Morgans Blog | Morgans

All posts by Nathan Lead

Senior Analyst

Sectors Covered: Infrastructure, Utilities, Banks

Atlas Arteria: APRR traffic emerges from COVID

21 April 2022, 10:00 AM

Good Q1 traffic numbers on the key asset APRR bodes well for a strong lift in Atlas Arteria's (ASX:ALX) DPS paid in 2H22 and beyond.

Transurban Group: 3Q22 traffic, 95 Express Lanes, WCX capital release

By Nathan Lead

19 April 2022, 9:30 AM

We review Transurban Group's (ASX:TCL) 3Q22 traffic data and take the opportunity to factor in TCL’s detailed long-term forecasts for its 95 Express Lanes and update our WCX debt modelling for the asset’s recent debt issue and capital release.

Atlas Arteria: Moderating

By Nathan Lead

25 March 2022, 8:30 AM

Atlas Arteria's (ASX:ALX) rating downgraded from ADD to HOLD given compression in potential returns.

Atlas Arteria: Showing leverage to recovering traffic

By Nathan Lead

25 February 2022, 9:00 AM

The FY21 result for Atlas Arteria (ASX:ALX) showed the expected leverage to recovering traffic volumes.

APA Group: Incoming inflation kicker

By Nathan Lead

25 February 2022, 7:00 AM

APA Group's (ASX:APA) 1H22 EBITDA beat consensus by 2% and Free CF beat our forecast by 4%. FY22 DPS guidance was reaffirmed at 53.0 cps.

Transurban Group: Waiting for the recovery to gain momentum

By Nathan Lead

18 February 2022, 12:30 PM

There was no surprise the 1H22 result was weak for Transurban Group (ASX:TCL), but it was better than expected.

Aurizon Holdings: Continued focus on Bulk’s growth

By Nathan Lead

15 February 2022, 10:15 AM

JB Hi-Fi (ASX:JBH) pre-announced its headline 1H22 earnings last month. The full earnings release issued today confirmed that EBIT was down 9% to $420.5m, but this was 60% above 1H20 and 17% above our estimate before the January trading update.