All posts by Nathan Lead
Senior Analyst
Sectors Covered: Infrastructure, Utilities, Banks
By Nathan Lead
20 December 2021, 9:30 AM
While the size of Transurban Group's (ASX:TCL) financial contribution to complete the WGTP (West Gate Tunnel Project) will be disappointing for investors, resolution of the dispute removes a major uncertainty.
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By Nathan Lead
24 November 2021, 8:00 AM
APA Group’s (ASX:APA) share price has rebounded strongly after it was beaten to the acquisition of AusNet Services (ASX:AST), reflecting the market’s relief that the transaction did not proceed.
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By Nathan Lead
18 November 2021, 8:00 AM
We update our investment thesis based on macro movements, recent traffic data, the APRR’s recent bond issue, and the investor day briefing.
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By Nathan Lead
12 November 2021, 9:30 AM
AusNet Services (ASX:AST) released its 1H22 result, albeit it was a non-event given the agreed takeover by Brookfield.
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By Nathan Lead
27 October 2021, 10:30 AM
Aurizon Holdings (ASX:AZJ) will acquire One Rail, subject to ACCC approval, with plans to divest One Rail's East Coast Rail.
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By Nathan Lead
25 October 2021, 8:00 AM
Transurban Group's (TCL:ASX) 1Q22 data continued to paint a picture of depressed traffic across major regions, which should come as no surprise to investors.
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By Nathan Lead
21 October 2021, 8:30 AM
The rebound in APRR traffic back to trend was a highlight of the Q3 data.
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By Nathan Lead
19 October 2021, 7:30 AM
We adjust our DCF valuation approach to concession-based assets, and also update our modelling for spot FX, traffic, and valuation roll-forward.
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By Nathan Lead
18 October 2021, 9:30 AM
Adjusting our valuation approach has unearthed an additional source of incremental value. We upgrade from HOLD to ADD.
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By Nathan Lead
15 October 2021, 9:30 AM
We await progress on APA Group's (ASX:APA) takeover proposal for AusNet Services (ASX:AST), with the next step being the Takeovers Panel’s ruling re: APA’s access to due diligence.
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