Transfer of Analyst and Plans to Cease Coverage of Macquarie Atlas Roads
We advise that we will cease coverage of Macquarie Atlas Roads in March 2017. Coverage has been transferred to a new analyst during this period. We reiterate our $5.20 fair value estimate, no-moat rating, high uncertainty, and Standard stewardship.Our no-moat rating reflects the short concession life, high base capital expenditure requirements, high financial leverage, and subdued organic growth, making it less attractive to other motorway groups.
We forecast a CAGR in distributions of 16% over...
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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