Reported Earnings • Aug 14
Full year 2026 earnings released: EPS: AU$0.12 (vs AU$0.043 in FY 2025) Full year 2026 results: EPS: AU$0.12 (up from AU$0.043 in FY 2025). Revenue: AU$3.90b (up 3.3% from FY 2025). Net income: AU$366.0m (up 175% from FY 2025). Profit margin: 9.4% (up from 3.5% in FY 2025). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Infrastructure industry in Australia. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Aug 13
Transurban Group Provides Dividend Guidance for Fiscal Year 2027 Transurban Group provided dividend guidance for fiscal year 2027. The company provided Fiscal Year '27 distribution guidance of $0.72 per security. Declared Dividend • Jun 26
First half dividend of AU$0.35 announced Shareholders will receive a dividend of AU$0.35. Ex-date: 29th June 2026 Payment date: 18th August 2026 Dividend yield will be 4.5%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is not covered by earnings (436% earnings payout ratio) nor is it covered by cash flows (209% cash payout ratio). The dividend has increased by an average of 4.2% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 384% to bring the payout ratio under control. EPS is expected to grow by 44% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Buy Or Sell Opportunity • Jun 15
Now 21% undervalued Over the last 90 days, the stock has risen 7.0% to AU$15.39. The fair value is estimated to be AU$19.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.6% over the last 3 years. Earnings per share has grown by 28%. For the next 3 years, revenue is forecast to grow by 3.1% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Announcement • May 12
Transurban Group to Report Fiscal Year 2026 Results on Aug 13, 2026 Transurban Group announced that they will report fiscal year 2026 results on Aug 13, 2026 Announcement • Feb 20
Transurban Group Reaffirms Dividend Guidance for the Fiscal Year 2026 Transurban Group reaffirmed that the fiscal year 2026 distribution is expected to be 69.0 cents per share, representing approximately 6% growth on fiscal year 2025. Upcoming Dividend • Dec 24
Upcoming dividend of AU$0.34 per share Eligible shareholders must have bought the stock before 30 December 2025. Payment date: 24 February 2026. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 4.6%. Lower than top quartile of Australian dividend payers (5.6%). In line with average of industry peers (4.6%). Announcement • Dec 03
Transurban Group Announces Distribution for the Six Months Ending 31 December 2025, Payable on 24 February 2026 Transurban Group announced a distribution totalling 34.0 cents per stapled security (cps) will be paid for the six months ending 31 December 2025. This will be paid from Transurban Holding Trust and controlled entities. Transurban Holdings Limited and Transurban International Limited will not pay dividends for the period. Securities trade `ex-distribution' is 30 December 2025. Record Date is 31 December 2025. Final date for elections under DRP is 2 January 2026. Payment Date and DRP Allotment Date is 24 February 2026. Announcement • Nov 25
Transurban Group to Report First Half, 2026 Results on Feb 19, 2026 Transurban Group announced that they will report first half, 2026 results on Feb 19, 2026 Reported Earnings • Aug 20
Full year 2025 earnings released Full year 2025 results: Revenue: AU$3.77b (down 8.5% from FY 2024). Net income: AU$178.0m (down 45% from FY 2024). Profit margin: 4.7% (down from 7.9% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Infrastructure industry in Australia. Announcement • Jun 03
Transurban Group to Report Fiscal Year 2025 Results on Aug 20, 2025 Transurban Group announced that they will report fiscal year 2025 results on Aug 20, 2025 Buy Or Sell Opportunity • Feb 11
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 4.7% to AU$13.14. The fair value is estimated to be AU$10.86, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 1.9% per annum. Earnings are also forecast to grow by 24% per annum over the same time period. Upcoming Dividend • Dec 24
Upcoming dividend of AU$0.32 per share Eligible shareholders must have bought the stock before 30 December 2024. Payment date: 25 February 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 4.5%. Lower than top quartile of Australian dividend payers (6.1%). In line with average of industry peers (4.1%). Declared Dividend • Dec 24
