Tax Cuts and Interest Rates, More Than Revenue Growth, are Driving Earnings; Atlas is Overvalued
Like most income stocks, narrow-moat Atlas Arteria is overvalued on a long-term view. From the January lows, Atlas’s security price is up 30%. Further upside is possible if global bond yields continue to fall, with central banks increasingly dovish. However, yields on 10-year French government bonds are already at zero, after falling from 1% a year ago as investors bet the new head of the European Central Bank, Christine Lagarde, restarts the money printing presses with a new round of quantitati...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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