The market failed to see the Hills M2 Motorway refinancing....

The market failed to see the Hills M2 Motorway refinancing. Market did not recognise the 140 bp reduction in cost savings so dividends can now go up 1.4%.
TCL now uses a banking panel, very good for future financing, competing with IFM deals, TCL now has multiple choices for lending.
The extention of the financing terms also good.
The NorthConnex project has not been factored into the current SP either, 11.5 yrs for the Lane Cove Tunnel extension, that got missed due to the geopolitical risk, at the time people thought Abbott would cause the State Government to change hands and how wrong they were, valuations didn't keep up with the fact that Baird won the election.
The M2 now extended by the State Government to June 2048 and Lane Cove Tunnel quarterly escalation rates r now either CPI or 1% above the higher truck multiplier.
Market doesn't understand infrastructure stocks like TCL, APA is another, they just don't get it, the banks do, offshore investors do but all Australian domestics want is franked yield in spite of capital protection or lack thereof, very strange market is the ASX. Undervalued stocks abound and no disclosure or announcement is ever fully reviewed, algo programs only occasionally pick up a momentum signal in a statistical arbitrage type program. TCL should be worth about $10 perhaps even $11 once the refinancing and extensions above r taken into account.