Strong Revenue Growth in the September Quarter for Transurban; No Change to FVE
Wide-moat Transurban's September update is broadly in line with our expectations and we maintain our earnings forecasts and our AUD 10.70 fair value estimate. At the current price of AUD 12, we consider Transurban slightly overvalued, with a distribution yield of just 4.7%, including capital returns. Transurban was a key beneficiary of falling interest rates in the past several years. While management has done well to extend the firm's debt tenor and interest rate hedging, rising rates will detr...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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