One ASX stock that jumped up –Transurban Group; and One that fell hard – Mobile Embrace Ltd
Better FY17 guidance: Transurban Group (ASX: TCL) stock rose over 6.4% on February 07, 2017 driven by better FY17 guidance and decent first half results. The group enhanced their FY17 distribution guidance to 51.5 cents per security (cps), representing a 13.2% increase as compared to the FY16 distribution. Overall Proportional toll revenue enhanced 10.9% to $1,065 million while average daily traffic (ADT) rose 4.8%. The group’s proportional earnings before interest, tax, depreciation and amortization (EBITDA) also rose by 12.1% to $817 million and accordingly their free cash surged 47.5% to $680 million. The group holds $9 billion of development projects at Melbourne, Sydney, Brisbane and Greater Washington Area. Domestic performance of TCL was decent with Proportional toll revenue rising 8.8% to $434 million. ADT rose 3.4% to 648,000 trips driven by solid traffic across the network. The region’s EBITDA rose 10.4% during the period. The group’s construction of the NorthConnex (NCX) project is on track with 15 road headers currently in operation. On the other hand, the region’s M2 traffic was impacted by construction of NorthConnex while large vehicle toll multipliers are now at three times cars on the Lane Cove Tunnel (LCT), M5 and Westlink M7.
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