Atlas Arteria Ltd

ALX: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$5.80	Rqjpfy	Cmjpxfn

Atlas Arteria Shows Signs of Recovery as Economies Emerge From Hibernation

Adrian Atkins

Aug 26, 2021

We maintain our fair value estimate of AUD 5.70 for narrow-moat Atlas Arteria following its first-half 2021 results. The stock currently trades at a 12% premium to fair value. The forecast 2022 distribution yield is relatively attractive at 5.30% and growth should be strong--a CAGR of 10% from 2021 to 2026--but the concession life of the core motorway is a relatively short 14 years.

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