Final dividend increased to AU$0.32 Dividend of AU$0.32 is 6.7% higher than last year. Ex-date: 30th December 2024 Payment date: 25th February 2025 Dividend yield will be 4.7%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 5x earnings) nor is it covered by cash flows (374% cash payout ratio). The dividend has increased by an average of 5.9% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 553% to bring the payout ratio under control. EPS is expected to grow by 84% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Announcement • Dec 18
Transurban Group to Report First Half, 2025 Results on Feb 20, 2025 Transurban Group announced that they will report first half, 2025 results on Feb 20, 2025 Buy Or Sell Opportunity • Nov 04
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at AU$12.92. The fair value is estimated to be AU$10.65, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 1.9% per annum. Earnings are also forecast to grow by 19% per annum over the same time period. Buy Or Sell Opportunity • Oct 09
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 4.1% to AU$13.18. The fair value is estimated to be AU$10.87, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 2.0% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Buy Or Sell Opportunity • Sep 04
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 5.9% to AU$13.63. The fair value is estimated to be AU$11.35, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 2.3% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Announcement • Aug 21
Transurban Group Announces Changes of Chief Commercial Officer, Effective Mid-November 2024 Transurban Group announced that Chief Commercial Officer Hugh Wehby has resigned, effective from mid-November 2024, to pursue a career opportunity with another ASX listed company. A global search for Hugh's replacement has commenced and in the interim, David Clements, General Manager Delivery Australia, will take on acting responsibility for the majority of Hugh's portfolio. Reported Earnings • Aug 08
Full year 2024 earnings released Full year 2024 results: Revenue: AU$4.12b (flat on FY 2023). Net income: AU$326.0m (up 409% from FY 2023). Profit margin: 7.9% (up from 1.5% in FY 2023). Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Infrastructure industry in Oceania. Buy Or Sell Opportunity • Jul 29
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 2.5% to AU$12.80. The fair value is estimated to be AU$10.65, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 2.3% per annum. Earnings are also forecast to grow by 23% per annum over the same time period. Declared Dividend • Jun 24
First half dividend of AU$0.32 announced Shareholders will receive a dividend of AU$0.32. Ex-date: 27th June 2024 Payment date: 13th August 2024 Dividend yield will be 4.9%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 8x earnings) nor is it covered by cash flows (dividend approximately 7x free cash flows). The dividend has increased by an average of 6.4% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 828% to bring the payout ratio under control. EPS is expected to grow by 101% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Announcement • Mar 07
Transurban Group, Annual General Meeting, Oct 22, 2024 Transurban Group, Annual General Meeting, Oct 22, 2024. Announcement • Mar 01
Transurban Group to Report Fiscal Year 2024 Results on Aug 08, 2024 Transurban Group announced that they will report fiscal year 2024 results on Aug 08, 2024 Reported Earnings • Feb 09
First half 2024 earnings released: EPS: AU$0.066 (vs AU$0.013 in 1H 2023) First half 2024 results: EPS: AU$0.066 (up from AU$0.013 in 1H 2023). Revenue: AU$2.13b (up 4.6% from 1H 2023). Net income: AU$204.0m (up 398% from 1H 2023). Profit margin: 9.6% (up from 2.0% in 1H 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Infrastructure industry in Oceania. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Dec 21
Upcoming dividend of AU$0.30 per share at 4.5% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 13 February 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 4.5%. Lower than top quartile of Australian dividend payers (6.7%). Higher than average of industry peers (4.0%). Announcement • Dec 20
