Unexpected sectors: HST, CWCO, OMAB, IMAX in the screener
2026-06-23 · By Lubin Danilo, founder of Lubin Investment
Host Hotels, Consolidated Water, Grupo Aeroportuario OMAB and IMAX Corporation share nothing at first glance. Yet all four reach the maximum score in my screener in June 2026: high margins, durable cash growth, very low debt. Every unexpected sector sometimes hides the best profitability metrics.
- Four sectors no one spontaneously names: hotels (REIT), water, Mexican airports, cinema.
- Each shows free cash flow margins between 20% and 45%, well above the market average.
- OMAB is valued at a fraction of its annual cash, which is very rare for a growing company.
- CWCO is a near-unknown micro-cap, but its cash per share grew nearly 22% per year over five years.
- IMAX shows the most explosive cash growth in the group, with a significantly cleaner balance sheet.
Why these sectors are often ignored
When people talk about quality stocks, they usually think of software, technology or digital platforms. Hotels, water utilities, regional airports or cinema do not carry a modern image. As a result, they are less followed, less analyzed, and their financial metrics are surprising when you take the time to read them.
My screener makes no distinction between sectors. It measures financial quality on objective criteria: return on capital, revenue and cash growth, balance sheet strength, valuation. When an unexpected sector achieves the maximum score, that is a sign it deserves serious attention.
Comparative table of the four stocks
| Ticker | Sector | Score | Valuation (P/FCF) | Market cap |
|---|---|---|---|---|
| HST | Hotel REIT | 10/10 | 11.2× | $16.9B |
| CWCO | Water services | 10/10 | 18.2× | $478M |
| OMAB | Airports | 10/10 | 0.71× | $4.68B |
| IMAX | Cinema | 10/10 | 28.4× | $2.14B |
The P/FCF (price to free cash flow) measures how many years of cash the stock represents at the current price. A ratio of 11 means you are paying eleven years of available cash. The lower this ratio, the lower the valuation. OMAB at 0.71 times its annual cash is an anomaly I had not seen in a long time on a healthy, growing company.
HST: the hotel REIT the market underestimates
Host Hotels & Resorts is the largest hotel REIT listed in the United States. A REIT (Real Estate Investment Trust) is a structure that owns real estate assets and distributes its income as dividends. Host holds a portfolio of 75 upscale hotels. Its market cap exceeds $16 billion and its dividend yield stands at 3.2%.
What convinced me: a 24.7% free cash flow margin for a hotel REIT is high, and the Cash ROCE of 22.3% shows the company uses its assets well. Revenue grew at an average of 11.6% per year over five years, which is solid for a sector perceived as mature. Debt represents 2.12 years of cash: comfortable. You can read the full analysis on the stock page: /analyse/HST.
CWCO: the fast-growing water micro-cap
Consolidated Water is a US company specializing in drinking water production through desalination, mainly in the Caribbean and Central America. With a market cap of $478 million, it falls into the micro-cap category, practically ignored by large institutions.
Its metrics are remarkable for its size: 20.3% free cash flow margin, 27.5% Cash ROCE, 16.1% annual revenue growth over five years, and 21.9% annual cash per share growth. The balance sheet carries no net debt. This kind of compounded growth over such a long period, in a sector as defensive as water, is very rare. Analysis available at /analyse/CWCO.
OMAB: the Mexican airport at a low valuation
Grupo Aeroportuario del Centro Norte (OMAB) operates 13 airports in Mexico, including Monterrey. It is a long-term concession, a near-monopoly asset in its regions. Market cap stands at $4.68 billion.
The 45.6% free cash flow margin is one of the highest I have seen in my screener across all asset classes. Cash ROCE reaches 29.9%. Revenue grows at 10.2% per year and cash per share at 13.6% per year. The dividend has been paid without interruption since 2007, currently at 5.3%. Yet the stock is valued at only 0.71 times its annual cash: a low valuation that is hard to explain by Mexican risk aversion alone. Full analysis at /analyse/OMAB.
IMAX: the premium cinema generating exceptional cash
IMAX Corporation is not a traditional theater operator. The company licenses its large-format display technology to partners worldwide and collects royalties on every ticket sold. This asset-light model partly explains its quality metrics.
The 22.1% free cash flow margin and 30.9% Cash ROCE are consistent with a royalty model. But the cash per share growth stands out: 92.3% per year on average over five years. This figure reflects both the post-pandemic recovery and a structural improvement in the balance sheet. Debt represents 1.62 years of cash, a very manageable load. The valuation at 28.4 times cash remains the highest in the group, which requires stronger conviction on growth durability. Analysis available at /analyse/IMAX.
What these four stocks share
Different sectors, different sizes, different valuations. But the same financial discipline: each company generates real, growing cash and manages its debt rigorously. That is exactly what my screener measures, regardless of sector or perceived image.
The maximum score does not mean these stocks should be bought at any price. It means the financial quality is there. Valuation depends on each investor profile and time horizon. My screener answers the first question: is the company good? You answer the second: is this the right price for you?
FAQ
What is free cash flow and why does it matter?
Free cash flow is the money that genuinely remains in a company's accounts after all expenses required to operate and invest. It is harder to dress up than accounting profit, which is why I focus on it to assess company quality.
Why does OMAB have such a low valuation?
OMAB is currently valued at less than one times its annual cash, which is very rare for a growing company. Possible explanations include geopolitical risk aversion on Mexico and low analyst coverage. It does not mean it is a guaranteed opportunity, but that the market is applying an unusual discount.
Is CWCO risky because of its small size?
Consolidated Water is indeed a micro-cap, which implies lower liquidity and potentially higher volatility. But its financial quality is real: consistent growth, debt-free balance sheet, defensive sector. Size is a market risk factor, not an intrinsic quality factor.
Is IMAX still relevant against streaming?
IMAX's five-year cash per share growth shows that its premium display technology royalty model holds up well against streaming competition. The large-format experience remains differentiated, and IMAX continues to open venues internationally, especially in Asia. This is a thesis on experiential differentiation, not on traditional cinema.
How does my screener assign the maximum score?
My screener rates each stock on ten financial criteria: profitability, revenue growth, cash growth, balance sheet strength, share buybacks, return on capital, and more. A score of ten out of ten means the company passes every criterion at the required level. It is not a judgment on the stock price, only on company quality.
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About the author
Written by Lubin Danilo, founder of Lubin Investment. A self-taught individual investor, I have analyzed stocks through their fundamentals for several years and invest my own money with this method. I codified it into a tool that judges a company's quality and its price separately, using criteria drawn from the financial literature (Warren Buffett, Michael Mauboussin, Aswath Damodaran).