Equity Analysis /
Australia

AU : Transurban Group - The recovery continues

    Nathan Lead
    Nathan Lead

    Senior Analyst - Infrastructure & Utilities

    CGS-CIMB
    15 April 2021
    Published by

    The March quarter 2021 data painted a picture of varied traffic performance. Forecast changes deliver a 1-3% increase in forecast DPS across FY21-23F. However, longer term forecasts are impacted by the uplift in market interest rates outpacing the increase in CPI expectations. Target price declines 1 cps to $13.86ps. HOLD retained. Next key events are the NSW Govt’s sale of its remaining % WCX stake commencing 2QCY21 and TCL’s Investor Day on 3 May.