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Transurban Group TCL

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Morningstar’s Analysis

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Transurban Resolves West Gate Tunnel Issues

Adrian Atkins Senior Equity Analyst

Analyst Note

| Adrian Atkins |

We maintain our AUD 12 per share fair value estimate for Transurban after it agreed with the Victorian Government to split the bill 50:50 for the West Gate Tunnel cost blowout. The AUD 2 billion cost to the wide-moat firm is about AUD 300 million higher than we previously factored in. Additionally, the project timeline has slipped again, with completion now expected in late 2025, three years later than the original schedule and one year later than we previously factored in. While both are negative, they are small in the scheme of things.

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Company Profile

Business Description

Transurban Group is an owner/operator of toll roads in Melbourne, Sydney, and Brisbane. It also owns toll roads in Virginia, USA and Montreal, Canada. The weighted average concession life across the portfolio is close to 30 years. Australian assets contribute around 90% of proportional revenue.

727 Collins Street, Level 31, Tower 5, Collins Square
Docklands, VIC, 3008, Australia
T +61 386568900
Sector Industrials
Industry Infrastructure Operations
Most Recent Earnings
Fiscal Year End Jun 30, 2022
Stock Type
Employees 460