Transurban Appoints Gary Lennon as Non-Executive Director, Effective from 18 March 2024 Transurban announced the appointment of Mr. Gary Lennon to the Transurban Group Board as a Non-executive Director, effective from 18 March 2024. Lennon is an experienced chief financial officer with deep financial and accounting experience having held senior leadership roles in the banking sector across Australia, New Zealand and Asia. Mr. Lennon also has extensive ASX listed company experience through his senior leadership roles at National Australia Bank as its Chief Financial Officer (2016 to 2023), Executive General Manager of Finance (2010 to 2016) and as Chief Financial Officer of Wholesale Banking (2008 to 2010). Prior to this Mr. Lennon spent a combined 18 years in a number of global senior finance executive roles with Deutsche Bank and KPMG, notably as Chief Financial Officer of Deutsche Bank, Australia and New Zealand, Chief Financial Officer of Deutsche Bank Japan, as well as senior management roles with KPMG in Sydney and London. Lennon holds an Honours degree in Economics from the University of Sydney and is a Fellow of the Institute of Chartered Accountants. He is currently a Director of the Stronger Smarter Institute, and formerly a director of the Bank of New Zealand (2019 to 2023). Announcement • Dec 13
Transurban Group Announces Distribution for the Six Months Ending 31 December 2023, Payable on 13 February 2024; Provides Dividend Guidance for the Year 2024 Transurban Group announced a distribution totaling 30.0 cents per stapled security will be paid for the six months ending 31 December 2023. The distribution will be paid from the Transurban Holding Trust and controlled entities and will not be franked. Transurban Holdings Limited and Transurban International Limited will not be paying a dividend for the period. Record Date 29 December 2023, Securities trade `ex-distribution' 28 December 2023 and payment date and DRP Allotment Date 13 February 2024.Transurban reaffirms its 2024 distribution guidance of 62.0 cents per stapled security on the basis set out in the 2023 Results materials1, inclusive of the distribution of 30.0 cents per stapled security for the six months ending31 December 2023. Announcement • Nov 20
Transurban Group to Report First Half, 2024 Results on Feb 08, 2024 Transurban Group announced that they will report first half, 2024 results on Feb 08, 2024 Announcement • Oct 19
Transurban Group Announces Cessation of Terence (Terry) James Bowen as a Director Transurban Group announced cessation of Terence (Terry) James Bowen as a director. Date that director ceased to be director is 19 October 2023. Announcement • Sep 26
Transurban Group Appoints Henry Byrne as CFO Effective 19 October 2023 Transurban Group announced that Henry Byrne has been appointed Chief Financial Officer (CFO) of Transurban Group, effective 19 October 2023. Since joining Transurban in 2007, Henry has held broad leadership roles, including across strategy, investor relations and asset management. Henry has been a member of the Executive Committee since 2017 and is currently Group Executive, Victoria and Strategy, a role he has held since 2020. He holds a Bachelor of Commerce and Laws from Monash University. Henry will replace current CFO, Michelle Jablko, who has been appointed as the Group's Chief Executive Officer and Managing Director, effective from the conclusion of the Annual General Meetings on 19 October 2023. Announcement • Sep 23
Abertis Reportedly Adds Another Investment Banking Adviser to Its Line-Up in Its Quest to Buy A Major Stake in Melbourne Toll Road Eastlink Abertis Infraestructuras, S.A. has added another investment banking adviser to its line-up in its quest to buy a major stake in Melbourne toll road EastLink. The Spanish toll road operator is now working with JPMorgan, as well as investment bank Citi. The news, revealed by DataRoom online, comes as the Australian Competition & Consumer Commission on 21 September 2023 blocked an attempt by Transurban Group (ASX:TCL) to buy the asset. However, Transurban - the owner of most of the country's toll roads - is likely to appeal the decision in court. Transurban had Azure Capital, Barrenjoey, Macquarie Capital and Morgan Stanley as its advisers and was expectedto embark on a large equity raising to fund the acquisition. Yet the latest decision may open up the competition with other suitors who held back, given Transurban was seen to be well-placed to win. Queensland Investment Corporation was earlier known to be considering a purchase, while IFM may also enter the contest. Announcement • Sep 21
Transurban Group Announces CEO Changes As previously announced by Transurban Group, Michelle Jablko will commence in the role as Chief Executive Officer and Managing Director upon the conclusion of the 2023 Annual General Meetings on 19 October 2023. Transurban Group announced that the outgoing Chief Executive Officer, Scott Charlton, will leave Transurban Group on 30 November 2023. Mr. Charlton has advised the Board that he has recently accepted an executive role as Chief Executive Officer of Sydney Airport, and accordingly, his departure date has been brought forward to 30 November from the previously announced date of 31 December 2023. Given Mr. Charlton has spent the past two months actively transitioning the CEO role to Ms Jablko, the Board is satisfied with this revised departure date. Announcement • Sep 14
