Transurban’s Quarterly Revenue Tracks Our Full-Year Forecasts; Securities Overvalued
Wide-moat Transurban’s March quarter traffic and revenue update puts the toll-road operator on track to meet our fiscal 2017 forecast, and we reiterate our AUD 10.50 fair value estimate per security. At the current market quote of AUD 12.00, the securities look slightly overvalued.Transurban saw quarterly average daily traffic, or ADT, climb 5.3% from the previous corresponding period, or pcp, with toll rate increases and positive mix from larger vehicles driving 10.2% growth in proportional to...
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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