Transurban Group Edges up with Earnings update for FY18


Transurban Group (ASX: TCL) revealed its FY18 earnings wherein proportional Toll revenue increased 8.7 per cent to $2,340 Mn in FY18 against FY17 while proportional EBITDA lifted by 10.2 per cent and amounted to $1,796 Mn during the same period. Backed by increased toll price and vehicle numbers, NPAT recorded significant growth of 102 per cent to $485 Mn in FY18 against FY17. As a result, the group declared a half-year distribution of 28.0 cents per share which will be paid on 10 August 2018. This will consist of 25.5 cents per share (cps) distribution from Transurban Holding Trust and a 2.5 cps fully franked dividend from Transurban Holdings. The management has provided FY19 distribution guidance of 59.0 cps that include 2.0 cps fully franked. Moreover, the management committed to paying 59 cents per share if WestConnex bid happens successfully.

The free cash flow coverage recorded growth of 101.4% in FY18 as compared to prior year. Moreover, FY19 free cash flow incorporates TIFIA interest payments and amortization of the M5 and ED debt as well as scheduled capital releases as pre-agreed with state governments.

With this news, the stock edged up 0.924 per cent with the intra-trading volume of more than 2.1 Mn. The stock traded at $12.01 with the market-cap of circa $26.47 Mn as on August 07, 2018 (AEST – 3:30 P.M.).

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