Thanks for this update. For what it is worth @Transversal as I note you also hold SYD. How do you think the relative value of TCL stacks up compared with Sydney Airports?
@Galba
On a 2-year forward basis, I estimate that both TCL and SYD are presently trading, roughly, at a 19.0-19.5x EV/EBITDA multiple.
Given that, on a constant-asset basis, the revenue growth prospects for the two enterprises are similar (as they essentially consist of traffic growth compounded by CPI inflation), I do not see any obvious relative value between the two, from a pure valuation perspective and at their current prices.
That said, I do have an overall preference for TCL’s business model, for (among other things) the reasons listed here: https://hotcopper.com.au/posts/32523823/single
So, if I had to pick one as of today, that would be TCL.
But, again, that’s just me.
Inflexion point?, page-62
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Last
$12.52 |
Change
-0.230(1.80%) |
Mkt cap ! $38.71B | |||
| Open | High | Low | Value | Volume |
| $12.72 | $12.76 | $12.49 | $71.68M | 5.709M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 6 | 168899 | $12.51 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $12.52 | 28862 | 3 |
View Market Depth
| Last trade - 16.10pm 14/05/2024 (20 minute delay) ? |
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Last
$12.50 |
Change
-0.230 ( 1.94 %) |
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| Open | High | Low | Volume | ||
| $12.73 | $12.75 | $12.49 | 412324 | ||
| Last updated 15.59pm 14/05/2024 ? | |||||
| TCL (ASX) Chart |