We expect the impact of rising interest rates on TCL’s underlying business to be relatively minimal.
Population growth,
economic activity,
toll escalators,
and congestion on alternative roads drive revenue and earnings growth.
TCL continues to expect to deliver double digit DPS growth over the medium term.
The balance sheet is managed to target solid investment grade BBB+/Baa1 credit ratings.
Treasury practices mitigate refinancing and interest rate risk, while debt continues to be refinanced at low long-term rates (albeit our forecasts assume a >100bps increase in forward rates).
Significant investment opportunities are available to drive growth beyond organic means.
TCL Price at posting:
$10.25 Sentiment: Hold Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)