While there is uncertainty over near-term traffic outcomes the provisional data on Australian roads shows declines are less than European peers and at the lower end of Morgan Stanley's scenarios.

The company's North American traffic declines are in line with peers. Second half distribution guidance is withdrawn and Transurban now expects to pay its second half distribution in line with free cash, excluding capital releases.

Equal-weight and $15.70 target retained. Industry view: Cautious.

Sector: Transportation.

Target price is $15.70.Current Price is $12.25. Difference: $3.45 - (brackets indicate current price is over target). If TCL meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

© 2020 Acquisdata Pty Ltd., source FN Arena