Solid 1H19 Operating Performance for Transurban Though Plenty of Noise
Wide-moat Transurban’s first-half fiscal 2019 underlying proportionate EBITDA increased 10% to AUD 1.0 billion, in line with expectations. Key drivers were solid traffic volume growth in most markets, toll increases and three acquisitions. Unchanged distribution guidance points to AUD 0.59 per security in fiscal 2019, with mid-single-digit growth in 2020. Distributions will need to be supported by debt in coming years--what management refers to as a capital release--because of equity dilution fr...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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