OUR QUEST IS NOT TO BE BULLISH OR BEARISH, BUT TO CORRECTLY ASSESS FUTURE TRENDS

UBS rates ALX as Neutral

Atlas Arteria’s FY25 proportional revenue of $2,098m and earnings (EBITDA) of $1,510m rose 9% on the prior year and were in line with both UBS and consensus estimates. Stronger growth is noted from Dulles Greenway and Chicago Skyway.

Operating cash flow (OCF) of $506m fell -4%, largely reflecting French Temporary Solidarity Tax (TST) impacts, explain the analyst, while margins were broadly stable across key assets.

2026 distribution guidance of 40cps was in line with the broker's forecast, with the payout ratio expected at the top end or above the 90-110% range due to the extended French TST.

UBS makes no material changes to its forecasts and retains a Neutral rating and $5.15 target price.

Shaw and Partners rates ATA as Buy

Shaw and Partners notes Atturra’s 1H26 result was largely in line with pre-announced metrics, with revenue up 28% and underlying EBITDA down -47% y/y.

Revenue was ahead of the broker’s forecast due to contract treatment, while cash EBITDA of $3.5m and gross FCF of -$8.5m were slightly below expectations. The 2H26 suggests a return to more normal operating conditions.

Shaw highlights AI as a structural growth driver, citing strong demand for advisory and data services, alongside growing traction in higher margin proprietary IP products such as Boomi ACP and Schlorarion, which could support a re-rate as revenues scale.

FY26 guidance is reiterated at revenue of $364m to $374m and underlying EBITDA of $30m to $31m, with only minor forecast changes, and the Buy, high risk rating is maintained.

Target unchanged at $1.15.

Citi rates RHC as Neutral

The analysts at Citi are encouraged by Ramsay Health Care's interim results with revenue 2% ahead of the broker’s forecast and earnings (EBIT) a 3% 'beat'. 

The underlying earnings margin rose 40bps, suggesting to the broker the nadir has been reached and the margin could reach 9.9% in FY26.

Citi points to broad-based improvement across admissions, theatre utilisation, cost control and revenue indexation. It's thought additional support is provided by the planned National Capital Private Hospital acquisition in FY27.

UK operations face volume headwinds, notes the analyst, who forecasts 2% constant currency growth in FY26. 

The broker raises its target price to $41.40 from $39 and retains a Neutral rating.