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TRANSPORTATION: Transurban (TCLAU Baa1/BBB+/A-): FY24 Results

TRANSPORTATION
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Credit neutral.

  • Transurban reported revenue 3% ahead of consensus and up 7% YoY with average daily traffic +1.7%.
  • EBITDA was in-line (5 estimates). Margins improved 0.7% YoY, looks healthy to us with the revenue growth / beat.
  • Free cash improved 15% YoY, which is fully paid out as distributions on average. Capex at $1.3bn exceeded capital release at $0.5bn; these need to balance over time to maintain leverage steady. Expected to balance in 2025 with a declined development pipeline for now but potential for new projects. Credit metrics deteriorated slightly YoY with gearing at 40% from 35% and FF0/Debt at 11.5% from 12.3%.

Webcast replay https://loghic.eventsair.com/845721/928976/Site/Register.

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Credit neutral.

  • Transurban reported revenue 3% ahead of consensus and up 7% YoY with average daily traffic +1.7%.
  • EBITDA was in-line (5 estimates). Margins improved 0.7% YoY, looks healthy to us with the revenue growth / beat.
  • Free cash improved 15% YoY, which is fully paid out as distributions on average. Capex at $1.3bn exceeded capital release at $0.5bn; these need to balance over time to maintain leverage steady. Expected to balance in 2025 with a declined development pipeline for now but potential for new projects. Credit metrics deteriorated slightly YoY with gearing at 40% from 35% and FF0/Debt at 11.5% from 12.3%.

Webcast replay https://loghic.eventsair.com/845721/928976/Site/Register.