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MACQUARIE ATLAS ROADS GROUP (MQA)

MACQUARIE ATLAS ROADS GROUP (MQA)

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General Information
Company Name: Macquarie Atlas Roads Group
Stock Code: MQA
Website: www.macquarieatlasroads.com.au
GICS Sub-Industry: Highways & Railtracks
Market Cap ($M): 689
Equiv. Shares (M): 464

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 1.485 $ 1.465 $ 1.500 $ 1.465 $ 1.490 554,796 $ -0.005  -0.336 %

Current Broker Consensus Recommendation more
Recommendation: Hold
Recommendation Date: 24th Apr 2012
12 Month Target Price (average): $1.854
Brokers Surveyed: 5

Company Overview

Business Description:
Macquarie Atlas Roads (MQA) is a global toll road developer and operator with a stapled structure made up of one security of Macquarie Atlas Roads Limited, stapled to one in Macquarie Atlas Roads International Limited.

Strategy Analysis:
MQA will continue the development and operation of toll roads, bridges and tunnels and investment in entities in the same industry sector. Macquarie Atlas Roads Group provided its September 2011 quarter revenue and traffic statistics for each of its portfolio toll roads. Weighted average revenue for the quarter increased by 1.2% on the prior corresponding period (pcp), reflecting the continuing positive impact of the revised toll schedules implemented over the last 12 months. Weighted average traffic for the period was 2.0% lower than the pcp, largely reflecting the ongoing weak economic conditions in the US and the UK. Weighted average revenue for the nine months to 30 September 2011 grew 3.0% on 2010 levels while traffic was 1.0% below the pcp.


Financial Summary
Year to Dec NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2013  F -131.0 -26.9 -- -- 12.4 8.3 --
2012  F -290.2 -60.7 -- -- -- 0.0 --
2011  A -222.1 -48.7 -- 0.0 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2011 A 2012 F 2013 F 2011 A 2012 F 2013 F 2011 A 2012 F 2013 F
Asciano (AIO) $4,370 M 1.1454 0.1356 0.2335 17.7566 15.6370 12.6769 0.0134 0.0169 0.0216
Macquarie Atlas Roads (MQA) $692 M -- -- -- -- -- -- 0.0000 0.0000 0.0832
Transurban Group (TCL) $8,415 M 0.7111 -0.7558 1.3037 73.7852 302.0942 131.1364 0.0468 0.0511 0.0572

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
MQA -- -- -0.84 -- 7.48
Market 0.80 12.1 1.33 1.35 1.68
Sector 1.10 14.7 1.24 0.86 1.10

Directors
Name Position Start Date
Mr David Anthony Walsh Non-Executive Chairman,Non-Executive Director - MQA Australia 16 December 2009
Mr John Stuart Roberts Non-Executive Director - MQA Australia 02 February 2010
Mr Richard Anthony Fountayne England Non-Executive Director - MQA Australia 01 June 2010
Dr Peter Dyer Non-Executive Director - MQA Bermuda 15 December 2009
Mr Derek Stapley Non-Executive Director - MQA Bermuda 01 June 2010
Mr Marc de Cure Non-Executive Director,Non-Executive Director - MQA Australia 03 August 2011

Management
Name Position
Christine Williams Company Secretary
Donna Phillips Company Secretary

Substantial Shareholders
Holding Name
64,629,673 (13.92%) Lazard Asset Management Pacific Co
90,215,404 (19.43%) Macquarie Group Limited
29,658,900 (6.36%) Octavian Advisors LP

Calendar of Events
Date Event
12 March 2013 Report (Annual)
27 February 2013 Report (Prelim)
27 August 2012 Report (Interim)
27 August 2012 Report (Prelim)
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