Transportation
Announced the Approval of its 2026-30 Master Development Program (MDP)
Increase in Aeronautical Weighted Maximum Rate came Slightly Below our Estimate
On December 18, after the market closed, OMA announced the results of its master development plan (MDP) negotiation for the period 2026-2030. Traffic-weighted tariffs increased by 7% in real terms but were 3% below our expectations. On the other hand, committed investments for the period totaled P$16.6bn, 2% more than its previous MDP and 2% vs our P$16.3 Bn estimate.
Our Take: According to our estimates, this MDP could have a marginally negative impact of c. 3% on our current target price of P$270.00. We reiterate our Market Perform rating, considering that this 2026-2030 MDP is largely priced in.
MDP 2026-2030 main details: Monterrey’s airport represents close to 50% of the committed investments in the new MDP, from 53% in the latest version. The other two largest investments would be made on Culiacan and Ciudad Juarez airports (8% and 7% of total, respectively), airports in which it is more likely to capture additional PAX growth and also improve the passenger experience.