Transurban: Interim result 2016

Australia's monopolistic toll road operator had a strong interim result, but it's stock is sky high.

Though perpetually expensive, toll road operator Transurban has a knack for beating our expectations. Underlying toll revenue increased an impressive 19% to $960m compared to the prior year due to excellent growth in traffic of 8.4% following the completion of several road upgrades.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 15%, while free cash flow rose 22% to $461m, or 24 cents per share.


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