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OMA Climbs to Four-Year High as Profit Rises: Mexico City Mover

Oct. 25 (Bloomberg) -- Grupo Aeroportuario del Centro Norte SAB, the operator of Mexican airports from Acapulco to Ciudad Juarez, surged to the highest since 2008 after third-quarter profit exceeded some analyst estimates.

OMA, as the Monterrey, Mexico-based company is known, jumped 4.6 percent to 31.38 pesos at 11:44 a.m. in Mexico City after earlier touching 31.80 pesos, the highest intraday price since April 2008. The benchmark IPC index fell 0.4 percent.

Third-quarter adjusted net income soared 57 percent to 218 million pesos ($16.8 million), above the 178.8 million-peso average estimate of five analysts, according to data compiled by Bloomberg. Adjusted operating income, leaving out depreciation and amortization, rose 25 percent to 425 million pesos, while revenue advanced 16 percent to 798 million pesos, the company said in a filing to Mexico’s stock exchange.

“The key to the good performance in the report has been the increase in passenger traffic,” Ramon Ortiz, an analyst with Corp. Actinver SAB, said in a telephone interview from Mexico City. “That helped aeronautical revenue to perform well.”

Traffic rose 9.1 percent to 3.4 million passengers in the three-month period ended in September, contributing to a 17 percent jump in so-called aeronautical revenue, according to the filing. Non-aeronautical revenue, which includes operations of stores, restaurants and parking lots, climbed 18 percent in the period.

Ortiz reiterated his buy recommendation on OMA after the report, saying in an e-mailed research note dated yesterday that the operator’s valuation is the “most attractive” among Mexican peers.

The company trades at 14.5 times estimated 2013 earnings, according to Actinver’s projections. Industry peers Grupo Aeroportuario del Sureste SAB and Grupo Aeroportuario del Pacifico SAB trade at 18.7 times and 22.9 times next year’s earnings, respectively, the Actinver report said.

To contact the reporter on this story: Jonathan J. Levin in Mexico City at jlevin20@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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