** Citi initiates coverage on international toll road operator Atlas Arteria with "Buy" rating at price target of A$5.80
** Brokerage says ALX is attractive due to its 8% dividend per share yield and projected strong free cash growth of 14-15% in FY24-FY25
** Citi considers the stock undervalued, as it's priced at an implied 5-7x EV/EBITDA, a ratio comparing the company's value including debt to its cash earnings
** Citi sees potential value increase from ending profit distribution restrictions at Dulles Greenway in the U.S. and a possible company acquisition
** Brokerage flags caution on potential additional taxes on APRR, a French toll road in which ALX owns a ~30% stake, which could impact profitability
** Stock has lost ~16.4% so far this year as of the last close
(Reporting by Kumar Tanishk in Bengaluru)
((Tanishk.Kumar@thomsonreuters.com;))
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