cash flow margin.

Its network is anchored by Monterrey, Mexico’s industrial hub, positioning the company to capture growth from nearshoring as manufacturers shift supply chains to mitigate tariff exposure. Recent increases in concession taxes and airport usage fees, along with COVID recovery, tariff uncertainty, and domestic airline engine issues, have created a challenging backdrop.

However, these headwinds raise the likelihood of more favorable terms in the upcoming MDP renewal for the 2026–2030 period. This potential repricing of regulatory obligations could unlock meaningful upside for equity holders. Combined with the company’s predictable cash flow generation and significant barriers to entry, OMAB offers a resilient investment case with exposure to structural tailwinds and an approaching catalyst that could drive a valuation rerating.

Previously, we covered a bullish thesis 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, pricing power, and upside from the upcoming concession renewal. The stock has appreciated about 21% since then as fundamentals have held. Stock Analysis Compilation shares a similar view but emphasizes structural entry barriers and OMAB’s capital-light cash flow model.

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 6 hedge fund portfolios held OMAB at the end of the first quarter which was 6 in the previous quarter. While we acknowledge the potential of OMAB as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None.