Board Change • May 01
High number of new directors CEO, MD & Director Hugh Wehby was the last director to join the board, commencing their role in 2024. Aankondiging • Apr 27
IFM Global Infrastructure Fund managed by IFM Investors Pty Ltd proposed to acquire remaining 65.52% stake in Atlas Arteria Limited (ASX:ALX) from Lazard Asset Management Limited, BlackRock, Inc. (NYSE:BLK) and State Street Corporation (NYSE:STT) and others for AUD 4.5 billion. IFM Global Infrastructure Fund managed by IFM Investors Pty Ltd proposed to acquire remaining 65.52% stake in Atlas Arteria Limited (ASX:ALX) from Lazard Asset Management Limited, BlackRock, Inc. (NYSE:BLK) and State Street Corporation (NYSE:STT) and others for AUD 4.5 billion on April 27, 2026. A cash consideration valued at AUD 4.75 per share will be paid by IFM Global Infrastructure Fund and IFM Investors Pty Ltd. The Offer Price will be increased to the Maximum Consideration of AUD 5.10 per Security if Bidder's Relevant Interest in Atlas Arteria Securities is 45% or more prior to the close of the Offer. IFM GIF has access to existing cash balances, funding commitments from its investors and third party debt on an unconditional basis which in aggregate exceed the Offer Amount and are sufficient to support the Funding Commitments. Under the Funding Commitments, IFM GIF and IFM Finance will make available cash amounts in aggregate of not less than the Offer Amount for the purpose of funding the aggregate consideration for the acquisition of the Securities to which the Offer relates. The Funding Commitments are not subject to any conditions. Bidder may also proceed to compulsory acquisition of the Performance Rights which have not been exercised and that have not lapsed, or alternatively pursue other arrangements in relation to those Performance Rights. Atlas Arteria Limited advises that shareholders take no action in relation to the Offer.
The transaction is subject to subject to antitrust regulations, approval by regulatory board / committee and third party approval needed. The Boards of Atlas Arteria will establish an Independent Board Committee to consider the Offer.
Allens acted as legal advisor for IFM Investors Pty Ltd. Carey Olsen LLP acted as legal advisor for IFM Investors Pty Ltd. Jarden Australia Pty Limited acted as financial advisor for IFM Investors Pty Ltd. MUFG Corporate Markets Limited acted as transfer agent/registrar for IFM Investors Pty Ltd. Flagstaff Partners Pty Ltd and UBS AG act as financial advisor and Mallesons Stephen Jaques act as legal advisor for Atlas Arteria Limited. Aankondiging • Mar 17
Atlas Arteria Limited to Report First Half, 2026 Results on Aug 26, 2026 Atlas Arteria Limited announced that they will report first half, 2026 results on Aug 26, 2026 Aankondiging • Mar 16
Atlas Arteria Limited, Annual General Meeting, May 13, 2026 Atlas Arteria Limited, Annual General Meeting, May 13, 2026. Board Change • Dec 24
High number of new directors There are 6 new directors who have joined the board in the last 3 years. CEO, MD & Director Hugh Wehby was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Aankondiging • Nov 10
Atlas Arteria Limited to Report Fiscal Year 2025 Results on Feb 26, 2026 Atlas Arteria Limited announced that they will report fiscal year 2025 results on Feb 26, 2026 Reported Earnings • Aug 29
First half 2025 earnings released: EPS: AU$0.074 (vs AU$0.099 in 1H 2024) First half 2025 results: EPS: AU$0.074 (down from AU$0.099 in 1H 2024). Revenue: AU$77.5m (up 11% from 1H 2024). Net income: AU$107.2m (down 26% from 1H 2024). Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Infrastructure industry in Australia. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Board Change • Aug 18
High number of new directors There are 6 new directors who have joined the board in the last 3 years. CEO, MD & Director Hugh Wehby was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Aankondiging • Jul 18