Transurban Group Announces Retirement of Terry Bowen as Non-Executive Director Transurban Group announced that Non-executive Director Terry Bowen will retire from the Transurban Group Board at the conclusion of the 2023 Annual General Meetings (AGM) on 19 October 2023. Mr. Bowen has recently accepted an executive role as President and Chief Operating Officer of Rokt. Accordingly, Mr. Bowen has advised that he will not stand for re-election at the Transurban Group AGM. Announcement • Sep 01
Transurban Group Announces Executive Changes Transurban announces the appointment of Dr Sarah Ryan to the Transurban Group Board as a Non-executive Director. Transurban further announces that Dr Jane Wilson has advised that she will not stand for re-election at the 2023 Annual General Meetings (AGM) of Transurban Group to be held on 19 October 2023 and will retire from the Transurban Group Board, effective 18 October 2023. Dr Ryan is an experienced Non-executive Director and former energy executive with more than 30 years of global experience in various technical, operational and leadership roles, including 15 years with Schlumberger in Australia, North America, United Kingdom, Europe and Asia. Dr Ryan also has a decade of experience in North America and Australia with institutional investment firm Earnest Partners covering the firm's investments in natural resources and associated sectors worldwide, including engineering and construction. Dr Ryan is currently a Non-executive Director of Viva Energy Group Limited, Aurizon Holdings Limited and Future Battery Industries Co-operative Research Centre and until recently was a Non-executive Director of Oz Minerals Limited and Woodside Energy Group Limited. Dr Ryan is also a Strategic Advisory Panel Member of the ARC Centre of Excellence for Green Electrochemical Transformation of Carbon Dioxide and Chair of the Energy Forum for the Australian Academy of Technological Sciences and Engineering. It is intended that Dr Ryan will stand for election at the 2023 AGM. Further details will be made available in the 2023 Notice of Meetings. New Risk • Aug 17
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 144% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.8x net interest cover). Dividend is not well covered by earnings and cash flows. Dividend per share is over 27x earnings per share. Cash payout ratio: 445% Minor Risk Large one-off items impacting financial results. Reported Earnings • Aug 16
Full year 2023 earnings released: EPS: AU$0.021 (vs AU$0.006 in FY 2022) Full year 2023 results: EPS: AU$0.021 (up from AU$0.006 in FY 2022). Revenue: AU$4.16b (up 22% from FY 2022). Net income: AU$64.0m (up 237% from FY 2022). Profit margin: 1.5% (up from 0.6% in FY 2022). Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Infrastructure industry in Oceania. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Jul 12
Transurban Group to Report Fiscal Year 2023 Results on Aug 16, 2023 Transurban Group announced that they will report fiscal year 2023 results on Aug 16, 2023 Announcement • Jun 29
Transurban Group (ASX:TCL) agreed to acquire Horizon Roads Pty Limited. Transurban Group (ASX:TCL) agreed to acquire Horizon Roads Pty Limited on March 28, 2023. The transaction is subject to approval from Australian Competition and Consumer Commission. As of March 24, 2023 Australian Competition and Consumer Commission approved the deal. As on June 29, 2023, ACCC has raised preliminary competition concerns about the acquisition and has invited submissions in response by July 14, 2023. Upcoming Dividend • Jun 22
Upcoming dividend of AU$0.32 per share at 2.8% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 21 August 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 2.8%. Lower than top quartile of Australian dividend payers (7.5%). Lower than average of industry peers (3.4%). Announcement • Feb 09
Transurban Group Provides Dividend Guidance for the Year 2023 Transurban Group provided dividend guidance for the year 2023. Fiscal year 2023 distribution is expected to be 57.0 cps representing approximately 39.0% growth on fiscal year 2022 and 4.0 cps on prior distribution guidance. Reported Earnings • Feb 07
First half 2023 earnings released: EPS: AU$1.30 (vs AU$0.035 loss in 1H 2022) First half 2023 results: EPS: AU$1.30 (up from AU$0.035 loss in 1H 2022). Revenue: AU$2.03b (up 56% from 1H 2022). Net income: AU$41.0m (up AU$144.0m from 1H 2022). Profit margin: 2.0% (up from net loss in 1H 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Infrastructure industry in Oceania. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 22
