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.
Key AGM takeaways:
- A 1.1% increase in average daily traffic for the September quarter vs. the year prior
- Growth across all major markets, except Melbourne
- Forecast distribution per share of $0.65, a 5% yield at the current share price
While Sydney toll volumes surged due to the completion of a key project, overall traffic figures disappointed. With no upgrade to the FY25 distribution forecast, we maintain our view that there are better places to find quality income.
MM remains neutral toward TCL
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