Transferring Coverage of Wide-Moat Transurban; No Change to FVE
We maintain our wide moat rating, medium uncertainty rating, and AUD 11.50 per security fair value estimate for Transurban after transferring coverage to a new analyst. At the current price of AUD 12.30, the stock trades 7% above our valuation. The firm is performing well, with strong earnings growth underpinned by rising traffic volumes and toll prices, complemented by value-accretive developments. However, improving global economic growth and curtailment of quantitative easing should send bond...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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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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