Jugador, my preferred financial performance measure for an infrastructure stock such as TCL is Free Cash Flow per Security (after ignoring any capital release distortions and using weighted average shares).
Subject to checking and confirmation by others, I calculate that FCF/Share has risen by 41.3% over the last three financial years. What is so good about this is that it has occurred at a time with a record amount of capital on the balance sheet not yet earning meaningful cash flow (the five current unfinished projects and the sizable Montreal acquisition which only started contributing part way through June 2018). Free cash flow should continue to grow strongly as these projects come on line and with increasing traffic and tolls.
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