Atlas Arteria's 2021 growth rebound in key asset earnings was as expected by Morgans, noting toll revenue had been pre-released. There was less cash at the corporate level at year-end than forecast, mainly due to cash reserved by MAF before paying distributions to Atlas.

The result indicated the expected leverage to recovering traffic volumes.

Given the recent share price decline has improved potential return, the broker retains Add. Currency movements have the target price down to $6.69 from $6.91.

Sector: Transportation.

Target price is $6.69.Current Price is $6.44. Difference: $0.25 - (brackets indicate current price is over target). If ALX meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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