TCL securities are, if anything, akin to a GDP-linked bond (if there is such a thing); for, the Company’s revenues are linked to both CPI and traffic growth (the latter of which is almost 100% correlated with real GDP).
Hence, Free Cash Flow grows very much in line with nominal (inflation-unadjusted) GDP growth, on a per-project basis (i.e. before new concessions are added).
And a stream of income that is closely correlated with nominal GDP growth (plus has the upside of new concessions being granted/extended) is, almost tautologically, a growth investment.
FWIW, this is now the largest position in my portfolio, together with another infrastructure asset and, if the SP goes down on no Company-specific news, I may add even more.
IMHO & DYOR
TCL securities are, if anything, akin to a GDP-linked bond (if...
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Last
$12.31 |
Change
-0.080(0.65%) |
Mkt cap ! $37.91B | |||
| Open | High | Low | Value | Volume |
| $12.41 | $12.48 | $12.23 | $48.86M | 3.967M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 6499 | $12.31 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $12.32 | 28061 | 3 |
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| Last trade - 16.10pm 03/07/2024 (20 minute delay) ? |
| TCL (ASX) Chart |