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SNC-Lavalin Group Inc.’s stake in a Southern Ontario toll road remains a “cash cow” for the company and will be a key component of its future growth and dividends over the next decade, according to analysts.

“407 continues to be a value-generating monster for SNC,” wrote National Bank Financial analyst Maxim Sytchev earlier this month. “In addition, with only 80 per cent of lane capacity in operation now, there is natural growth remaining over the foreseeable future.”

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tap here to see other videos from our team. Try refreshing your browser, or Highway 407 could be worth up to $45B in a decade, and that's good news for SNC Lavalin Back to video

At its investor day Sept. 12, the Montreal-based engineering and construction company announced a $5 adjusted consolidated earnings-per-share target for 2020, up from the $3.10 to $3.30 range projected for this year.

At least some of the path to $5 will involve profits from SNC’s stake in Highway 407, a 108-kilometre toll road that snakes through Southern Ontario and the Greater Toronto Area, an area that is projected to see steady population growth, which could possibly push more motorists onto toll roads.