Upgrades from Logan emerge from FY20 onwards Price catalyst
12-month price target: A$12.40 based on a DCF methodology.
Catalyst: Capitalising on key growth opportunities including WD, I-395,I95S, M7 widening, etc Action and recommendation
TCL IRR is now 8.4%, some 5.7% above the 10-yr bond. For a low risk asset, it is undervalued. In addition, the IRR does not capture the value add from projects like WD, I95S and I395 which are worth 100bps of upside. TCL is currently trading at an undemanding multiple of ~20x FY17E and a relatively attractive yield of 5%. Outperform
TCL Price at posting:
$10.33 Sentiment: Hold Disclosure: Held
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