13/05/2025 09:45

Transurban Group (TCL) $14.27

Toll road operator TCL has been a beneficiary of the safety bid over the last year, but as it posts new 18-month highs, we believe it's fully priced from a relative valuation perspective, with fewer rate cuts expected over the coming year (s) and its safety bid set to run out of steam - from a pure defensive yield perspective we prefer APA Group.

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09/05/2025 09:18

Transurban Group (TCL) $14.55

TCL gained +1.7% on Thursday, posting fresh 16-month highs after the toll road operator maintained its dividend guidance and announced an expected $50mn in annualised cost saving – the laying off of 300 workers following a workforce review caught the headlines.

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17/12/2024 09:43

Transurban Group (TCL) $12.92

Toll road operator TCL is the most covered and arguably loved stock of today's three, although it hasn’t moved since COVID. This month, the company provided an out-of-cycle traffic update showing Group traffic up +3.6% in Oct-Nov YoY with growth in North America  +6.4%, followed by Sydney 4.7% and Brisbane +3.0%, while Melbourne returned to positive +2.0%

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22/10/2024 16:56

Transurban (TCL) $13.05

TCL -1.58%: On a rough day across the board, the roads and tollway business fell slightly more than the market, as commentary and September quarter results were delivered at the AGM.

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11/10/2024 09:31

Transurban Group (TCL) $13.14

In FY24, toll road operator TCL grew traffic by +1.7%, and underlying free cash flow (FCF) by +8.2%. This was a solid result, but traffic volumes remain on the softer side of expectations, and growth in Westconnex is still proving difficult. The stock's forecast yield ~ of 4.7% isn’t compelling, with term deposits still at similar levels.

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08/08/2024 17:01

Transurban (TCL) $12.78

Solid, yet uninspiring result from TCL, with traffic volumes on the softer side and growth in Westconnex still proving difficult.

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16/07/2024 09:26

Transurban Group (TCL) $12.90

We discussed TCL in detail in April, and not a great deal has changed in the past few months, including the share price, which is up just 1c, although it did pay a 32c part franked dividend. Overall, we liked a few things from Mays Investors Day, including traffic demand supported by macroeconomic forecasts such as population growth, reducing CAPEX (costs),

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24/04/2024 09:30

Transurban (TCL) $12.89

Toll road operator TCL is trading in line with where it started in 2023, though it has paid 61.5c in dividends last year so shareholders have enjoyed some return, albeit muted, equivalent to around half that of the ASX200 Accumulation Index. Last week, they announced their quarterly traffic numbers, which were mixed but overall weaker than expectations.

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08/02/2024 16:50

Transurban (TCL) $13.19

TCL -0.98%: the toll road company was out with 1H numbers today showing a largely in line result, though the all-important dividend was pre-announced. Daily traffic numbers were slightly disappointing, only growing 2.1% though Revenue was up 6% while EBITDA grew 7.5% to $1.3b, only the smallest of beats to consensus expectations.

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24/11/2023 09:08

Transurban Group (TCL) $12.85

We discussed TCL at length earlier in the month in a Portfolio Positioning report, the conclusion being that TCL will look appealing when bond yields do turn meaningfully lower. While it’s not our first pick at this stage, this may change depending on respective prices at the time.

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