Atlas Arteria Ltd

ALX: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$7.10	Kghkntq	Gpwnwrv

Atlas Arteria Earnings: Tolls and Traffic Volumes Drive Strong Growth; New Tax Is Likely in 2024

Adrian Atkins

Aug 31, 2023

We cut our fair value estimate on narrow-moat-rated Atlas Arteria by 3% to AUD 5.85 per share, which includes a AUD 0.50 takeover premium, on higher potential taxes. The group's proportional EBITDA increased 8.5% to AUD 670 million in the first half of 2023, on 4.5% proportional traffic volume growth and solid toll increases. Core asset, APRR in France, is tracking a little ahead of our prior expectations on strong traffic volumes and the weaker Australian dollar, leading us to marginally upgrade our 2023 EBITDA forecast.

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