Atlas Arteria (ASX:ALX) is one of the ASX’s purest plays on infrastructure income, owning a portfolio of toll roads spread across France, the United States and Germany. On recent pricing around $5.08, its distribution yield sits near 7.88%, and unlike many high-yielders, its share price has been relatively stable over the past year, slipping only modestly.

For income investors, toll roads have an obvious appeal: they generate steady, often inflation-linked cash flows from drivers who have few alternatives. The question for Atlas Arteria is whether its distribution is as dependable as the infrastructure label suggests, given concession expiries, currency exposure and the performance of…