Atlas Arteria Limited Announces Virginia Supreme Court Decision Affirms SCC Rate Case Appeal Atlas Arteria noted the decision made by the Supreme Court of Virginia (SCV) on 17 July 2025 affirming the 2024 State Corporation Commission's (SCC) decision denying Toll Road Investors Partnership II (TRIP II)'s latest toll rate application for the Dulles Greenway. TRIP II's pending federal case, which was stayed in anticipation of the SCV appeal decision, will now proceed. The federal complaint alleges constitutional violations distinct from those decided by the SCV and seeks compensatory, declarative, injunctive, and other relief, unavailable to TRIP II in the SCV appeal. TRIP II continues to engage with the SCC working group and anticipates submitting a new rate application this year. Aankondiging • Mar 20
Atlas Arteria Limited Announces Distribution for the Six Months Ended 31 December 2024, Payable on 4 April 2025 Atlas Arteria Limited announced a distribution of 20.0 Australian cents per stapled security (cps) for the six months ended 31 December 2024, consistent with guidance provided in full year results announcement on 27 February 2025. Stapled securities trade ex-entitlement date is 25 March 2025. Record date is 26 March 2025. Estimated payment date is 4 April 2025. Aankondiging • Mar 11
Atlas Arteria Limited, Annual General Meeting, May 15, 2025 Atlas Arteria Limited, Annual General Meeting, May 15, 2025. Board Change • Feb 04
High number of new directors There are 6 new directors who have joined the board in the last 3 years. CEO, MD & Director Hugh Wehby was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 24
High number of new directors There are 6 new directors who have joined the board in the last 3 years. CEO, MD & Director Hugh Wehby was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Sep 21
First half dividend of AU$0.20 announced Dividend of AU$0.20 is the same as last year. Ex-date: 24th September 2024 Payment date: 7th October 2024 Dividend yield will be 8.4%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is not covered by earnings (194% earnings payout ratio) nor is it covered by cash flows (dividend approximately 6x free cash flows). The dividend has increased by an average of 15% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 116% to bring the payout ratio under control. EPS is expected to grow by 68% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Aankondiging • Sep 19
Atlas Arteria Limited Announces Distribution for the Six Months Ended 30 June 2024, Payable on 7 October 2024 Atlas Arteria Limited announced a distribution of 20.0 Australian cents per stapled security (cps) for the six months ended 30 June 2024, consistent with guidance provided in half year results announcement on 29 August 2024. Stapled securities trade ex-entitlement: 24 September 2024. Record date: 25 September 2024. Estimated payment date: 7 October 2024. The distribution will be paid by Atlas Arteria International Limited (ATLIX) and Atlas Arteria Limited (ATLAX) and will be an unfranked distribution. Board Change • Sep 10
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Director Danny Elia was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 30
First half 2024 earnings released: EPS: AU$0.099 (vs AU$0.12 in 1H 2023) First half 2024 results: EPS: AU$0.099 (down from AU$0.12 in 1H 2023). Revenue: AU$69.6m (up 9.6% from 1H 2023). Net income: AU$144.3m (down 14% from 1H 2023). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Infrastructure industry in Oceania. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 23
Final dividend of AU$0.20 announced Dividend of AU$0.20 is the same as last year. Ex-date: 26th March 2024 Payment date: 8th April 2024 Dividend yield will be 7.5%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is not covered by earnings (132% earnings payout ratio) nor is it covered by cash flows (dividend approximately 6x free cash flows). The dividend has increased by an average of 20% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 47% to bring the payout ratio under control. EPS is expected to grow by 56% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Aankondiging • Mar 21
Atlas Arteria Limited Announces Distribution for the Six Months Ended 31 December 2023, Payable on 8 April 2024 Atlas Arteria Limited announced a distribution of 20.0 Australian cents per stapled security (cps) for the six months ended 31 December 2023, consistent with guidance provided in full year results announcement on 29 February 2024. Stapled securities trade ex-entitlement is on 26 March 2024. Record date is on 27 March 2024 and estimated payment date is on 8 April 2024. Aankondiging • Mar 14
