Protests have affected APRR traffic in the December quarter and traffic is expected to slow as consumer confidence declines amid rising fuel costs. Greenway performance was also weak with traffic down -4.5% in 2018.
Greenway traffic growth will continue to be affected by network improvements but Macquarie has started to observe a normalisation of growth. Outperform and $7.49 target retained.
Target price is $7.49.Current Price is $6.52. Difference: $0.97 – (brackets indicate current price is over target). If ALX meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).