While the pandemic continues to seriously and severely impact air travel, Grupo Aeroportuario del Centro Norte (NASDAQ:OMAB) ("OMA") has done quite well, rising another 50% since my last article. While traffic has remained quite weak, the company's Master Development Plan with the Mexican government came out much better than I'd expected, and management has done a very good job managing costs during the downturn.
The strong performance has tempered my enthusiasm for the shares. I still see a high-single-digit long-term annualized potential return from here, but I typically target double-digit returns from my emerging market investments. It's a quibble, I'll grant, and I wouldn't be in a rush to sell, but I think the obvious undervaluation has been soaked up.
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Grupo Aeroportuario Del Centro Norte Has Performed Well On Recovery Prospects
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