Getlink SE Formerly known as Getlink. Getlink SE, formerly known as Groupe Eurotunnel SE, is a France-based company, which brings together a group of companies active in the fields of infrastructure management and transport operations. Its various entities share the attention to quality and customer service, with priority given to safety. The Company manages and operates the Channel Tunnel between the United Kingdom and France and its railway infrastructure. The Company is also engaged in the passenger and freight transport between continental Europe and the United Kingdom. In addition, it provides ferry transport through the Channel. Getlink SE has direct and indirect stakes in a number of companies, including The Channel Tunnel Group Limited, France Manche SA and Europorte SAS, among others.
  • TickerGET
  • ISINFR0010533075
  • ExchangeEuronext Paris
  • SectorIndustrial Transportation
  • CountryFrance
Antoine Boivin-Champeaux ...
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/24/2020

The shock caused by the COVID-19 pandemic is much bigger than the previous impacts seen since the Bureau Veritas IPO (October 2007), whether from the financial crisis (2008-2009), the sudden drop in oil prices (2014-2015) or the trade war (2019). Q2 2020 results will show historically large organic declines (double digits in some cases) even though sector groups theoretically have resilient and diversified profiles. Eurofins and Bureau Veritas are our Top Picks. We downgrade Applus to...

Antoine Boivin-Champeaux ...
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/07/2020

Le choc du COVID-19 dépasse largement les précédents impacts négatifs rencontrés depuis l’introduction en Bourse de Bureau Veritas (octobre 2007), que ce soit la crise financière (2008-2009), la chute brutale du cours du pétrole (2014-2015) ou la guerre commerciale (2019). Ces T2 2020 auront un caractère historique par l’ampleur de leur régression organique (à deux chiffres parfois) malgré des profils théoriquement résilients et diversifiés. Eurofins et Bureau Veritas sont nos valeurs...

Virginie Rousseau

Getlink : Buy recommendation maintained after H1. No reason for speculation to weaken

>An encouraging start to H2 - During the conference call that followed the H1 2020 results publication (see our comment of 23 July), Getlink’s management was relatively confident in its capacity to meet its EBITDA guidance of € 350m. Over the first three weeks of July, shuttle sales were stable, underpinned by a marked upturn in passenger shuttles (since the lifting of quarantine measures) and a highly positive price effect (late bookings + long trips). In H2, the pri...

Valérie GASTALDY

Analyse court terme - GROUPE EUROTUNNEL : La reprise est une consolidation.

La tendance est baissière. La reprise est une consolidation. La baisse risque de reprendre jusqu'à 10,440 €. La tendance de fond serait remise en cause en cas de franchissement de 11,400 €.

Valérie GASTALDY

Short term view - GROUPE EUROTUNNEL : The recovery is a consolidation.

The trend is bearish. The recovery is a consolidation. The fall might resume toward €10.440. The background trend would be questioned should prices rise above €11.400.

Valérie GASTALDY

Short term view - GROUPE EUROTUNNEL : The trend is bearish.

The trend is bearish. The bounce is gaining strength. The bounce might end at the resistance at €11.400 and prices would fall again toward €10.440. The background trend would be questioned should prices rise above €11.400.

Valérie GASTALDY

Analyse court terme - GROUPE EUROTUNNEL : La tendance est baissière.

La tendance est baissière. Le rebond gagne en vigueur. Il est probable que cette reprise s'achève sur la résistance à 11,400 € et que les prix baissent à nouveau vers 10,440 €. La tendance de fond serait remise en cause en cas de franchissement de 11,400 €.

Valérie GASTALDY

Analyse moyen terme - GROUPE EUROTUNNEL : La tendance est haussière.

La tendance est haussière. La baisse récente gagne en vigueur. Le prochain support est à 10,000 €. La tendance serait remise en cause par la rupture de 10,000 €.

Virginie Rousseau

Getlink : Buy recommendation maintained after H1. No reason for speculation to weaken

>An encouraging start to H2 - During the conference call that followed the H1 2020 results publication (see our comment of 23 July), Getlink’s management was relatively confident in its capacity to meet its EBITDA guidance of € 350m. Over the first three weeks of July, shuttle sales were stable, underpinned by a marked upturn in passenger shuttles (since the lifting of quarantine measures) and a highly positive price effect (late bookings + long trips). In H2, the pri...

Virginie Rousseau

Getlink : Achat maintenu après les S1. La spéculation n’a pas de raison de faiblir.

>Un début de S2 encourageant - Lors de la conférence téléphonique qui a suivi la publication des résultats S1 (voir notre commentaire du 23 juillet), le management de Getlink s’est montré assez confiant dans sa capacité à atteindre sa guidance d’EBITDA de 350 M€. Sur les 3 premières semaines de juillet, le chiffre d’affaires navettes est stable, soutenu par une nette reprise des navettes passagers (depuis la suppression de la quarantaine) et un effet prix très positif...

Virginie Rousseau

Getlink : H1 strongly affected by the crisis but 2020 guidance higher than expected

>H1 EBITDA falls short of our expectations - After Q1 revenues down 8.4%, Getlink reported a 49% drop in Q2 revenues (ODDO BHF: 1e46%e), undermined by strong falls in traffic: -80% for passenger shuttles, -25% for trucks (already reported) and -98% for Eurostar.First-half revenues therefore came to € 369m, down 29% and slightly below our estimate of € 379m est. (i.e. -27%)As expected, EBITDA was also down, by 52% to € 123m (vs ODDO BHF € 136m est.). In H1, th...

