TCL – 2.17%: The toll road operator recorded a large statutory profit due to the sale of an asset, however on an underlying basis they lost another $287m which was up on the loss of $153m in FY20. Recent lockdowns in both Sydney and Melbourne have hurt TCL with the company estimating the initial June 2021 restrictions in Sydney had cost it $10 million-$12 million in proportional revenue per week while the tougher restrictions in late July cost them more like $16 million-$18 million per week. It’s clearly a challenging time for toll roads and Transurban in particular however it will improve, and they did pay a 36.5c distribution which had been previously flagged.
MM is neutral TCL around $14.00
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