What You Should Do TCL remains our top pick in the space. TCL is in a very strong position, in our view, with its core asset portfolio performing strongly and plenty of growth opportunities going forward, including NorthConnex, the CityLink upgrade, QML integration and the opening of the I-95 Express Lanes and M5 widening by calendar year-end. Trading on 17.8x FY15F EV/EBITDA with a 5.4% yield and 11% DPS growth over the next three years, we maintain our Add rating with a A$7.29 target price. Risks to our valuation and target price include higherthan- expected bond rates lower-than-expected traffic growth and M&A risks.
TCL Price at posting:
$7.19 Sentiment: Hold Disclosure: Held
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