Transurban's bumpy road

It was a strong year for Transurban, but toll roads aren't always what they're cracked up to be.

If pressed to boil down the concept of a sustainable competitive advantage to just two words, we might venture the phase ‘toll road’. These high-quality infrastructure assets are the arteries of a city. They have significant pricing power, inflation protected revenues, are largely immune from economic swings and they’re insulated against competition by extremely long ‘concession’ periods. And while tunnels and long strips of bitumen are expensive to build, once the toll gates open there’s little left to do but watch the cash roll in. Or so the theory goes.

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