Macquarie Atlas Roads: ECB drives dividend growth

Andrew Stanley

Ralton Asset Management Limited

Macquarie Atlas Roads (ASX: MQA) outperformed many of its infrastructure peers during the September 2015 quarter. MQA’s key asset, the French Toll Road, APRR, continues to deliver modest profit growth, driven by traffic growth, price increases and cost savings. With the ECB currently ‘printing money’ in an effort to drive inflation (and avoid deflation), MQA is a likely beneficiary of these measures, as its toll increases are linked to inflation in France. At a group level, MQA will, over future years, continue to simplify its debt structure, reduce its debt, and therein interest paid, which together with profit growth from the APRR asset, should allow for growth in dividend payments going forward. Click the PDF below


Head of Australian Equities
Ralton Asset Management Limited

Andrew has been with Ralton since its inception in 2006 and leads the investment management of Ralton’s managed accounts. He brings over 25 years of funds management and investment banking experience having held senior positions with major...


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