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Transurban Group ASX:TCL

1 opened or increased8 held2 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 12 managers in total.

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20252026

31 Mar 2024 to today

Commentary Showing 2 of 19

DateManagerActionSummary

6 Oct 2026Pendal GroupHeldPendal Group continues to hold Transurban Group (ASX: TCL) after the toll road operator announced a $4.5 billion purchase of an additional 25% interest in its WestConnex and North West Roads Group motorway concessions in Sydney from vendor CPBIB. Shares rose 0.9%. Pendal notes the acquisition was well received because it uses Transurban's surplus balance sheet capacity to invest in a relatively high-growth, well-understood asset. The price was slightly below sell-side valuations, suggesting modest value creation. Pendal expects the deal to be slightly dilutive to free cash flow per share in FY28 but accretive by FY30 because of the asset's higher growth rate.

Newsletter, price recorded $13.04

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25 Sep 2026Perpetual Asset ManagementHeldPerpetual Asset Management rates Transurban a sell, citing downward pressure on dividend growth over the next 12 months. Perpetual notes the FY27 dividend guidance of 72 cents will not be covered by free cash flow and sits slightly outside the company's usual coverage range, leaving less buffer for further traffic weakness, a risk heightened by recent petrol prices and road activity. Over two to three years, Perpetual flags roughly eight times leverage and a substantial amount of debt maturing, which will raise financing costs as low-cost debt is refinanced. Despite an historically attractive 5.4% dividend yield, Perpetual Asset Management sees these free cash flow and leverage risks as outweighing the appeal.

Article, price recorded $13.00

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Articles

About Transurban Group

Industrials, Transportation Infrastructure

Transurban (ASX:TCL), Australia's largest toll road operator, is viewed by fund managers as defensive but facing slower dividend growth. In September 2026, Perpetual and Blackwattle both rated Transurban a sell, with Perpetual expecting downward pressure on dividend growth and Blackwattle preferring other defensive businesses such as The Lottery Corporation. Pendal Group noted Transurban completed its long-awaited toll reform negotiations with the NSW Government, which were smaller in scope than expected, and reported an unsurprising FY26 result with strong US toll revenue growth. Transurban operates in the Industrials sector within the Transportation Infrastructure industry, and Thesis Tracker has captured 15 comments from 11 fund managers, including Perpetual, Blackwattle, Pendal Group and Yarra. Founded in 1996 and headquartered in Docklands, Melbourne, Transurban owns and operates toll roads in Sydney, Melbourne, Brisbane and North America, including CityLink, WestConnex and the Express Lanes in Virginia.

Market cap: $42.2b
Price to earnings: 123.3x
Return on equity: 5.0%
Dividend yield: 5.0%
Price to book: 5.85x
Net margin: 9.4%
52-week range: $12.82 to $15.62

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Transurban Group (ASX:TCL)?

Fund managers including Blackwattle Investment Partners, Clime Investment Management, Tyndall Asset Management, Perpetual Asset Management, Plato Investment Management, Ausbil Investment Management, Oracle Advisory Group, BKI Investment Company, Yarra Capital Management, Contact Asset Management, Pendal Group and Ralton Asset Management have invested in Transurban Group (ASX:TCL).

What opportunities or catalysts do fund managers highlight for Transurban Group?

Yarra describes Transurban as a high-quality defensive infrastructure business trading at a reasonable valuation, and Pendal highlights strong revenue growth on US roads and completion of NSW toll reform negotiations with a narrower scope than feared.

What are the key risks to the Transurban Group investment thesis, according to fund managers?

Perpetual and Blackwattle expect pressure on dividend growth over the next year, and NSW toll reforms include toll reductions on some roads, according to Pendal.

What does Transurban Group (ASX:TCL) do?

Transurban Group Ltd. is an Australian toll road developer and operator founded in 1996. Headquartered in Docklands, the company manages critical transport infrastructure across its core geographical segments: Melbourne, Sydney, Brisbane, and North America. Transurban specializes in the development, operation, and ongoing maintenance of toll road networks. Its activities are reported through these key regional segments and a corporate division, providing essential infrastructure services for regional mobility.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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