Price catalyst
12-month price target: A$12.51 based on a 10.0% discount to DCF methodology.
Catalyst: Capitalising on key growth opportunities including WD, I-66, I-395, I95S etc.
Action and recommendation
TCL’s diverse network strength in NSW and US is offsetting weakness in BRS and MEL. For investors, the stability shifts the focus to the incremental investment opportunities as the driver of value. Western Dist. is progressing with 50% attributed to the value, but there is upside in projects like the ICB, Logan, I95S, I395 which are yet to be defined. The unsolicited bid regimes also provide scope for TCL to unlock value. In the low interest rate environment, combined with strong yield growth, we believe TCL will continue to outperform.
TCL Price at posting:
$10.98 Sentiment: Hold Disclosure: Held
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