Atlas Arteria Limited, Annual General Meeting, May 16, 2024 Atlas Arteria Limited, Annual General Meeting, May 16, 2024, at 10:01 AUS Eastern Standard Time. Reported Earnings • Feb 29
Full year 2023 earnings released: EPS: AU$0.22 (vs AU$0.25 in FY 2022) Full year 2023 results: EPS: AU$0.22. Revenue: AU$134.0m (down 4.5% from FY 2022). Net income: AU$323.5m (up 21% from FY 2022). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Infrastructure industry in Oceania. Aankondiging • Oct 16
Atlas Arteria Appoints Laura Hendricks to the Board as an Independent Non-Executive Director Atlas Arteria announced the appointment of Ms Laura Hendricks to the Board of Atlas Arteria Limited (ATLAX) as an Independent Non-executive Director effective immediately. Ms Hendricks is currently Chief Executive Officer of Transdev U.S., the largest operator and integrator of multiple modes of transportation in the United States. Laura has worked in a number of roles in the transportation industry across the US for more than 20 years and also has international experience working with shareholders in Europe, specifically in France and Germany. Ms Hendricks is also currently Chair of the North American Transit Alliance, an organization that advocates for the essential role that private contractors play in public transit. Prior to joining Transdev U.S., Ms Hendricks was President and/or CEO of several companies including Paint Drop by Valspar, Coach America and Merry Maids. Ms Hendricks also spent several years in executive leadership roles at Cintas and Fed Ex. Ms Hendricks is an accomplished senior executive with broad leadership experience in operations, including full P&L responsibility, business development, supply chain management, financial oversight, M&A, culture-building and change management. In her various roles, Ms Hendricks has also gained significant government relations experience in the United States, including working with public authorities and regulators. Ms Hendricks graduated from Xavier University with a Bachelor of Liberal Arts degree. Aankondiging • Sep 22
Atlas Arteria Limited Announces Distribution for the Six Months Ended 30 June 2023, Estimated Payment Date Is 5 October 2023 Atlas Arteria announced a distribution of 20.0 Australian cents per stapled security (cps) for the six months ended 30 June 2023. Stapled securities trade ex-entitlement is 25 September 2023, Record date is 26 September 2023 and Estimated payment date is 5 October 2023. Reported Earnings • Sep 01
First half 2023 earnings released: EPS: AU$0.12 (vs AU$0.13 in 1H 2022) First half 2023 results: EPS: AU$0.12. Revenue: AU$63.5m (up 17% from 1H 2022). Net income: AU$167.6m (up 32% from 1H 2022). Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Infrastructure industry in Oceania. Aankondiging • Aug 31
Atlas Arteria Limited Reaffirms Distribution Guidance for the First Half and Second Half of 2023 Atlas Arteria Limited reaffirmed distribution guidance of 20.0 cents per security for first half of 2023, and 20.0 cents per security for second half of 2023. Aankondiging • Jun 14
Atlas Arteria Limited to Report Fiscal Year 2023 Results on Feb 29, 2024 Atlas Arteria Limited announced that they will report fiscal year 2023 results on Feb 29, 2024 Aankondiging • Jun 07
Atlas Arteria Limited Appoints Ken Daley as Director Atlas Arteria Limited appointed Ken Daley as Director. Date of appointment 30 May 2023. Aankondiging • Jun 01
Atlas Arteria Limited Announces Caroline Foulger Will Retire as A Director, with Effect from 1 July 2023 Atlas Arteria Limited announced that Ms Caroline Foulger will retire as a Director of Atlas Arteria International Limited with effect from 1 July 2023. Reported Earnings • Feb 24
Full year 2022 earnings released: EPS: AU$0.25 (vs AU$0.19 in FY 2021) Full year 2022 results: EPS: AU$0.25 (up from AU$0.19 in FY 2021). Revenue: AU$140.4m (up 40% from FY 2021). Net income: AU$267.0m (up 46% from FY 2021). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Infrastructure industry in Oceania. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Board Change • Jan 04
