Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.18, read 2026-11-04
Ethical does not pass the values gate
Price109.06 USD
Fair value136.30
Ethical score70.0/100
Value readUndervaluedas of 5 Nov 2026
Our investment reviews on this name
2026-11-01Read Accumulation102.92+6.0% to today ✓Markdown gives way to Accumulation with results news in the headlines
2026-07-02Read Markdown101.77+7.2% to today First review on file: Markdown
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. holds its Accumulation at $109.06. The statistical read favours the buyers, held for 584 days.
As held on the ledger · 2026-11-05
Phase
Accumulation
Quantitative state
The statistical read favours the buyers, held for 584 days
Price at the screen
$109.06
Valuation
16.91 trailing · 13.49 forward price to earnings
Values screen
FAIL· score 70.0
Beta
0.25
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
43.92%
Below 33%
Interest-bearing debt is 43.9% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
13.45%
Below 49%
Money owed to the company is 13.4% of assets, under the 49% limit.
Pass
Revenue purity
1.34%
Below 5%
Only 1.3% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.'s business is in a permissible area, but its interest-bearing debt is about 44% of the company, well over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Undervalued vs our fair value, as of 5 Nov 2026: it trades at roughly a 20% discount to our $136.30 fair value, 23.80% revenue growth.
Fair value range in USD, drawn from the 2026-11-05 screen. The gold marker is the market price at the same screen. A 20.0% discount to the base estimate.
Where our models see it going: fair-value estimate $136.30, with a range of $120.52 to $200.87, dated to the 2026-11-05 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Mexican airports print cash but we pass
Picture a business traveller touching down in Monterrey or a tourist hitting the beach at Mazatlan. Every landing and departure feeds straight into this operator's pockets through fees that keep rolling in regardless of who runs the airline. Revenue is growing at 7 percent, profit margins sit at 33 percent and return on equity reaches 43 percent, all while the shares trade on a forward multiple of just 11.9 times.
Yet the opportunity rating stays at none. The moat is unknown, analyst price targets sit well below our own fair value and the business lacks the clear, durable edge we demand before committing capital even though the ethical screen clears without issue.
Mexico exposure adds real cyclical and currency risk that could turn strong airport economics into sharp earnings swings when travel slows or the peso moves. The low multiple reflects that uncertainty rather than a bargain.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: its business and earnings are exposed to Mexico and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
OMAB trades on Nasdaq (the company is based in Mexico). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 8.5% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are down 5%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (8 analysts) rates it buy, with a mean price target of $124.
2026-10-25Markdown$94.90+6.9%Entry 8
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 6.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading oversold. Over the past year the shares are down 5%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (8 analysts) rates it buy, with a mean price target of $124.
2026-10-18Markdown$88.75-5.8%Entry 7
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 5.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading bearish. Over the past year the shares are down 5%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (8 analysts) rates it buy, with a mean price target of $124.
2026-10-02Markdown$94.18-9.6%Entry 6
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 9.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading bearish. Over the past year the shares are down 5%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (8 analysts) rates it buy, with a mean price target of $124.
2026-09-08Markdown$104.22-6.3%Entry 5
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 6.3% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading bearish. Over the past year the shares are down 5%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (8 analysts) rates it buy, with a mean price target of $124.
2026-08-07Markdown$111.21+9.3%Entry 4
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 9.3% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading bearish. Over the past year the shares are down 5%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (8 analysts) rates it buy, with a mean price target of $124.
2026-07-18Markdown$101.77+0.0%Entry 3
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading bearish. Over the past year the shares are down 5%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (8 analysts) rates it buy, with a mean price target of $124.
2026-07-03Markdown$101.77+0.0%Entry 2
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Markdown$101.77Entry 1
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
