Corporacion America Airports S.A. (CAAP) vs Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (OMAB)

Corporacion America Airports S.A. 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 $3.8B — 1.1× the size. Corporacion America Airports S.A. trades at the lower P/E: 13.5× against 16.5×. Grupo Aeroportuario del Centro Norte S.A.B. de C.V. grew revenue faster over the last twelve months: 37.7% against 9.93%. Grupo Aeroportuario del Centro Norte S.A.B. de C.V. has the higher net margin (33.2% vs 13.6%) and the higher return on invested capital (30.0% vs 14.9%). Both pay a dividend; Grupo Aeroportuario del Centro Norte S.A.B. de C.V. yields more (5.44% vs 0.18%). Across the 23 metrics below, Grupo Aeroportuario del Centro Norte S.A.B. de C.V. leads on 12 and Corporacion America Airports S.A. on 11.

Valuation

Metric CAAP OMAB Airports & Air Services median
P/E 13.48 16.48 —
P/S 1.88 5.17 2.67
P/B 2.04 9.31 2.64
Price to free cash flow 8.70 12.13 —
EV/EBITDA 7.99 9.48 9.48
EV/Sales 1.98 5.76 2.90
Earnings yield 7.42% 6.07% 1.84%
Free cash flow yield 11.49% 8.24% (2.65%)

Profitability

Metric CAAP OMAB Airports & Air Services median
Gross margin 34.54% 74.88% 34.42%
Operating margin 24.27% 55.19% 12.44%
Net margin 13.63% 33.22% 6.20%
Free cash flow margin 21.56% 42.58% 5.08%
Return on equity 16.39% 67.69% 24.83%
Return on assets 6.24% 20.20% 2.84%
Return on invested capital 14.89% 30.00% 5.66%

Growth

Metric CAAP OMAB Airports & Air Services median
Revenue growth (TTM) 9.93% 37.68% 12.21%
EPS growth (last fiscal year) (13.07%) 25.25% —
Revenue growth, 5-year CAGR 26.43% 26.89% 26.64%
Net income growth, 5-year CAGR 0.00% 40.11% 1.16%

Health

Metric CAAP OMAB Airports & Air Services median
Debt to equity 0.55 1.35 0.48
Current ratio 1.51 0.66 1.31
Net debt to EBITDA 0.74 1.06 0.72

Dividend

Metric CAAP OMAB Airports & Air Services median
Dividend yield 0.18% 5.44% —
Payout ratio 0.00 0.87 0.00

Size

Metric CAAP OMAB Airports & Air Services median
Market cap 3.84b 4.28b 4.06b

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