Transurban's Full Year Shows Good Momentum, but Securities Still Overvalued
Wide-moat Transurban reported a relatively good fiscal 2017 result that met our expectations. Our operating forecasts are broadly unchanged, our fair value estimate increases 2% to AUD 10.70 per security on the time value of money. We’re encouraged the economic conditions are conducive to ongoing growth in truck and car volumes, the pipeline of development projects appears attractive, and debt markets remain favourable. However, the stock screens as marginally overvalued, trading at a 9% premium...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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