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. MD, CEO & Executive Director Graeme Bevans was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Nov 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be AU$8.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 21% over the last 3 years. Earnings per share has grown by 99%. Revenue is forecast to grow by 226% in 2 years. Earnings is forecast to grow by 126% in the next 2 years. Valuation Update With 7 Day Price Move • Sep 17
Investor sentiment deteriorated over the past week After last week's 16% share price decline to AU$6.71, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 25x in the Infrastructure industry in Oceania. Total loss to shareholders of 3.9% over the past three years. Reported Earnings • Sep 02
First half 2022 earnings released: EPS: AU$0 (vs AU$0.074 in 1H 2021) First half 2022 results: EPS: AU$0. Revenue: AU$54.7m (up 26% from 1H 2021). Net income: AU$127.5m (up 59% from 1H 2021). Over the next year, revenue is forecast to grow 17%, compared to a 22% growth forecast for the Infrastructure industry in Australia. Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improved over the past week After last week's 15% share price gain to AU$8.25, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 23x in the Infrastructure industry in Oceania. Total returns to shareholders of 22% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$6.75 per share. Recent Insider Transactions • Mar 03
Independent Non-Executive Director recently bought AU$76k worth of stock On the 25th of February, Ariane Barker bought around 12k shares on-market at roughly AU$6.59 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$275k more in shares than they have sold in the last 12 months. Reported Earnings • Feb 25
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: AU$0.17 (up from AU$0.017 loss in FY 2020). Revenue: AU$100.7m (down 5.6% from FY 2020). Net income: AU$183.2m (up AU$199.3m from FY 2020). Revenue missed analyst estimates by 4.5%. Over the next year, revenue is forecast to grow 30%, compared to a 25% growth forecast for the industry in Australia. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Sep 23
Insider recently bought AU$67k worth of stock On the 16th of September, D. Cook bought around 10k shares on-market at roughly AU$6.69 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$338k more in shares than they have sold in the last 12 months. Reported Earnings • Aug 28
First half 2021 earnings released: EPS AU$0.074 (vs AU$0.14 loss in 1H 2020) First half 2021 results: Revenue: AU$43.5m (down 27% from 1H 2020). Net income: AU$80.1m (up AU$174.4m from 1H 2020). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • Mar 03
Independent Chairman of the Board recently bought AU$100k worth of stock On the 1st of March, Debra Goodin bought around 18k shares on-market at roughly AU$5.61 per share. This was the largest purchase by an insider in the last 3 months. Debra has been a buyer over the last 12 months, purchasing a net total of AU$108k worth in shares. Reported Earnings • Feb 26
Full year 2020 earnings released: AU$0.061 loss per share (vs AU$0.024 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: AU$106.7m (down 39% from FY 2019). Net loss: AU$16.1m (down 194% from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 132 percentage points per year, which is a significant difference in performance. Analyst Estimate Surprise Post Earnings • Feb 26
Revenue misses expectations Revenue missed analyst estimates by 6.3%. Over the next year, revenue is forecast to grow 10%, compared to a 5.2% growth forecast for the Infrastructure industry in Australia. Is New 90 Day High Low • Feb 12
New 90-day low: AU$6.00 The company is down 9.0% from its price of AU$6.63 on 13 November 2020. The Australian market is up 9.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Infrastructure industry, which is down 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$3.17 per share. Is New 90 Day High Low • Oct 29
New 90-day low: AU$5.95 The company is down 10.0% from its price of AU$6.58 on 31 July 2020. The Australian market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$13.42 per share. Is New 90 Day High Low • Oct 01
New 90-day low: AU$6.10 The company is down 8.0% from its price of AU$6.65 on 03 July 2020. The Australian market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$12.46 per share.