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 $4.6B against $230.0M — 20.0× 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 16.1×. Grupo Aeroportuario del Centro Norte S.A.B. de C.V. grew revenue faster over the last twelve months: 44.7% against −13.4%. Grupo Aeroportuario del Centro Norte S.A.B. de C.V. has the higher net margin (31.8% vs −1.23%) and the higher return on invested capital (27.4% vs 0.28%). Across the 20 metrics below, Grupo Aeroportuario del Centro Norte S.A.B. de C.V. leads on 12 and AerSale Corporation on 8.

Valuation

Metric ASLE OMAB Airports & Air Services median
P/E n/m 16.13 —
P/S 0.76 5.10 2.85
P/B 0.55 8.39 2.87
Price to free cash flow n/m 12.31 —
EV/EBITDA 9.34 9.71 9.34
EV/Sales 0.75 5.71 3.08
Earnings yield (1.69%) 6.20% 1.45%
Free cash flow yield (15.42%) 8.13% (6.27%)

Profitability

Metric ASLE OMAB Airports & Air Services median
Gross margin 28.86% 72.54% 39.83%
Operating margin 0.61% 53.48% 12.44%
Net margin (1.23%) 31.81% 6.20%
Free cash flow margin (11.71%) 41.41% 1.40%
Return on equity (0.90%) 55.86% 19.45%
Return on assets (0.56%) 17.86% 2.84%
Return on invested capital 0.28% 27.38% 5.93%

Growth

Metric ASLE OMAB Airports & Air Services median
Revenue growth (TTM) (13.38%) 44.65% 22.71%
EPS growth (last fiscal year) 63.64% 25.25% 10.67%
Revenue growth, 5-year CAGR 9.92% 26.89% 26.43%
Net income growth, 5-year CAGR 1.16% 40.11% 0.58%

Health

Metric ASLE OMAB Airports & Air Services median
Debt to equity 0.01 1.37 0.48
Current ratio 3.27 1.08 1.30
Net debt to EBITDA (0.12) 1.06 0.72

Dividend

Metric ASLE OMAB Airports & Air Services median
Dividend yield — 4.97% —
Payout ratio — 0.80 —

Size

Metric ASLE OMAB Airports & Air Services median
Market cap 230.04m 4.59b 4.33b

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