$Central North Airport (OMAB.US)$ Mexico North Central Airpo...

Mexico North Central Airport (OMAB) It is a Mexican company that was listed in 2006 at an issue price of 18 yuan. The current price is 53.3.

Recently, the 12.3% dividend rate is very prominent. After checking, the 2022 dividend is far higher than previous years, and the sustainability is questionable.

With the exception of 2020, the gross margin has always been between 55 and 65%, and the return on net assets is also between 26% and 37%, which is very attractive.

In the past 5 years, with the exception of a 37% decline in 2020, revenue has continued to grow. Both operating profit and net profit declined significantly in 2020, and partially recovered in 2021. 2022Q1 saw significant growth in revenue, operating profit, and net profit.

Interest costs account for 13% of operating profit, and the burden is moderate.

The balance ratio increased slightly from 49% to 51%, and net assets accumulated at a rate of more than 1 billion pesos per year. With 2022Q1, net assets decreased by 32%, or 3.57 billion dollars, which should have been distributed through dividends. Goodwill and other intangible assets of $11.922 billion, accounting for a slightly higher proportion of net assets of $7.665 billion. Long-term loans of $7.488 billion, and an increase of 2.5 billion dollars in Q1 2022 give people the feeling that they are borrowing money to pay dividends, accounting for a very high proportion of net assets.

With the exception of 2020, the net cash flow operating amount is basically double the net investment amount, and there is a large surplus. Maybe this is the motivation to borrow money to pay dividends?

Currently, the price-earnings ratio is 18.6, and the price-earnings ratio is 16.1. Compared with the growth rate, it is not high, so you can choose carefully (⭐️)