Here is a tip to valuing TCL...
look at traffic volumes for all the motorways as per the asx announcements. Multiply them by the toll prices.
Apply a 2% CPI growth to prices and a 2.5% average compound traffic growth rate.
Each motorway is like a bond in that the concession period is locked in.
Use a 7% WACC
When I did this a while back i valued the Company at $9.50.
However that didnt include Northconnex or the Westconnex.
This is not like SGH, where the assets are intangible and the market competitive.
These are tangible infrastructure assets and they have a monopoly.
$11, page-12
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Last
$13.67 |
Change
-0.040(0.29%) |
Mkt cap ! $42.42B | |||
| Open | High | Low | Value | Volume |
| $13.64 | $13.74 | $13.60 | $40.77M | 2.984M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 45717 | $13.66 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $13.69 | 4318 | 1 |
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| Last trade - 16.10pm 06/09/2024 (20 minute delay) ? |
| TCL (ASX) Chart |