Solid September Quarter for Macquarie Atlas Roads. Earnings and FVE Unchanged
Our fair value and earnings estimates are unchanged following the release of relatively good September quarter toll revenue and traffic data. Weighted average toll revenue and traffic were up 4.9% and 3.4%, respectively, on the previous corresponding period. Year to date, toll revenue and traffic are up 5.6% and 3.9%, respectively, broadly in line with expectations. Pleasingly, we note traffic on the Autoroutes Paris-Rhin-Rhone, or APRR, was up 3.5% in the quarter, an important year-on-year com...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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