Corporate Action: Take Up Entitlements; We Lift Transurban’s FVE to AUD 11.50 on Accretive WGTP
Wide-moat Transurban negotiated a good deal with the West Gate Tunnel Project, or WGTP. The project looks more value-accretive than we previously anticipated and we lift the firm’s fair value estimate 7% to AUD 11.50 per security after incorporating it in our DCF model. Transurban’s ability to negotiate relatively strong returns with low risk demonstrates its competitive advantage in existing markets. At current prices around AUD 13, the stock is moderately overvalued. But the entitlement offer,...Transurban Group is engaged in the development, financing, operation and maintenance of toll road networks as well as management of the associated customer and client relationships. Co. manages and develops urban toll road networks in Australia and the U.S. Co. owns concession assets across four key market segments: Victoria, New South Wales, Queensland and the Greater Washington Area.
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