Macquarie Atlas’ Distribution Tracking Our Expectations; Ceasing Coverage in March 2017
Macquarie Atlas’ full-year 2016 results were in line with our expectations, and we maintain our AUD 5.20 fair value estimate. We reiterate our intention to cease coverage in March 2017.Weighted average toll revenue and traffic rose 5.4% and 3.7%, respectively, for the full year, tracking slightly ahead of our forecasts as traffic on the Autoroutes Paris-Rhin-Rhone, or APRR, rose 3.7% versus our 2.2% projection. That said, Dulles Greenway reported revenue growth of 7.8% on traffic growth of 4.3%...
Macquarie Atlas Roads Group 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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