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Toll-road investment company owning stakes in motorways in France, the United States and Germany.
Toll-road investment company owning stakes in motorways in France, the United States and Germany.
Mostly paid by dividends from a minority stake in APRR, France's largest motorway network, which Eiffage controls, so French traffic and toll increases carry the company. French tolls rise by formula each year, and the APRR concession runs to 2035, after which the road returns to the state.
In one line: A toll-road infrastructure fund like a smaller Transurban.
Moat: wide (regulatory licence, installed base). Long-dated government toll concessions grant exclusive rights on established motorway corridors.
Headquarters: Sydney, Australia · Founded: 2010
Size Atlas Arteria (ALX.AX) is an Australia Industrials company (Other Transportation) with a market value of $3.78B, the 84th largest of 316 Australia companies the cockpit tracks. Shares closed at A$3.75 on 6 Nov 2026.
Performance Over six months the shares fell 21.4%, against -2.8% for the median peer and +4.1% for the Australia market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 1.9% over the last twelve months (peer median +6.7%); the operating margin is -19.7% (peer median 16.7%).
Valuation It trades at 20.6× forward earnings against a peer median of 13.9× (4th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about -4% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.7 points below its cost of capital (7.3% WACC).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | A$157M | A$160M | A$146M | A$134M | A$118M |
| Revenue growth | — | +10% | +9% | +13% | — |
| Gross profit | -A$6.00M | A$13.5M | A$22.3M | A$16.4M | A$116,000 |
| EBITDA | A$37.7M | A$64.4M | A$82.9M | A$64.1M | A$42.9M |
| Net income | A$269M | A$260M | A$336M | A$256M | A$241M |
| Free cash flow | A$606M | A$613M | A$717M | A$713M | A$473M |
| Capital expenditure | A$200,000 | A$600,000 | A$1.10M | A$800,000 | A$357,000 |
| Total debt | n/a | A$1.72B | A$1.85B | A$1.72B | A$1.74B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Atlas Arteria ALX.AX | $3.78B | -21% | +2% | -20% | 20.6× | -3.5% |
| Transurban TCL.AX | $31.6B | +1% | 0% | 30% | 84.3× | 27.8% |
| Vinci DG.PA | $69.8B | -12% | +4% | 12% | 12.2× | -1.5% |
| Ferrovial FER.MC | $42.3B | -10% | +5% | 10% | 55.5× | 21.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ALX.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.1% | +2.5% | 4th lowest of 21 |
| 6-month return | -21.4% | -2.8% | 5th lowest of 21 |
| Distance from 52-week high | -28.4% | -17.5% | 5th lowest of 21 |
| Revenue growth (TTM) | +1.9% | +6.7% | 8th lowest of 21 |
| Operating margin | -19.7% | 16.7% | lowest of 21 |
| Forward P/E | 20.6× | 13.9× | 4th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | -3.5% | -1.2% | 7th least demanding of 15 |
| Growth delivered (Del g) | +8.9% | +7.9% | 7th highest of 15 |
| Hurdle (Req g minus delivered) | -12.4 pp | -6.5 pp | 7th least demanding of 15 |
| ROIC minus cost of capital | -7.7 pp | +0.5 pp | lowest of 21 |
| Net debt / EBITDA | 37.0× | 2.8× | most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Atlas Arteria ALX.AX | Australia | $3.78B | -21% | +2% | -20% | 20.6× | -3.5% | +8.9% |
| Wilh. Wilhelmsen WWI.OL | Norway | $3.87B | +23% | -4% | 10% | 8.4× | 6.2% | +11.0% |
| Corporacion America Airports CAAP | United States | $4.00B | -3% | +16% | 23% | 9.6× | -6.3% | +26.4% |
| Guangzhou Port 601228.SS | China | $3.54B | -3% | -18% | 11% | n/a | n/a | n/a |
| Japan Airport Terminal 9706.T | Japan | $3.46B | +16% | +8% | 17% | 19.2× | -2.3% | +40.7% |
| Anhui Expressway 0995.HK | Hong Kong | $4.18B | -3% | -17% | 45% | 10.5× | -5.8% | +16.6% |
| Kintetsu 9041.T | Japan | $4.23B | +5% | +2% | 5% | 13.5× | n/a | n/a |
| Tangshan Port 601000.SS | China | $4.27B | +3% | +10% | 39% | 13.9× | -11.0% | -6.2% |
| COSCO SHIPPING Ports 1199.HK | Hong Kong | $3.32B | +18% | +12% | 14% | 8.5× | 8.7% | +10.9% |
| SATS S58.SI | Singapore | $4.34B | +15% | +9% | 9% | 17.6× | -0.2% | +45.6% |
| Taiwan High Speed Rail 2633.TW | Taiwan | $4.36B | -3% | +4% | 39% | 19.2× | 0.8% | +6.9% |
| ENAV ENAV.MI | Italy | $3.19B | +8% | +3% | 9% | 26.9× | 13.8% | +6.0% |
| Guangzhou Baiyun International Airport 600004.SS | China | $3.18B | -6% | +9% | 11% | 25.2× | -12.5% | +8.8% |
| Liaoning Port 2880.HK | Hong Kong | $4.53B | -26% | +1% | 21% | n/a | -9.0% | -2.0% |
| Beibu Gulf Port 000582.SZ | China | $3.14B | -25% | -1% | 21% | 18.6× | n/a | n/a |
| Hainan Airport Infrastructure 600515.SS | China | $4.56B | -26% | +25% | -5% | 133.0× | n/a | n/a |
| Shenzhen Expressway 600548.SS | China | $2.99B | -4% | -5% | 17% | 14.4× | 0.6% | +2.9% |
| Zhejiang Expressway 0576.HK | Hong Kong | $4.86B | -13% | +18% | 33% | 5.9× | n/a | n/a |
| Sichuan Expressway 601107.SS | China | $2.89B | +16% | +7% | 27% | 13.2× | n/a | n/a |
| Xiamen Port Development 000905.SZ | China | $2.87B | -25% | +14% | 4% | n/a | 4.2% | +7.1% |
| Qinhuangdao Port 3369.HK | Hong Kong | $2.77B | +5% | +7% | 23% | 6.7× | -13.2% | +2.0% |