Morgans Blog | Morgans

Atlas Arteria: On the road again

19 October 2021, 7:30 AM

We adjust our DCF valuation approach to concession-based assets, and also update our modelling for spot FX, traffic, and valuation roll-forward.

Transurban Group: Finding a source of additional value

By Nathan Lead

18 October 2021, 9:30 AM

Adjusting our valuation approach has unearthed an additional source of incremental value. We upgrade from HOLD to ADD.

APA Group: In pursuit of electrification

By Nathan Lead

15 October 2021, 9:30 AM

We await progress on APA Group's (ASX:APA) takeover proposal for AusNet Services (ASX:AST), with the next step being the Takeovers Panel’s ruling re: APA’s access to due diligence.

AusNet Services: Forecast adjustments

By Nathan Lead

15 October 2021, 9:00 AM

We update a number of modelling assumptions. The resulting forecasts are used in our APA/AST merger modelling.

Transurban Group: More of the big one

By Nathan Lead

28 September 2021, 8:00 AM

Transurban Group (ASX:TCL) has increased its exposure to the Sydney region by leading the acquisition of the remaining 49% of WestConnex.

AusNet Services: AST joins the takeover list

By Nathan Lead

22 September 2021, 8:15 AM

AusNet Services (ASX:AST) has surprised with an announcement of a takeover bid from Brookfield. This continues the intense M&A activity in the ASX-listed infrastructure space following bids for Sydney Airport and Spark Infrastructure.

Sydney Airport: Going, going,....

By Nathan Lead

13 September 2021, 10:00 AM

Sydney Airport (ASX:SYD) has received a revised proposal from the Sydney Aviation Alliance. SYD intends to grant the consortium the opportunity to undertake due diligence.

Aurizon Holdings: Hard to ignore c.10% free cashflow yield

By Nathan Lead

13 September 2021, 9:00 AM

Aurizon Holdings' (ASX:AZJ) revenue protections and the essential and long-dated nature of its assets make its earnings less correlated with the business cycle, providing a defensive element to a portfolio. Also, its strong cashflows and debt capacity give it flexibility to pursue growth investment and/or undertake capital management initiatives.