Two Directors at Transurban Group bought 6,000 shares at between 13.293AUD and 13.300AUD. The significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over th...
TRANSURBAN GROUP (AU), a company active in the Transportation Services industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 2 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date March 4, 2022, the closing p...
Transurban aims to raise around US$3.2bn (A$4.2bn) via a mix of entitlement offer and private placement to AustralianSuper to fund the acquisition of the remaining 49% stake in WestConnex. We have covered some of the prior entitlement offers and placements in the past: Nov 2015: Acquisition Appears Attractive and Track Record Remains Stellar but Upside Seems Limited Dec 2017: Transurban Entitlement Offer - Uncertainty Abound Sep 2018: Transurban Entitlement and Short-Fall - Long-Term Value Accr...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
We expect the Australian equity market to deliver low-mid single digit returns next year. Our Dynamic Asset Allocation preference is a mild overweight to Growth assets, given the relative attractiveness of equities to both bonds and credit. In Fixed Income we prefer Global markets over Australia even though the RBA has probably more work to do. In the ASX, the Risk: Reward skew is tilted more positive for Resources than Banks, particularly in H1 as the global economy shows signs of recover...
Transurban Group’s investor day reiterated its focus on successfully delivering its large development pipeline and delved into some of the potential longer-term growth opportunities. We continue to believe it is a high-quality company, warranting a wide economic moat rating. But the recent rally in bond prices has pushed its security price above our unchanged AUD 11.50 fair value estimate. As such, we believe the stock is moderately overvalued. Fiscal 2019 distribution yield is just 4.3%, esse...
Transurban Group’s investor day reiterated its focus on successfully delivering its large development pipeline and delved into some of the potential longer-term growth opportunities. We continue to believe it is a high-quality company, warranting a wide economic moat rating. But the recent rally in bond prices has pushed its security price above our unchanged AUD 11.50 fair value estimate. As such, we believe the stock is moderately overvalued. Fiscal 2019 distribution yield is just 4.3%, esse...
Transurban reported proportional traffic growth of 2.3% in the March quarter, with solid growth across most regions. We marginally upgrade a few of our short-term traffic growth assumptions and reduce our medium-term interest rate expectations following recent weakness in global bond yields. We estimate Transurban can issue 10-year debt at interest rates around 4% at present, and forecast rates normalise towards 5.8% over the longer term. Our fair value estimate increases 4% to AUD 11.50. At cur...
Transurban reported proportional traffic growth of 2.3% in the March quarter, with solid growth across most regions. We marginally upgrade a few of our short-term traffic growth assumptions and reduce our medium-term interest rate expectations following recent weakness in global bond yields. We estimate Transurban can issue 10-year debt at interest rates around 4% at present, and forecast rates normalise towards 5.8% over the longer term. Our fair value estimate increases 4% to AUD 11.50. At cur...
Transurban reported proportional traffic growth of 2.3% in the March quarter, with solid growth across most regions. We marginally upgrade a few of our short-term traffic growth assumptions and reduce our medium-term interest rate expectations following recent weakness in global bond yields. We estimate Transurban can issue 10-year debt at interest rates around 4% at present, and forecast rates normalise towards 5.8% over the longer term. Our fair value estimate increases 4% to AUD 11.50. At cur...
Wide-moat Transurban’s first-half fiscal 2019 underlying proportionate EBITDA increased 10% to AUD 1.0 billion, in line with expectations. Key drivers were solid traffic volume growth in most markets, toll increases and three acquisitions. Unchanged distribution guidance points to AUD 0.59 per security in fiscal 2019, with mid-single-digit growth in 2020. Distributions will need to be supported by debt in coming years--what management refers to as a capital release--because of equity dilution ...
Transurban Group is a leading toll road owner/operator, with a portfolio of assets in Australia and North America. Concession lives are fixed, with toll roads handed back to their respective governments debt-free at the end of the concession. The weighted average concession life of the portfolio is around 30 years. Under the leadership of Scott Charlton, Transurban has aggressively expanded its portfolio through a combination of acquisitions and greenfield projects. Toll roads have high barriers...
Wide-moat Transurban’s first-half fiscal 2019 underlying proportionate EBITDA increased 10% to AUD 1.0 billion, in line with expectations. Key drivers were solid traffic volume growth in most markets, toll increases and three acquisitions. Unchanged distribution guidance points to AUD 0.59 per security in fiscal 2019, with mid-single-digit growth in 2020. Distributions will need to be supported by debt in coming years--what management refers to as a capital release--because of equity dilution ...
Traffic growth was fairly soft in most markets in the September quarter 2018. Slowing growth appears to be more than just related to roadworks and other one-offs. Some assets are maturing faster than expected while others are likely impacted by cost of living pressures, leading us to downgrade our medium-term growth expectations modestly. We trim our fair value estimate 4% to AUD 11. At the current price, the stock is fairly valued. The firm's wide moat rating remains intact. We also adjust fore...
Traffic growth was fairly soft in most markets in the September quarter 2018. Slowing growth appears to be more than just related to roadworks and other one-offs. Some assets are maturing faster than expected while others are likely impacted by cost of living pressures, leading us to downgrade our medium-term growth expectations modestly. We trim our fair value estimate 4% to AUD 11. At the current price, the stock is fairly valued. The firm's wide moat rating remains intact. We also adjust fore...
Transurban Group is a leading toll road owner/operator, with a portfolio of assets in Australia and North America. Concession lives are fixed, with toll roads handed back to their respective governments debt-free at the end of the concession. The weighted average concession life of the portfolio is around 30 years. Under the leadership of Scott Charlton, Transurban has aggressively expanded its portfolio through a combination of acquisitions and greenfield projects. Toll roads have high barriers...
Traffic growth was fairly soft in most markets in the September quarter 2018. Slowing growth appears to be more than just related to roadworks and other one-offs. Some assets are maturing faster than expected while others are likely impacted by cost of living pressures, leading us to downgrade our medium-term growth expectations modestly. We trim our fair value estimate 4% to AUD 11. At the current price, the stock is fairly valued. The firm's wide moat rating remains intact. We also adjust fore...
Wide-moat Transurban is raising AUD 4.8 billion in equity to fund its successful bid for a stake in WestConnex in Sydney. We remain comfortable with our AUD 11.50 fair value estimate. The 10 for 57 entitlement offer price of AUD 10.80 represents a 6% discount to our valuation and a 9% discount to the theoretical ex-rights price. We believe the equity raising is decent value and recommend taking up entitlements as long as it is in line with your investment goals. Investors need to be quick if the...
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