Atlas Arteria's Bull Sees Value Despite Tough Conditions
Dow Jones
Sep 17
0135 GMT - Atlas Arteria's new bull at Macquarie sees value in the toll-road operator despite negative traffic trends. Raising their recommendation to outperform from neutral, an analyst at the investment bank tells clients in a note that the 2.2% drop in traffic for July and August was in line with expectations, given slowing manufacturing activity and soft consumer confidence. They concede that the operating environment in France is tough and that dividends will likely be lower in 2027, but point to several positives. They see only limited sensitivity to interest-rate moves, little value being ascribed to concession extensions, and an 8.7% yield. Macquarie trims its target price 3.1% to 4.75 Australian dollars. Shares are up 0.7% at A$4.47.
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