Atlas Arteria (ASX: ALX) is an operator and manager of a portfolio of toll road assets and trades under the industrial sector. Atlas constructs roads, tunnels, bridges and highways. The portfolio of the company includes Autoroutes Paris-Rhin-Rhone, Dulles Greenway, Warnow Tunnel and M6 Toll. The company mainly focuses to support its organic growth with its existing assets, invest in various global infrastructure assets to generate cashflows.
On 19 March 2019, the company has announced to distribute a dividend of AUD 0.15 per stapled securities for the first half of 2019. The ex-date for the dividend is Friday, March 22, 2019 (today) and the record date for the same was Monday, March 25, 2019. The dividend payment date is on Friday, April 5, 2019.
Both Atlas Arteria Limited and Atlas Arteria International Limited will pay the dividends. The distribution of ATLAX will include a capital return of 7.8 cents per share and an unfranked dividend of 0.2 cents per share, however the ATLIX distribution will comprise a foreign dividend of 7.0 cents per share.
The Annual Report for 2018 has been recently published by the company. On the operational performance front, the company experienced positive performance in 2018, with its portfolio continuing to deliver growth in business value and distributions for security holders. The company’s statutory net profit stood at A$59.9 million, driven by the consolidation of Dulles Greenway’s results for the full year and ALX’s share of net profits from its investment in APRR, partially offset by performance fees paid in accordance with and due to the renegotiation of the management agreements.
The proportionate revenue increased by 4.1% and the proportionate EBITDA of the company increased by 4.8% on the back of traffic performance, toll increases and current cost management by the company.
In 2018, ALX paid a total distribution of 24.0 cents per security (cps), representing 20.0% growth on prior corresponding period and comprising both dividend and return of capital components. This is the fifth consecutive year that the dividends kept growing since it initially started. Moreover, the company confirmed distribution guidance of 30.0 cps for 2019, representing a 25% increase in 2018.
The company maintains a strategy to seek to deliver growing distributions and enhance the value of its portfolio for security holders. It is focused on investing in global infrastructure businesses that generate stable cash flows and offer resilient long-term performance through economic cycles.
On the price-performance front, the stock of Atlas Arteria is currently trading at $7.070 with ~0.563% decrease during the day’s trade, with a market capitalisation of $4.86 billion (AEST 03:05 PM). The stock has generated a YTD return of 17.72% and returns of 3.80%, 16.56% and -0.56% over the past six months, three months and one-month periods respectively. It had a 52-week high price of $7.290 and a 52-week low price of $5.460, with an average trading volume of ~1.53 million. The stock is trading at a PE multiple of 80.43x with an annual dividend yield of 3.8%.
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