OMAB's Stronger Operations Offset By Macro Worries, Creating A Potential Long-Term Value Opportunity

When I last wrote about Grupo Aeroportuario del Centre Norte (OMAB) ("OMAB") in October of 2017 I saw some value, but I also saw some macro risks for this Mexican airport operator and decided to stay on the sidelines a bit longer. With the shares down 6% since then (better than GAP (PAC) and ASUR (ASR) over that period, though), I don't feel like I've missed out on all that much. On the other hand, OMAB's performance in the first quarter was stronger than expected, and I'm starting to think the valuation is pretty compelling for investors who can live with the political, economic, and other macro risks.

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OMAB's Stronger Operations Offset By Macro Worries, Creating A Potential Long-Term Value Opportunity