Sell signal, page-14

Transurban has already been hammered on the expectation of a Fed rate rise, and actual long-term bond interest rate increases. It is most unlikely the Fed could increase rate more than one or two times (to between 0.75% and 1% before they realise the negative impact that will have on the US economy, given continuing low or negative rates by their competitor nations (Japan, UK, Europe). Put that in context where TCL is already on free cash flow and dividend yield of around 5% and growing at around 10% a year, with many growth projects in train. It won't take the market too long to realise where the value is.