Atlas Arteria Is Overvalued Despite Attractive Distribution Outlook
We reinitiate coverage of Atlas Arteria with a fair value estimate of AUD 5.30 per security. While the firm has an excellent outlook for distribution growth, as lower interest and tax rates boost free cash flows, its main asset has a relatively short life. Taking the short life into consideration, we believe the stock is overvalued at current prices around AUD 6.80.We believe Atlas Arteria has a narrow economic moat underpinned by efficient scale. Its most valuable investment is a 25% stake in ...
Atlas Arteria is a global infrastructure developer and operator. As of Dec 31 2015, Co.'s investments consisted of 20.14% interest in Autoroutes Paris-Rhin-Rhone, a 2,323 km motorway network located in the east of France; 50% interest in Dulles Greenway, a 22 km toll road in Loudoun County, northern Virginia, U.S.; 70% interest in Warnow Tunnel, a two km toll road and tunnel under the Warnow River in the northern German city of Rostock, Germany; and 100% interest in M6 Toll, a 43 km motorway that bypasses Birmingham and connects to the existing M6 at both ends in West Midlands, U.K.
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