26/07/2024 10:12

Emerging Companies Portfolio – Amendments

We are making several changes to the Emerging Companies Portfolio today, repositioning towards stocks we believe offer a better mix of quality and leverage to the themes we remain confident in

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24/07/2024 09:17

AIC Mines (A1M) 33.5c

A1M is an up-and-coming Australian copper producer with a market capitalisation of around $200m, with $74m cash in the bank. While small, it is producing from the Eloise copper mine – a high-grade operating underground mine located in North Queensland currently producing 13,400 tonnes of copper at A5.15/lb and is set to ramp up production meaningfully over the coming years via the expansion of the Eloise processing plant and extension of current life of the operation through the development of another deposit known as Jericho, located 4kms from Eloise. They also have additional exploration assets in New South Wales and WA.

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19/07/2024 09:23

Atlas Arteria Ltd (ALX) $5.12

Atlas Arteria (ALX) was established following the Macquarie Infrastructure Group (MIG) split. The company's two main international toll road assets are Autoroutes Paris-Rhine Rhone and Chicago Skyway. The latest traffic and toll revenue have not changed our outlook. Following several months of share price weakness, we see some valuation support, particularly from a yield of ~7.8%.

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18/06/2024 09:19

Atlas Arteria Ltd (ALX) $4.70

ALX dropped another 2.3% on Monday, extending its fall year-to-date to 18.7%. For subscribers not familiar with this often ignored, ASX200 transport company ALX was established following the split of Macquarie Infrastructure Group (MIG) into two separate stocks more than a decade ago. ALX's two main international toll road assets are Autoroutes Paris-Rhin Rhone, APRR (France, 31%) and Chicago Skyway (US, 67%).

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20/03/2024 09:29

AIC Mines (A1M) $0.335

We currently own Sandfire Resources (SFR) in both the Emerging Companies and Active Growth Portfolios, sitting on a good profit, though the copper miner has strongly outperformed the move by the commodity price and many peers, up ~30% since mid-January, partly because it is the only mid to large cap pure copper play on the ASX, but more importantly, they are delivering operationally and ramping up production at the right time.

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24/05/2023 09:19

AIC Mines (A1M) 39c

AIC is a small Australian copper producer that we have on our radar for the Emerging Companies Portfolio, particularly on the back of the recent Sandfire (SFR) purchase in the Flagship Growth Portfolio

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12/09/2022 16:45

Atlas Arteria (ALX) $7.81

ALX -2.13%: the toll road operator fell today after confirming it had joined the bidding for a 67% stake in Chicago’s Skyway asset. The stake is being sold by Canada Pension Plan Investment & OMERS Infrastructure, rumoured to be worth around $US2.7b and earnings of ~$US67m/year. The sellers are looking for a quick turnaround, which Atlas is likely to provide...

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01/07/2022 09:24

Atlas Arteria (ALX) $8.06

Toll road owner and operator ALX surged in June after the IFM Infrastructure Fund announced they had purchased around 15% of the business at $8.10, the obvious implication is corporate action could be on the horizon. The ~$180bn global fund already owns toll roads across Europe and the US which is very much aligned with ALX’s asset base in France, Germany & the US. History shows us that IFM are usually acquirers of total...

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08/06/2022 17:17

Atlas Arteria (ALX) $8.25

ALX +16.2%: the toll road owner & operator was one of the top performers today after IFM Infrastructure Fund revealed they had taken a significant stake overnight. Around 15% of the company changed hands at $8.10, ~14% above yesterday’s close as the $181b global fund edged in. Atlas was expecting...

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23/03/2022 09:26

Atlas Arteria Ltd (ALX) $6.60

Conversely ALX was the worst performing stock on the main board yesterday slipping 5.3%, or 16.5c, but this decline was due to a 20.5c dividend otherwise the stock would have been up on the day! We remain neutral ALX which by definition makes its 4.85% dividend attractive even as yields edge higher.

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