Is OMAB a good stock to buy? 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 $116.97 as of April 20th. OMAB’s trailing and forward P/E were 18.32 and 13.16 respectively according to Yahoo Finance.
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Grupo Aeroportuario del Centro Norte (OMAB) is a premier operator of thirteen airports across central and northern Mexico, positioned as a durable compounder benefiting from Mexico’s nearshoring boom and robust consumer trends. The company enjoys exceptional unit economics, with gross margins of 69%, operating margins of 56%, free cash flow margins of 30%, and a return on invested capital of 29%, allowing it to deliver consistent and growing dividends to shareholders.
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OMAB operates as a government-granted monopoly in each city, collecting aeronautical fees from passengers, leasing space to retailers and restaurants, and receiving full CapEx reimbursement from the Mexican government under long-term Master Development Plans. Monterrey, its largest hub, generates roughly half of OMAB’s revenue and traffic, benefiting from the presence of major U.S. manufacturers like John Deere, Caterpillar, GE, Whirlpool, and Dell, as well as new entrants such as Tesla’s gigafactory.
Tourist destinations such as Acapulco, Mazatlán, and Zihuatanejo further diversify traffic. Management, led by CEO Ricardo Duenas Espriu, prioritizes shareholder returns through disciplined dividend policies and capex-funded growth without dilution. OMAB’s growth is supported by tailwinds including rising Mexican GDP per capita, increased consumer spending, and nearshoring of U.S. industrial activity, while past headwinds from jet engine shortages are diminishing.
Despite its monopoly status and strong fundamentals, OMAB trades at a reasonable valuation with a trailing P/E of 17 and forward P/E of 13.6, offering significant upside potential. Assuming continued 10% revenue CAGR and stable margins, the company presents a compelling investment with the ability to generate consistent dividends, substantial capital appreciation, and an attractive margin of safety, making it a resilient and high-quality play in Mexican infrastructure and the broader nearshoring trend.
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 traffic growth, high operating margins, and upside potential from the upcoming government contract renewal. OMAB’s stock price has appreciated by approximately 32.28% since our coverage. Cade shares a similar view but emphasizes the company’s exceptional unit economics, nearshoring tailwinds, and consistent free cash flow, reinforcing its durable compounder profile.
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 8 hedge fund portfolios held OMAB at the end of the fourth quarter which was 13 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 cheapest AI stock.
Disclosure: None.