Friday Update: Things Are Happening! (OMAB, HRBR, and More)

A special update on Grupo OMAB and the (coming back to life?) HRBR investment

Earlier today, Emerging Moats Subscribers received my quarterly update on Grupo Aeropuertario Del Centro Norte (Grupo OMAB, for short):

In the piece, I discussed the upcoming Master Development Plan (MDP) contract that would be finalized sometime this month. It outlines the regulated fees Grupo OMAB can charge as an airport to airlines for passengers/cargo.

My prediction was a 30% - 40% increase:

“I don’t know why I would expect anything different from Monterrey and Grupo OMAB as a whole. Perhaps it will not be 65%, but anything well into the 30% - 40% range or higher will deliver strong, inflation-protected revenue per passenger growth over the next five years.”

Well, turns out we had some serendipitous timing and fortuitous insight on this one, because Grupo OMAB decided to drop its formal press release right after I clicked publish.

Capital investments from 2026 to 2030 are expected to be 16 billion Mexican Pesos ($890 million), compared to $12 billion from 2021 to 2025. Not much difference in real terms.

But the tariff rate increase? 38% across the board. That is a 38% increase in the price charged per passenger or 100kg of cargo at every airport owned by Grupo OMAB.

Paying subscribers understand the implications of this and what it means for my trading plans. Read the full report at the link above to get the full details.

Below, paying subscribers can read my updated thoughts on Harbor Diversified (HRBR) after its latest 8-K. We even have Nelnet sniffing $140 a share; a lot is happening.

A liquidation event?