- Transurban (TCL) delivered double digit earnings and cash flow growth in 1H18, broadly in line with our forecast at the group level although compositionally different.
- FY18 DPS guidance was unchanged at 56cps (+8.7%), and we expect TCL's portfolio to deliver ~7% pa DPS growth over subsequent years.
- Our 12 month target price has reduced 8 cps to $12.54ps, due to minor forecast changes. ADD retained, given ~16% estimated TSR at today's closing price.
My overview of the results to the Morgans network yesterday:
Morgans clients can login to view my full research note on Transurban's first half results: 'Transurban Group, Delivering Growth'. Alternatively, please contact your nearest Morgans office for access.
Disclaimer(s): Analyst owns shares.
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