Transurban Group

TCL: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$87.40	Xsgb	Cxbcystn

Transurban’s Investor Day Highlights Capital Discipline and Ongoing Growth, Securities Overvalued

Adam Fleck

May 4, 2017

We maintain our AUD 10.50 fair value estimate for wide-moat Transurban following the firm’s investor day. The company highlighted its solid pipeline of potential projects, including continued road widening, network expansions, and upgrades to its tolling technology to drive traffic throughput. That said, we incorporate many of these opportunities into our traffic forecasts for the next several years, which outstrip likely population growth in key areas such as Melbourne and Sydney, and estimate that any incremental projects would have a minimal impact on our valuation.

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