Sydney Airport: Buying tickets in advance By Nathan Lead 24 February 2020, 12:30 PM The 2H19 result was solid. Developments in commercial were positive. Delay in providing FY20 DPS guidance was a surprise (we ultimately expect 40 cps). Read more...
Aurizon Holdings: Capital management vs low growth outlook By Nathan Lead 12 February 2020, 1:20 PM Although Aurizon (ASX:AZJ) faces a low growth outlook, we think investors will be attracted its dividend yield, significant share buyback initiative, and valuation support. We maintain our ADD. Read more...
Aurizon Holdings: Update to add By Nathan Lead 07 January 2020, 3:42 PM We take advantage of recent share price weakness (down 14% since September) to upgrade to ADD. Total 12 month potential return at current prices is ~15%. Key attractions include the aggressively pursued buyback currently underway, forecast ~5.2% yield (~70% franked), and relatively predictable (albeit low growth) earnings that should have a relatively low correlation to the domestic economy. Read more...
Sydney Airport: Regulatory pressures ease By Nathan Lead 23 October 2019, 5:24 PM The Productivity Commission's final report was benign for SYD, if not helpful. We view the event as de-risking the investment case, and should contribute to the gap closing between the share price and our 12 month target price. Read more...
Transurban Group: Softer Australian traffic growth By Nathan Lead 14 October 2019, 1:10 PM We have moderated forecast EBITDA by 1-2% to reflect the softer traffic growth on key Australian roads in the September quarter. Additionally we have revised the corporate tax modelling, lifting our 12 month price target. We retain a HOLD rating. Read more...
Transurban Group: taking the M5 to 100% By Nathan Lead 09 August 2019, 5:49 PM TCL could be considered to be within the bounds of fair value Read more...
Sydney Airport: Valuation support in a lower-for-longer world By Nathan Lead 22 July 2019, 4:54 PM Benefits from lower interest rates on new and unhedged debt Read more...
Bingo Industries: 2019 Investor Day By Nathan Lead 28 June 2019, 9:54 AM We grow cautiously more bullish on the upside from the Queensland landfill levy Read more...
AusNet Services: Taking the pedal off the metal By Nathan Lead 13 March 2019, 2:32 PM Given the compression in total potential return we downgrade our recommendation from Add to Hold Read more...
Aurizon Holdings: 1H19 result By Nathan Lead 12 February 2019, 12:45 PM Revenue recognition affected 1H19 Read more...