Upcoming dividend of AU$0.27 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 13 February 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.0%. Lower than top quartile of Australian dividend payers (7.1%). Lower than average of industry peers (3.4%). Board Change • Nov 16
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 3 experienced directors. 1 highly experienced director. CEO & Executive Director Scott Charlton is the most experienced director on the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Recent Insider Transactions • Oct 27
CEO & Executive Director recently bought AU$189k worth of stock On the 24th of October, Scott Charlton bought around 15k shares on-market at roughly AU$12.57 per share. This transaction amounted to 2.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Scott's only on-market trade for the last 12 months. Announcement • Oct 12
Transurban Group to Report Q2, 2023 Results on Feb 07, 2023 Transurban Group announced that they will report Q2, 2023 results on Feb 07, 2023 Reported Earnings • Aug 19
Full year 2022 earnings released Full year 2022 results: Revenue: AU$3.41b (up 18% from FY 2021). Net income: AU$16.0m (up AU$272.0m from FY 2021). Profit margin: 0.5% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the next year, revenue is forecast to grow 8.0%, compared to a 25% growth forecast for the Infrastructure industry in Australia. Board Change • Apr 27
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Member of North American Advisory Board Laurie Mahon was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Mar 11
Insider recently bought AU$99k worth of stock On the 4th of March, Marina Go bought around 8k shares on-market at roughly AU$12.51 per share. In the last 3 months, there was an even bigger purchase from another insider worth AU$135k. Insiders have collectively bought AU$1.1m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Mar 01
Independent Non-Executive Director recently bought AU$95k worth of stock On the 25th of February, Timothy Reed bought around 8k shares on-market at roughly AU$12.67 per share. In the last 3 months, there was an even bigger purchase from another insider worth AU$135k. Insiders have collectively bought AU$1.0m more in shares than they have sold in the last 12 months. Reported Earnings • Feb 19
First half 2022 earnings: EPS in line with expectations, revenues disappoint First half 2022 results: AU$0.035 loss per share (up from AU$0.10 loss in 1H 2021). Revenue: AU$1.30b (down 8.6% from 1H 2021). Net loss: AU$103.0m (loss narrowed 64% from 1H 2021). Revenue missed analyst estimates by 9.6%. Over the next year, revenue is forecast to grow 18%, compared to a 24% growth forecast for the industry in Australia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Dec 26
Independent Non-Executive Director recently bought AU$135k worth of stock On the 22nd of December, Robert Whitfield bought around 10k shares on-market at roughly AU$13.46 per share. In the last 3 months, there was an even bigger purchase from another insider worth AU$544k. Insiders have collectively bought AU$1.1m more in shares than they have sold in the last 12 months. Upcoming Dividend • Dec 23
Upcoming dividend of AU$0.15 per share Eligible shareholders must have bought the stock before 30 December 2021. Payment date: 22 February 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of Australian dividend payers (5.6%). In line with average of industry peers (2.9%). Recent Insider Transactions • Oct 16
Independent Non-Executive Director recently bought AU$544k worth of stock On the 14th of October, Craig Drummond bought around 40k shares on-market at roughly AU$13.59 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$966k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Sep 28
Independent Non-Executive Director recently bought AU$211k worth of stock On the 24th of September, Timothy Reed bought around 15k shares on-market at roughly AU$14.09 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$450k more in shares than they have sold in the last 12 months. Announcement • Sep 21
