The company reported weighted average toll revenue increases of 0.3% for the June quarter amid -2.1% declines in traffic across the network. APRR traffic is now down -0.5% on a 12-month trading basis, partially because of the “Yellow Vest” protests.
Dulles Greenway traffic was broadly in line with UBS forecasts, but the risks are considered to be to the downside. Neutral rating and $6.90 target maintained.
Sector: Transportation.
Target price is $6.90.Current Price is $8.11. Difference: ($1.21) – (brackets indicate current price is over target). If ALX meets the UBS target it will return approximately -18% (excluding dividends, fees and charges – negative figures indicate an expected loss).
