Long-dated real yields are quietly collapsing, page-11

Yes, I agree, rate cuts are globally probably going to occur due to slowing global economy and I would not be surprised if rate hikes were reversed from here but even still TCL needs to continue its acquisitions of toll roads, lower its debt costings, which are sticky, and do not rerate as quickly as funding costs come down, and have sustainable road patronage for this SP to remain up here IMHO but pls DYODD.

all have to come together for this SP to be justified by earnings, growth, capital revals and any other metric IMHO.

I do see that the NSW election has come out in TCL favor but that seems now fully factored in. Short of Badgerys Creek toll road contract happening over the coming months (it appears a while yet in the offing), the recent run seems overbought to an extreme.

the current TCL SP implies an ALP victory federally is less likely as a lot of the TCL growth and gloss in the SP could easily dissipate if the LNP are swept from power.

My sentiment is the same, this is now IMHO priced for absolute perfection.