Transurban's high-quality core motorways attract, but new projects introduce forecasting risk.
We increase our fair value estimate for Transurban by 5% to AUD 11.20; at the current price, it is trading at a slight premium. The forecast fiscal 2017 4.2% pretax dividend yield and 4.7% for 2018 are relatively attractive in the current low-interest-rate environment, but the implied fiscal 2017 enterprise value/EBITDA multiple is now an expensive 24 times. Transurban reported statutory net profit after tax in fiscal 2016 of AUD 99 million after minorities, versus a net loss of AUD 182 million ...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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