Transurban Group (ASX: TCL) shares have materially outpaced the S&P/ASX 200 Index (ASX: XJO) in 2026.
Shares in the ASX 200 toll road developer and operator were recently trading for $14.98 apiece, up 5.6% year to date.
The ASX 200, on the other hand, was down 0.6% for 2026 late this week.
Atop that share price outperformance, Transurban also paid eligible stockholders an unfranked 34 cents per share dividend on 24 February.
And looking ahead, Catapult Wealth's Dylan Evans believes this $47 billion ASX 200 stock can keep outperforming (courtesy of The Bull).
Here's why.
Image source: Getty Images
Should I buy Transurban shares today?
"TCL operates toll roads in Australia and the United States," Evans said.
Citing the first reason he's bullish on the ASX 200 stock, he said, "It generates reliable inflation linked cash flows, underpinning a relatively defensive stock."
Indeed, in an era of resurgent inflation, companies that can pass those rising costs on without suffering significant demand deterioration have a distinct advantage.
When the company reported its March quarter results on 9 April, management noted, "Historically, Transurban has demonstrated resilience in periods of market dislocation, with more than 90% of revenue CPI-linked or with fixed escalations."
However, Evans cautioned, "The shares are sensitive to rising interest rates, partially due to its significant debt, which, in our view, has weighed on the stock in the past few years."
On the plus side, and supporting his buy recommendation on Transurban shares, he said, "During the same time, Transurban has been growing traffic volumes and has been involved in completing several significant projects, including the West Gate Tunnel in Melbourne."
As for the third reason you may want to buy shares now, he said, "Any easing in inflation and interest rates would boost the company's performance."
Then there's that welcome passive income on offer.
"In the meantime, Transurban offers an attractive dividend yield, reliable earnings and a development pipeline with long term growth potential," Evans concluded, rounding off the fourth reason he's bullish on the stock.
At recent prices, Transurban stock trades on an unfranked 4.5% trailing dividend yield.
What's the latest from the ASX 200 stock?
The last release deemed price sensitive to Transurban shares was an April traffic market update, released on 4 May.
Among the highlights the company reported that April saw commercial vehicle traffic on its toll roads across Australia increase by 10.8%.
And traffic in its core Melbourne market was up by 1.6% in April, which management credits to the ongoing ramp-up of the West Gate Tunnel project.
