Grupo Aeroportuario del Centro Norte, S.A. (GAERF) fair value: what the stock is really worth
As of Sep 30, 2026: fair value of Grupo Aeroportuario del Centro Norte, S.A. $19.19, price $12.03, upside +59.5%, quality 70 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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Grupo Aeroportuario del Centro Norte, S.A.
GAERF · USClearly undervaluedStrong Fair Value upside, but quality is only moderate.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range $0.6149 – $17.29 · fair‑value band $14.15 – $30.30 · the $12.03 price screens below the $19.19 fair value. Dashed = 300-day average. As of Sep 23, 2026.
Company profile
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., together with its subsidiaries, holds concessions to develop, operate, and maintain airports in Mexico.
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Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., together with its subsidiaries, holds concessions to develop, operate, and maintain airports in Mexico. It operates 13 international airports in Monterrey; Acapulco, Mazatlán, and Zihuatanejo; Chihuahua, Culiacán, Durango, San Luis Potosí, Tampico, Torreón, and Zacatecas; and Ciudad Juárez and Reynosa cities. The company is also involved in leasing of space to restaurants and retailers. In addition, it engages in the operation of parking facilities; OMA Carga business comprising warehouses that provides cargo logistics services, such as storage, handling, custody maneuvers, loading and unloading, x-ray screening of exports, and other services; the Terminal 2 NH Collection Hotel; and the Hilton Garden Inn Hotel at the Monterrey airport; and non-permanent ground transportation. Further, the company provides aeronautical services, which include passenger, aircraft landing and parking, airport security, passenger walkway, and complementary services; car parking; checked baggage-screening services; and construction services. Additionally, it builds and operates industrial park at the Monterrey airport. Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. was incorporated in 1998 and is based in Mexico City, Mexico.
Stock analysis
Grupo Aeroportuario del Centro Norte, S.A. (GAERF) currently trades at $12.03, while our model-based Fair Value estimate is $19.19, implying the stock looks roughly 37.3% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $22.63 per share, and 15 of the 26 models we run sit above the $12.03 price.
Bear case: the Economic Profit group reads lowest at $5.83, and 11 of the 26 models stay below the price. Evidence for this calculation is medium.
Scenario range: $14.15 (bear) to $30.30 (bull), the price of $12.03 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 70/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Grupo Aeroportuario del Centro Norte, S.A. reported revenue of 15.9B MXN in FY2025 versus 8.7B MXN in FY2021, a compound +16.3%/yr. Reported net income was 5.3B MXN in FY2025, compounding +16.9%/yr from FY2021.
Key figures
Market cap $5.4B · P/E ratio 17.3 · P/S ratio 5.80 · EPS (TTM) $0.8000 · Net margin 33.5% · Return on equity 43.4% · Return on assets (EBIT) 27.0% · Operating margin 54.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 30% below its 52-week high and 9% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −13% fair-value upside, at 59%, GAERF screens cheaper than that median.
Fair Value models
All 26 models by family
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Set up alert →Quality Score breakdown
Of which business quality 66 · Market factors (momentum, volatility) 35
Revenue & earnings trend
Growth Forecast
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Earlier news
- Grupo Aeroportuario del Centro Norte SAB de CV (OMAB) Q2 2026 Earnings Call Highlights: Strong ...
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- How The Narrative Around Grupo Aeroportuario del Centro Norte (BMV:OMA B) Is Evolving Without New Targets
- Here’s What Citi Thinks About Grupo Aeroportuario del Centro Norte (OMAB)
Compare Grupo Aeroportuario del Centro Norte, S.A. with another stock
Price, fair value, quality and upside side by side.
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Airports & Air Services · 51 stocks
Valuation Multiplesvs Airports & Air Services median · lower = cheaper
Context: sector, industry, market
- Is the Industrials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Industrials
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
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| Auckland International Airport Limited AIA | A$6.87 | A$3.33 | −52% |
| Flughafen Zürich AG FHZN | CHF 196.40 | CHF 127.42 | −35% |
| Københavns Lufthavne A/S KBHL | kr 5,520 | kr 1,891 | −66% |
| Fraport AG FRA | €62.00 | €35.02 | −44% |
| Flughafen Wien Aktiengesellschaft, FLU | €53.40 | €58.74 | +10% |
| SATS Ltd S58 | 3.83 SGD | 5.30 SGD | +38% |
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Key figures of Grupo Aeroportuario del Centro Norte, S.A.
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