Transurban Secures a Beachhead in Montreal; No change to FVE
Wide-moat Transurban bought 100% of the A25 toll road in Montreal, Canada from Macquarie Infrastructure Partners for CAD 858 million, including transaction fees. The A25 should increase the firm's proportional EBITDA by around AUD 50 million, or 3%, in fiscal 2019. We think Transurban overpaid, but it's small and provides a beachhead in Montreal for more accretive growth in the future. We adjust our earnings forecasts to include the acquisition and maintain our AUD 11.50 fair value estimate. At ...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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