TRANSURBAN GROUP LIMITED (TCL)
Share Price Analysis and Chart

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TCL - TRANSURBAN GROUP LIMITED

FNArena Sector : Infrastructure & Utilities

Year End: June

GICS Industry Group : Transportation

Debt/EBITDA: 9.25

Index: ASX20 | ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

Transurban is one of the world's largest toll-road operators. It manages and develops urban toll road networks in Australia, Canada and the US. It first listed on the ASX in 1996.

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$12.96 25 Mar 2025	0.020 OPEN $13.07	0.15% HIGH $13.17	7,341,202 LOW $12.93

TARGET

$13.488

4.1% upside

OTHER COMPANIES IN THE SAME SECTOR
AGL . AIA . ALX . APA . CEN . DBI . DBI . GNE . GNP . MEZ . ORG . SRJ .

FNARENA'S MARKET CONSENSUS FORECASTS

Title	FY23 Actual	FY24 Actual	FY25 Forecast	FY26 Forecast
EPS (cps)	xxx	10.6	32.3	xxx
DPS (cps)	xxx	62.0	65.1	xxx
EPS Growth	xxx	100.0%	100.0%	xxx
DPS Growth	xxx	6.9%	5.0%	xxx
PE Ratio	xxx	N/A	40.9	xxx
Dividend Yield	xxx	N/A	4.9%	xxx
Div Pay Ratio(%)	xxx	587.7%	201.4%	xxx

Dividend yield today if purchased 3 years ago: 4.70%

DIVIDEND YIELD CALCULATOR

Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 30/12 - (franking ex-di

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2025 FactSet UK Limited. All rights reserved

Title	2019	2020	2021	2022	2023	2024
EPS Basic	xxx	xxx	xxx	xxx	xxx	10.6
DPS All	xxx	xxx	xxx	xxx	xxx	62.0
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	4,119.0 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	357.0
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	2,149.0 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	7.91 %

EPS Basic

Negative
Growth
Slowing

DPS All

Negative
Growth
Slowing

Sales/Revenue

Negative
Growth
Slowing

Book Value Per Share

Negative
Growth
Slowing

Net Operating Cash Flow

Negative
Growth
Slowing

Net Profit Margin

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	2.76 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	1.08 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	0.86 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	2.76 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	3.42 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	302.0 M

Return on Capital Employed

Negative
Growth
Slowing

Return on Invested Capital

Negative
Growth
Slowing

Return on Assets

Negative
Growth
Slowing

Return on Equity

Negative
Growth
Slowing

Return on Total Capital

Negative
Growth
Slowing

Free Cash Flow ex dividends

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	1,413 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	18,538 M
Total Debt	xxx	xxx	xxx	xxx	xxx	19,951 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	466 M
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	2,041 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	3.47

Short-Term Debt

Negative
Growth
Slowing

Long Term Debt

Negative
Growth
Slowing

Total Debt

Negative
Growth
Slowing

Goodwill - Gross

Negative
Growth
Slowing

Cash & Equivalents - Generic

Negative
Growth
Slowing

Price To Book Value

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Capex	xxx	xxx	xxx	xxx	xxx	1,116.0 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	27.09 %
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	2,840 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	190 M
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	12,863 M

Capex

Negative
Growth
Slowing

Capex % of Sales

Negative
Growth
Slowing

Cost of Goods Sold

Negative
Growth
Slowing

Selling, General & Admin. Exp & Other

Negative
Growth
Slowing

Research & Development

Investments - Total

Negative
Growth
Slowing

Negative

Growth

Slowing

EXPERT VIEWS
EXTRA COVERAGE

EXPERT VIEWS

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Sentiment Indicator

0.2

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Morgans	xx/xx/xxxx	3	xxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Morgan Stanley	xx/xx/xxxx	3	xxxxx-xxxxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Macquarie	21/02/2025	3	Neutral	$12.82	-1.08%	Further to the initial response to the first half results from Transurban Group, Macquarie highlights the small beat on EBITDA. Cash costs only increased $4m, well below inflation. There was no update on NSW tolls and major gains at WestConnex were offset by roadworks. Traffic rebounded in Brisbane and is normalising in Melbourne. The broker assesses the stock is high-quality and defensive with a moderate growth profile. Neutral and $12.82 target retained. FORECAST Macquarie forecasts a full year FY25 dividend of 65.00 cents and EPS of 66.20 cents. Macquarie forecasts a full year FY26 dividend of 70.50 cents and EPS of 71.50 cents.
Citi	xx/xx/xxxx	3	xxxxxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
UBS	xx/xx/xxxx	1	xxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial

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EXTRA COVERAGE

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No. Of Recommendations

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Jarden	12/03/2025	3	Neutral	$12.40	-4.32%	Jarden notes Transurban Group has partnered with Ferrovial's Cintra for a greenfield opportunity in NorthAmerica and has been shortlisted as one of the four consortiums. It is the I-285 East Express Lanes project in Georgia that involves delivery of 19 miles of barrier-separated lanes. Jarden believes the move to greenfield development and collaboration with a competitor is positive for Transurban. The broker also notes that opting for a minority stake shows financial discipline. No change to forecasts. Target price unchanged at $12.40, and rating stays at Neutral. FORECAST Jarden forecasts a full year FY25 dividend of 65.00 cents and EPS of 16.40 cents. Jarden forecasts a full year FY26 dividend of 68.00 cents and EPS of 24.10 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Jarden

12/03/2025

Neutral

$12.40

-4.32%

Jarden notes Transurban Group has partnered with Ferrovial's Cintra for a greenfield opportunity in NorthAmerica and has been shortlisted as one of the four consortiums. It is the I-285 East Express Lanes project in Georgia that involves delivery of 19 miles of barrier-separated lanes.

Jarden believes the move to greenfield development and collaboration with a competitor is positive for Transurban. The broker also notes that opting for a minority stake shows financial discipline.

No change to forecasts. Target price unchanged at $12.40, and rating stays at Neutral.

FORECAST
Jarden forecasts a full year FY25 dividend of 65.00 cents and EPS of 16.40 cents.
Jarden forecasts a full year FY26 dividend of 68.00 cents and EPS of 24.10 cents.

Access Extra Coverage Research History >

TCL STOCK CHART

FNArena News on TCL

1	ESG Focus: Fund Flows, Tariffs, Defence & AI Mar 20 2025 - ESG Focus

2	Australian Broker Call Extra Edition – Mar 12, 2025 Mar 12 2025 - Daily Market Reports

3	Rudi’s View: To Sell Or Not To Sell Mar 06 2025 - Rudi's View

4	Australian Broker Call Extra Edition – Feb 27, 2025 Feb 27 2025 - Daily Market Reports

5	FNArena Corporate Results Monitor – 22-02-2025 Feb 22 2025 - Australia

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10	Book Excerpt: Need To Know About Investing In Infrastructure Jun 09 2023 - Book Reviews

Dividend Yield Today On Last Actual Payout :	4.69
Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
Tell Me The Dividend After This Many Years

	Yield	Yield on investment
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TRANSURBAN GROUP LIMITED (TCL)
Share Price Analysis and Chart