Atlas Arteria Ltd

ALX: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$9.60	Szrhfz	Pzkdfxyy

Atlas Arteria Full-Year Revenue Broadly in Line with Expectations; No Change to FVE

Adrian Atkins

Jan 27, 2021

Atlas Arteria's 2020 traffic and revenue update is broadly in line with expectations and we maintain our AUD 6.00 per share fair value estimate. The stock is fairly valued at present, offering a forecast 2021 yield of 5.2% with solid growth. The main issue preventing us from being more positive is the short concession life. The concession over the main asset, APRR, expires in just 15 years. At the end of the concession, the motorway is given to the government for no consideration, after repaying all debt.

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