It is a commonly-held view among investors that ASX 200 shares representing businesses that can put up their prices without losing customers are about as inflation-proofed as you can get.
Atlas Arteria (ASX: ALX) is one of these ASX 200 shares.
Atlas Arteria is a global toll road operator. It has ownership interests in five toll road businesses in France, Germany, and the United States.
It is one of very few ASX 200 shares in the infrastructure arena.
What's the revenue growth for this ASX 200 share?
According to Atlas Arteria's FY23 Q2 update released today, traffic volumes are rising as economies around the world recover from the impact of the pandemic.
But that's not the only thing rising.
So are the toll prices that Atlas Arteria is charging.
This is why the percentage growth in revenue on all of its roads is materially higher than the percentage growth in traffic volumes.
In the three months ending 30 June:
- APRR traffic is up 4.2% in FY23 Q2 compared to FY22 Q2, and revenue is up 7.4%
- Adelac traffic is up 4%, and revenue is up 9.7%
- Warnow Tunnel traffic is up 6.9%, and revenue is up 13.9%
- Chicago Skyway traffic is down 7.6% (due to expected roadworks), and revenue is up 2.4%
- Dulles Greenway traffic is up 5.6%, and revenue is up 7.2%.
ASX 200 shares like Atlas Arteria are typically referred to as defensive shares.
This means they can be superior investments in challenging economic times and an inflation hedge.
