AerSale Corporation (ASLE) vs Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (OMAB)

AerSale Corporation and Grupo Aeroportuario del Centro Norte S.A.B. de C.V. are both Airports & Air Services companies. Grupo Aeroportuario del Centro Norte S.A.B. de C.V. is the larger, with a market value of $4.3B against $262.0M — 16.3× the size. AerSale Corporation has negative trailing earnings, so its P/E is not meaningful; Grupo Aeroportuario del Centro Norte S.A.B. de C.V. trades at 16.5×. Grupo Aeroportuario del Centro Norte S.A.B. de C.V. grew revenue faster over the last twelve months: 37.7% against −13.4%. Grupo Aeroportuario del Centro Norte S.A.B. de C.V. has the higher net margin (33.2% vs −1.23%) and the higher return on invested capital (30.0% vs 0.28%). Across the 20 metrics below, Grupo Aeroportuario del Centro Norte S.A.B. de C.V. leads on 13 and AerSale Corporation on 7.

Valuation

Metric ASLE OMAB Airports & Air Services median
P/E n/m 16.48 —
P/S 0.84 5.17 2.67
P/B 0.61 9.31 2.64
Price to free cash flow n/m 12.13 —
EV/EBITDA 10.37 9.48 9.48
EV/Sales 0.83 5.76 2.90
Earnings yield (1.53%) 6.07% 1.84%
Free cash flow yield (13.90%) 8.24% (2.65%)

Profitability

Metric ASLE OMAB Airports & Air Services median
Gross margin 28.86% 74.88% 34.42%
Operating margin 0.61% 55.19% 12.44%
Net margin (1.23%) 33.22% 6.20%
Free cash flow margin (11.71%) 42.58% 5.08%
Return on equity (0.90%) 67.69% 24.83%
Return on assets (0.56%) 20.20% 2.84%
Return on invested capital 0.28% 30.00% 5.66%

Growth

Metric ASLE OMAB Airports & Air Services median
Revenue growth (TTM) (13.38%) 37.68% 12.21%
EPS growth (last fiscal year) 63.64% 25.25% —
Revenue growth, 5-year CAGR 9.92% 26.89% 26.64%
Net income growth, 5-year CAGR 1.16% 40.11% 1.16%

Health

Metric ASLE OMAB Airports & Air Services median
Debt to equity 0.01 1.35 0.48
Current ratio 3.27 0.66 1.31
Net debt to EBITDA (0.12) 1.06 0.72

Dividend

Metric ASLE OMAB Airports & Air Services median
Dividend yield — 5.44% —
Payout ratio 0.00 0.87 0.00

Size

Metric ASLE OMAB Airports & Air Services median
Market cap 262.02m 4.28b 4.06b

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