7/28/2010- Morgan Stanley analysts believe that OMA's (NASDAQ:OMAB) discount is warranted given the company's lower operational scale and share liquidity compared to its peers.
Analysts Nick Sebrell, Augusto Ensiki and Fernando Goncalves said, "OMA 2Q10 $0.14 EPADS was in-line with our $0.15 estimate and below FactSet consensus of $0.20. Revenue of M$530 mn was up 20.5% y-y (15.4% ex NH hotel) and in-line with our M$527mn estimate. Similarly lower costs led to EBITDA of M$271 mn, up 30.0% y-y and 1.9% above our M$266 mn estimate. Below the line, higher tax expense put net income at M$86 mn, up vs M$50 mn in 2Q09 and slightly below our M$92 mn estimate. The stock is fair to fully valued at 21.2x 2010e P/E, in our view. OMAB trades above its historical 19.5x average, and at a premium to peers PAC (18.5x) and ASR (18.1x)."
The bank sees fiscal 2010 EPS of $0.64 and fiscal 2011 EPS of $0.87.