Here is a tip to valuing TCL... look at traffic volumes for all...

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.