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
$12.30 |
Change
-0.070(0.57%) |
Mkt cap ! $37.94B | |||
| Open | High | Low | Value | Volume |
| $12.23 | $12.32 | $12.22 | $6.872M | 560.6K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 13 | 1937 | $12.29 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $12.30 | 10084 | 16 |
View Market Depth
| Last trade - 11.12am 30/05/2024 (20 minute delay) ? |
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Last
$12.30 |
Change
-0.070 ( 0.51 %) |
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| Open | High | Low | Volume | ||
| $12.23 | $12.31 | $12.22 | 142878 | ||
| Last updated 11.30am 30/05/2024 ? | |||||
| TCL (ASX) Chart |