Transurban: Result 2013

Transurban is writing off bad investments abroad while its expanding network of irreplaceable toll roads in Australia continues to churn out cash.

There were no surprises in Transurban’s result, as its performance had already been well flagged (see 10 Jul 13 (Hold – $6.80)). Underlying toll revenue increased 5.0% to $991m, chiefly due to a 2.4% increase in traffic on the company’s crown jewel, the Melbourne CityLink, which produces around 60% of the company’s total revenue. Operating profit increased 5.6% to $828m, and a final distribution of 15.5 cents was declared (ex date already passed), bringing the full year distribution to 31 cents for a current yield of 4.5%.

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