ATL IM
Atlantia S.p.A.
Industrial/Transportation
11/19/2019
Presented
| Date | 11/14/2019 |
| Price | €22.43 |
| Market Cap | $20.43B |
| Ent Value | $75.04B |
| P/E Ratio | 17.25x |
| Book Value | €9.90 |
| Div Yield | 4.01% |
| Shares O/S | 817.97M |
| Ave Daily Vol | 1,739,816 |
| Short Int | N/A |
Current
| Price | €22.99 |
| Market Cap | $20.98B |
| Atlantia SpA operates as a holding company, which engages in the infrastructures and mobility network sectors. It operates through the following segments: Italian Motorways; Overseas Motorways; Italian Airports; Overseas Airports, Abertis Group, and Atlantia and Other Activities. The Italian Motorways segment involves in the management, maintenance, construction, and widening of the Italian motorway operators under concession. The Overseas Motorways segment deals with the holders of motorway concessions in Chile, Brazil, and Poland, and the companies that provide operational support for these operators and the related foreign-registered holding companies. The Italian Airports segment focuses on the airport business of Aeroporti di Roma, which holds the concession to operate and expand the airports of Rome Fiumicino and Rome Ciampino. The Overseas Airports segment includes the airport operations of the companies controlled by Aéroports de laCote d'Azur. The Abertis Group segment includes the Spanish, French, Chilean, Brazilian, Argentine, Puerto Rican and Indian motorway operators and the companies that produce and operate tolling systems controlled by Abertis Infraestructuras. The Atlantia and Other Activities segment comprises the parent company, its subsidiaries, and the companies whose business is the design, construction, and maintenance of infrastructure. The company was founded in 1950 and is headquartered in Rome, Italy. |
Publicly traded companies mentioned herein: ACS Actividades de Construccion y Servicios SA (ACS SM), Atlantia SpA (ATL IM)
Highlights
The presenter is long shares of Atlantia SpA (ATL IM), the largest infrastructure company in Italy. Atlantia runs 50% of the highways in Italy with a concession life until 2038; owns three airports (two in Rome, one in France) with concessions until 2044; has several toll roads internationally, including in Chile, Poland, Brazil, and India; and has a JV with ACS for another large infrastructure asset consisting of highways in France and Spain. Atlantia’s stock price fell from €26 to €18 per share following the collapse of an Italian bridge in August 2018 that killed 43 people. Yet, the presenter feels that the drastic trade down was unwarranted and, as this issue moves closer to a resolution, sees upside to the low- to mid-€30 range in the next 6 – 9 months from the current €22.50 share price.
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