Transurban Group (ASX:TCL), AustralianSuper Pty Ltd, Tawreed Investments Ltd. and Caisse de dépôt et placement du Québec executed an agreement to acquire remaining 49% stake in Sydney Motorway Corporation Pty Limited from NSW Government for AUD 11.1 billion. Transurban Group (ASX:TCL), AustralianSuper Pty Ltd, Tawreed Investments Ltd. and Caisse de dépôt et placement du Québec executed an agreement to acquire remaining 49% stake in Sydney Motorway Corporation Pty Limited from NSW Government for AUD 11.1 billion on September 19, 2021. Caisse de dépôt et placement du Québec will contribute AUD 2.3 billion for 10% stake, Transurban will contribute AUD 5.56 billion for additional 24.5% stake and the remaining consideration will be paid by the other members of the consortium, AustralianSuper Pty Ltd for additional 10% stake and Tawreed Investments Ltd. for additional 4.5% stake. Transaction will be funded by the consortium with equity upfront, with no additional debt funding. Transurban’s contribution to the transaction, will be funded through a combination of new equity and existing corporate liquidity. Transurban Group will undertake a fully underwritten entitlement offer to raise AUD 3.97 billion and a placement of its shares to AustralianSuper Pty Ltd to raise AUD 250 million. Post the transaction, the consortium which also includes Canada Pension Plan Investment Board, together will hold 100% stake in Sydney Motorway Corporation, as follows, Transurban (50% stake), AustralianSuper (20.5% stake), Canada Pension Plan Investment (10.5% stake), Tawreed (9% stake) and Caisse de dépôt et placement du Québec (10% stake). ACCC and FIRB have confirmed that they have no opposition to the transaction. Transaction is subject to certain closing conditions including payment of the purchase price. Closing of the acquisition is expected in October 2021. The transaction is expected to be free cash per security accretive over the near, medium and long-term. Macquarie Capital (Australia) Limited acted as a financial advisor to Sydney Transport Partners which consists of Transurban Group (ASX:TCL), AustralianSuper Pty. Ltd., Tawreed Investments Ltd. and Caisse de dépôt et placement du Québec. Barrenjoey Capital Partners, Morgan Stanley and UBS worked on the deal for Transurban. Reported Earnings • Aug 11
Full year 2021 earnings released The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2021 results: Revenue: AU$2.89b (down 20% from FY 2020). Net loss: AU$256.0m (loss widened 131% from FY 2020). Board Change • Aug 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Craig Drummond was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Is New 90 Day High Low • Feb 19
New 90-day low: AU$12.61 The company is down 16% from its price of AU$15.00 on 20 November 2020. The Australian market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is down 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$11.25 per share. Recent Insider Transactions • Feb 18
Independent Non-Executive Director recently bought AU$130k worth of stock On the 17th of February, Robert Whitfield bought around 10k shares on-market at roughly AU$12.97 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold AU$4.8m more in shares than they bought in the last 12 months. Reported Earnings • Feb 12
First half 2021 earnings released: AU$0.14 loss per share (vs AU$0.036 profit in 1H 2020) The company reported a poor first half result with weaker earnings, revenues and control over costs. First half 2021 results: Revenue: AU$1.42b (down 22% from 1H 2020). Net loss: AU$385.0m (down 497% from profit in 1H 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 113 percentage points per year, which is a significant difference in performance. Analyst Estimate Surprise Post Earnings • Feb 12
Revenue beats expectations Revenue exceeded analyst estimates by 2.1%. Over the next year, revenue is forecast to grow 9.5% compared to a 12% decline forecast for the Infrastructure industry in Australia. Announcement • Feb 11
Transurban Group to Report First Half, 2021 Results on Feb 11, 2021 Transurban Group announced that they will report first half, 2021 results on Feb 11, 2021 Announcement • Jan 28
Transurban Group(ASX:TCLNB) dropped from FTSE All-World Index (USD) Transurban Group(ASX:TCLNB) dropped from FTSE All-World Index (USD) Is New 90 Day High Low • Jan 07
New 90-day low: AU$13.26 The company is down 5.0% from its price of AU$13.98 on 09 October 2020. The Australian market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$10.67 per share. Announcement • Dec 23
Transurban Group Announces Management Changes Transurban announced that Michelle Jablko has been appointed Chief Financial Officer of Transurban Group. Michelle is currently Chief Financial Officer of ANZ, having held this role since 2016. Michelle brings a breadth of senior leadership experience gained across a large and complex global organisation. Prior to this Michelle had a long career in investment banking with UBS and Greenhill Australia as a Managing Director working across different industries. Michelle's early career was with Allens Linklaters focussed on M&A, banking, tax and finance law. Announcement • Dec 18
