Higher Costs Mar an Otherwise Strong 1H for Transurban
We maintain our AUD 11.50 fair value estimate for wide-moat Transurban following its first-half fiscal 2018 results, despite proportional earnings tracking slightly below expectations. Revenue is growing broadly in line, but operating costs increased faster than expected, up nearly 8% versus the previous corresponding period, or pcp. Some cost increases were nonrecurring while others support growth, but we nonetheless downgrade our fiscal 2018 EBITDA forecast 2% to AUD 1.8 billion. Regardless, t...
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