Transurban Group (TCL) and Shopping Centres Australasia (SCP) - First Impressions from Reporting

Bell Potter

Transurban Group (TCL): Reported Average daily traffic (ADT) growth across the portfolio of 4%. Portfolio Performance: Sydney - ADT growth 3.4%, Toll Revenue Growth 9.2% and EBITDA growth 10.2.%. Melbourne ADT growth -1.0%, Toll Revenue Growth 4.1%, and EBITDA growth 5.3%. Brisbane - ADT growth 15%, Toll Revenue growth 22.9%, and EBITDA growth 97% including airport link. Greater Washington USA - ADT growth 12.8%, Toll Revenue Growth 23.7% and EBITDA growth 39.2% (calculated in USD). Free cash flow coverage in FY17 of 99.2% excluding NWRG capital release. Outlook: FY18 distribution guidance of 56.0 cps, which is an 8.7% increase on the FY17 distribution.

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Shopping Centres Australasia (SCP): Distribution up 7.4% to $13.1cpu, representing a steady payout ratio of 89%. Net tangible assets of $2.20 per unit, up by 14.6% from $1.92 per unit since 30 June 2016 (current price $2.09). Portfolio occupancy 98.4% (specialty vacancy 4.8% is slightly higher due to acquisitions, but still within the normalised target range of 3-5%). Comparable sales growth: Specialty stores comparable MAT growth 3.8%, Supermarkets up 2.2%, discount department stores down 4.3%, mini majors up 1.4%. Outlook: FY18 FFO per unit guidance of 15.1 cpu, and FY18 Distribution per unit guidance of 13.7cpu.

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