AustralianSuper Pty. Ltd., Canada Pension Plan Investment Board and UniSuper Limited entered into an agreement to acquire 50% stake in Transurban Chesapeake assets from Transurban Group (ASX:TCL) for AUD 2.9 billion. AustralianSuper Pty. Ltd., Canada Pension Plan Investment Board and UniSuper Limited entered into an agreement to acquire 50% stake in Transurban Chesapeake assets from Transurban Group (ASX:TCL) for AUD 2.9 billion on December 16, 2020. Under the terms of transaction, cash consideration is of AUD 2.8 billion, plus a potential earn-out between FY24 and FY26 of up to AUD 93 million. The consideration will be subject to typical post-closing adjustments such as net working capital, reserve and cash balances, outstanding debt and capital expenditure at the completion of the acquisition. The earn-out mechanism will be based on a cumulative revenue target trigger and subject to the achievement of minimum EBITDA thresholds. Upon meeting those triggers, an earn-out up to the earn-out cap will be paid between FY24 and FY26. As per the transaction, AustralianSuper Pty. Ltd., Canada Pension Plan Investment Board and UniSuper Limited will acquire 25%, 15% and 10% stake respectively. Transurban will retain a 50% stake in Transurban Chesapeake business. Canada Pension Plan Investment Board will hold a 15% interest in Transurban Chesapeake assets with an initial investment of $624 million (AUD 825.05), plus a potential earn-out payment to Transurban Group over the next five years of up to $21 million (AUD 27.77). The acquisition includes Transurban’s Greater Washington Area (GWA) operational assets which include the 495 Express Lanes, 95 Express Lanes and 395 Express Lanes, as well as three projects in delivery and development (the Fredericksburg Extension, 495 Express Lanes Northern Extension and the Capital Beltway Accord) and exclusive development rights to invest alongside Transurban on projects in the Commonwealth of Virginia, State of Maryland and Washington, District of Columbia (D.C.). The transaction subject to customary closing conditions and relevant consents and approvals. The transaction is expected to close in first half of 2021. Announcement • Nov 27
Transurban Group, Annual General Meeting, Oct 21, 2021 Transurban Group, Annual General Meeting, Oct 21, 2021. Is New 90 Day High Low • Nov 11
New 90-day high: AU$15.01 The company is up 12% from its price of AU$13.46 on 13 August 2020. The Australian market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$10.37 per share. Announcement • Oct 15
Transurban Group Announces Executive Changes, Effective 13 November 2020 Transurban Group announced the appointment of Tom McKay as Interim Chief Financial Officer, while the global search for the Chief Financial Officer role is underway. Tom will commence in the role on 13 November 2020 following the departure of the current Chief Financial Officer, Adam Watson, from that date. Tom McKay is a senior finance executive with over 30 years' experience in capital markets. Tom joined Transurban in 2016 and is currently the General Manager Treasury and Capital Markets. Announcement • Oct 08
Transurban Group Announces Board Changes Transurban announced that Mr. Robert Whitfield AM and Mr. Tim Reed will join the Transurban Board as Non-executive Directors, effective 1 November 2020. Mr. Whitfield is currently a Non-executive Director of the Commonwealth Bank of Australia and GPT Group. He has previously served as a Chairman and Director of New South Wales Treasury Corporation, Secretary of NSW Treasury, Secretary of NSW Industrial Relations, and as Deputy Chair of the Australian Financial Markets Association. Mr. Reed is currently the President of the Business Council of Australia and co-Managing Director of Potentia, a private equity firm focused on technology businesses. Transurban separately notes that whilst it was initially planned for Mr. Terry Bowen to move into the role of Chair of the Audit and Risk Committee upon Ms Christine O Reilly's retirement, that position will now be assumed by Mr. Neil Chatfield effective from the conclusion of October 8, 2020 Annual General Meetings subject to his re-election. Is New 90 Day High Low • Sep 24
New 90-day high: AU$14.74 The company is up 2.0% from its price of AU$14.43 on 26 June 2020. The Australian market is up 4.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Infrastructure industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$12.59 per share. 
