Morningstar

Atlas Arteria Ltd ALX

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Stock XASX Rating as of
A$4.90 +0.03 (0.62%)
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As of Delayed Price Closed

Company Report

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Atlas Arteria Earnings: Soft Result Masked by Capital Management Initiatives

Adrian Atkins

Narrow-moat-rated Atlas Arteria’s proportionate EBITDA fell 2% to AUD 676 million in first half 2024, with lower traffic at APRR and the Chicago Skyway and higher operating costs offsetting solid toll uplifts. The result was a little weaker than we expected, and we downgraded our full-year EBITDA forecast by a couple of percent. Our medium-term earnings forecasts also reduce marginally. We trim our fair value estimate by 4% to AUD 5.40 per security and consider the stock slightly undervalued.

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Price vs Fair Value

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ALX is trading at a 388% premium.
Price
A$4.90
Fair Value
A$2.10
Uncertainty
Medium
1-Star Price
A$8.56
5-Star Price
A$4.93
Economic Moat
Hhncr
Capital Allocation
Wwyrpjygq

Bulls Say, Bears Say

Bulls

We forecast distributions to investors increase at a low-single-digit percentage on CPI-linked tariffs at APRR.

Bears

While distributions should increase in the medium term, Atlas must repay APRR debt before losing the asset in 2035.

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Trading Information

Previous Close Price
A$4.87
Day Range
A$4.83–4.90
52-Week Range
A$4.63–6.07
Bid/Ask
A$4.81 / A$4.90
Market Cap
A$7.11 Bil
Volume/Avg
3.4 Mil / 2.5 Mil

Key Statistics

Price/Earnings (Normalized)
23.60
Price/Sales
51.03
Dividend Yield (Trailing)
8.16%
Dividend Yield (Forward)
8.16%
Total Yield
8.16%

Company Profile

Atlas Arteria is a global toll-road investor created out of the reorganization of Macquarie Infrastructure Group in 2010. The firm's main asset is a 30.82% stake in Autoroutes Paris-Rhin-Rhone, or APRR. APRR owns concessions to toll more than 2,300 kilometers of motorways in eastern France, most ending late 2035. The firm also wholly owns the Dulles Greenway and 66.67% of the Chicago Skyway, both in the US.
Sector
Industrials
Industry
Infrastructure Operations
Stock Style Box
Mid Value
Total Number of Employees
—
Website
https://www.atlasarteria.com

Competitors

Valuation

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Metric
ALX
AIA
APA
Price/Earnings (Normalized)
 23.6040.5928.24
Price/Book Value
 1.161.293.07
Price/Sales
 51.0313.213.24
Price/Cash Flow
 90.4522.268.49
Price/Earnings
ALX
AIA
APA

Financial Strength

Metric
ALX
AIA
APA
Quick Ratio
 1.900.510.39
Current Ratio
 2.260.540.48
Interest Coverage
 2.993.992.64
Quick Ratio
ALX
AIA
APA

Profitability

Metric
ALX
AIA
APA
Return on Assets (Normalized)
 2.89%2.40%1.14%
Return on Equity (Normalized)
 4.38%3.26%7.65%
Return on Invested Capital (Normalized)
 3.67%2.21%4.81%
Return on Assets
ALX
AIA
APA

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—Hrqqw$4.9 Bil
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