TCL

Transurban Group (TCL)

Fri, 13/06/2008 - 11:35

Stock Code

TCL

Stock Exchange

Australian Securities Exchange

Transurban Group (TCL) is the owner, developer and operator of the intelligent transport systems and electronic toll roads; three tolling motorways/road in Australia and one in the US. TCL was listed on the Australian Stock Exchange on the 14th of March 1996. Its average annual revenue reaches approximately AUD$500 million. Its headquarters is located in Melbourne, Australia and to date; around 800 people are employed in the company. Transurban Group operates through its primary operation in Hills M2, CityLink and Pocahontas Parkway.

Best Performing Shares of the Week


Transurban Group (TCL), a company that owns, develops and operates intelligent transport systems and electronic toll roads with operations in Australia and the United States had the best performing shares of the 6th week in ASX100 with a gain of 21.7 percent or 99 cents to its stock price closing the week at $5.55.

Transurban Declines Takeover Bid, Seeks Better Offer


Transurban Group (TCL), the company that operates toll roads in Australia and United States has declined a $6.7 billion takeover bid offered by two Canadian pension funds. However, the group has kept its door open for a better deal. According to some experts, the takeover bid could hit $7.5 billion mark. The two Canadian pension funds are currently looking forward to restart talks with the toll road giant regarding the takeover.

Transurban will Not Buy Further Stakes in Westlink M7


Transurban Group (TCL) has announced that it will not exercise its right to acquire Macquarie Infrastructure Group's (MIG) 50% stake in the Westlink M7 toll road. The company said acquiring additional stake in the toll road would not give further value to its shareholders.In Last December, MIG said, that it is going to sell the 50% stakes in Westlink M7 to Western Sydney Road group (WSRG) for $805 million.

Perilya: Best Performing Stock for the Week 28 of 2008


Perilya (PEM) was the overall best performing stock taking in a 20.96 percent increase. It was a mixture of toll road development, infrastructure services, steel manufacturing, and mining companies who were among the best performing stocks for the week 28 of 2008 of the Australian sharemarket: Transurban Group (TCL), Babcock & Brown Infrastructure (BBI), BlueScope Steel (BSL), Perilya (PEM), Macarthur Coal (MCC). These best performing stocks managed gains above 10.04 percent by the end of the trading week.

Worst Stock Performers for Week 25 of 2008


St. Barbara was the overall worst performing stock taking in a 31.25 percent decrease. Among the worst performing stocks for the week 23 of 2008 of the Australian sharemarket were a mixture of education services, toll road development and management, aviation, metal and mining, property funds management: Transurban Group (TCL), ABC Learning (ABS), Macquarie Airports (MAP), St. Barbara (SBM), APN/UKA European Retail Property (AEZ). These worst performing stocks for week 25 of 2008 recorded losses above 15.38 percent by the end of the trading week.

Transurban Re-Invents Its Financial Wheel


Transurban (TCL) Chief, Chris Lynch has introduced a new cost reduction programs and reinvented new means to finance its debts and increase the cash flows. According to Lynch, the 2009 distribution costs would be funded on the basis of cash flows only. The payout would not be funded by debt accumulation at the cost of company assets.

Best Performing Stocks for the Week 24 of 2008


Spotless Group (SPT) was the overall best performing stock taking in a 18.21 percent increase. Among the best performing stocks for the week 24 of 2008 on the Australian sharemarket was a mixture of toll road development, oil and gas exploration, retail services, mineral and mining: Transurban Group (TLC), Woodside Petroleum (WPL), Santos (STO), Spotless Group (SPT), JB Hi-Fi (JBH), Mincor Resources (MCR). These top gainers for the week 24 managed above 6.79 percent by the end of the trading week.

Transurban (TCL) Update


Transurban (TCL) has a share price target of $7.10 from Australian stockmarket analyst Macquarie Research Equities.

Transurban (TCL) The case for cutting distributions

Market already seems to be pricing the likelihood of a cut to distributions:

At $5.48, TCL is trading on an FY08E OpCF yield of ~4.4% & growth of 7.3% pa to FY20E (total return ~11.7% pa). This compares to an FY08E distribution yield of ~10.4% & growth of ~1.6% pa to FY20E (total return ~12.0%) on current profile.

Market no longer rewarding TCL for its re-gearing strategy:

Australian Infrastructure


Here is an update on the Australian infrastructure sector provided by Australian market analyst UBS.

Australian Infrastructure

Return to fundamentals on the horizon

Infrastructure & long-duration interest rate relationship broken...for now:

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