Transfer of Analyst Coverage; Fair Value Estimates and Forecasts Unchanged
We are transferring coverage of Macquarie Atlas Roads. At this stage, we reaffirm our current forecasts, our DCF-based fair value estimate of AUD 5.20 per security, and our no-moat and high uncertainty ratings. At the current security price, Macquarie Atlas trades broadly in line with our fair value estimate. Security prices of yield stocks such as Macquarie Atlas will likely come under pressure in an environment of rising bond yields, increasing the importance of fair value estimates that refle...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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