Atlas Arteria (ASX: ALX) operates in a portfolio of toll road assets and trades under industrial sector. The company is into the construction of roads, tunnels, bridges, and highways. Autoroutes Paris-Rhin-Rhone, Dulles Greenway, Warnow Tunnel and M6 Toll are a part of the company’s portfolio assets. A 20-kilometer commuter road between Annecy in eastern France and Geneva in Switzerland, the company’s ADELAC is the concessionaire of the A41 motorway. The group aims to invest in various global infrastructure assets to generate cash flows.
On 4 February 2019, the company announced that, with effect from 1 February 2019, tolls on the APRR and AREA motorway networks have increased by 1.81% and 2.01% respectively. The terms of the concession contracts are reflected through the increased tolls.
Weighted average toll revenue for the December 2018 quarter increased by 1.5% compared to the prior corresponding period and weighted average traffic decreased by 1.6% compared to the prior corresponding period, reflecting lower traffic levels at APRR and the Dulles Greenway during the quarter. For the twelve months period till 31 December 2018, weighted average toll revenue and traffic were 4.0% and 1.5% above the previous corresponding period respectively.
At APRR, the toll revenue for the December 2018 quarter increased by 1.3% on prior corresponding period to €561.7 million, primarily due to the increase in toll by 2.00% and 2.04% for APRR and AREA respectively, which was effective from 1st February 2018. At ADELAC, the average daily toll revenue for the quarter increased by 0.4% on prior corresponding period, primarily on the back of toll increases which became effective from 1 February 2018, which was partially offset by lower traffic levels. Average daily toll revenue for the December 2018 quarter in the Dulles Greenway segment increased by 0.8% on the prior corresponding period. The off-peak mainline car tolls and the peak mainline car tolls increased from US$4.55 to US$4.65, and from US$5.50 to US$5.65 respectively. However, the average daily toll revenue for the quarter increased by 17.4% on prior corresponding period on the Warnow Tunnel, mainly driven by the higher traffic for the quarter and the introduction of higher tolls over the last 12 months.
Let us have a look at how the stock of the Atlas Arteria performed over the last few months and the returns it has posted. The stock is currently trading at a price of $6.750 and increased marginally by 0.596% approximately during the day’s trade, with a market capitalization of circa $4.58 billion. The stock opened at $6.710 with its day low at $6.630 and a day’s high price of $6.765. The stock has generated a YTD return of 11.09% and posted returns of 2.91% and -4.14% over the last six months and three months period respectively. It has a 52-week high price of $7.260 and a 52-week low of $5.180, with an average trading volume of 1.90 million approximately. It is trading at a price-earnings multiple of 96.410x with earnings per share of AUD 0.070 and has an annual dividend yield of 3.58 percent.
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