Virginie Rousseau

Getlink : S1 fortement impacté par la crise mais guidance 2020 supérieure aux attentes

>EBITDA S1 inférieur à nos attentes - Après un chiffre d’affaires T1 en baisse de 8.4%, Getlink a publié un chiffre d’affaires T2 en recul de 49% (ODDO BHF : -46%e), pénalisé par les fortes baisses du trafic : -80% sur les navettes passagers ; -25% sur poids lourds (déjà publiés) et -98% pour Eurostar.Sur le semestre, le chiffre d’affaire s’élève ainsi à 369 M€, en baisse de 29% légèrement inférieur à nos attentes de 379 M€e (i.e. -27%e).L’EBITDA est lui aus...

Sven Edelfelt ...
  • Virginie Rousseau

ODDO : A Q2 in lockdown hell

We are forecasting an historically low H1 2020, penalised by the lockdown effects. On the basis of our H1 estimates and the full-year consensus, several stocks are likely to disappoint (Imerys and Vicat). Conversely, the full-year consensus seems to incorporate a margin for error and, possibly, potential for upward revision for LafargeHolcim, Getlink and Eiffage. Saint-Gobain and Eiffage remain our favourite stocks, particularly as the market and investors are already looking to ...

Groupe Eurotunnel SE: Update following publication of annual results

INFRASTRUCTURE AND PROJECT FINANCE CREDIT OPINION 4 April 2017 Update RATINGS Groupe Eurotunnel SE Domicile France Long Term Rating Baa2 Type LT Corporate Family Ratings - Dom Curr Outlook Stable Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Raffaella Altamura 44-20-7772-8613

Antoine Boivin-Champeaux ...
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/24/2020

The shock caused by the COVID-19 pandemic is much bigger than the previous impacts seen since the Bureau Veritas IPO (October 2007), whether from the financial crisis (2008-2009), the sudden drop in oil prices (2014-2015) or the trade war (2019). Q2 2020 results will show historically large organic declines (double digits in some cases) even though sector groups theoretically have resilient and diversified profiles. Eurofins and Bureau Veritas are our Top Picks. We downgrade Applus to...

Antoine Boivin-Champeaux ...
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/07/2020

Le choc du COVID-19 dépasse largement les précédents impacts négatifs rencontrés depuis l’introduction en Bourse de Bureau Veritas (octobre 2007), que ce soit la crise financière (2008-2009), la chute brutale du cours du pétrole (2014-2015) ou la guerre commerciale (2019). Ces T2 2020 auront un caractère historique par l’ampleur de leur régression organique (à deux chiffres parfois) malgré des profils théoriquement résilients et diversifiés. Eurofins et Bureau Veritas sont nos valeurs...

Louis Boujard, CFA ...
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/23/2020

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Louis Boujard, CFA ...
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/07/2020

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Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Sassus
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/23/2020

We estimate that net current cash flow per share for the property companies we cover will be reduced on average by -11.3% in 2020e and -6.0% in 2021e. Retail property companies are likely to be hit the hardest while office and healthcare property groups should prove more resilient. Our Top Picks against this backdrop are Gecina and Colonial in office property, Cofinimmo in healthcare property and Klépierre in retail property. We downgrade Merlin Properties from Buy to Neutral. - ...

With a more favourable environment, GETLINK SE improves to Slightly Positive

GETLINK SE (FR), a company active in the Transportation Services industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date June 26, 2020, the closing price was EUR 12.97 and its potential was estimated at EUR 14.82.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Getlink – AGM 30 April 2020

In the context of the current Covid 19 crisis, the Board of Directors has decided "as a matter of prudence and in view of the general trend", not to propose the payment of the 2020 dividend in respect of the 2019 FY. In a vision of long-term responsible investment, and in the current health, economic and social context, ECGS agrees that priority should go to solvency (resolution 2). The Board of Directors has announced the implementation, on 1 July 2020, of the separation of the roles of Chairman of the Board and CEO and the appointment of a new CEO. As part of the implementation of this new ...

Getlink SE - Assemblée Générale des actionnaires du 30 avril 2020

En raison de la crise actuelle du Covid-19, l'assemblée générale se tiendra à huis clos au siège social de la société. Dans les circonstances actuelles, la société a annoncé renoncer à verser un dividende "par prudence, et compte tenu d’une tendance générale de ne pas proposer lors de son assemblée générale annuelle le paiement en 2020 du dividende au titre de l'exercice 2019". Par ailleurs, a société avait également annoncé la séparation des fonctions de Président du conseil et de Directeur général à compter du 1er juillet 2020, Jacques Gounon conservant la présidence et Yann Leriche étant ...

Getlink, 18 Avril 2019

Le dividende proposé s'élève à 0,36 € par action contre 0,30 € l'an passé, soit une augmentation de 20% alors que le bénéfice par action croit de 14%. Il n'est pas couvert par les bénéfices. L'endettement significatif de la société limite l'attrait d'un dividende pour l'actionnaire de long-terme, la société subisant un endettement important de longue date en raison de son activité. Il est légitime que le dividende d'une activité de concession soit élevé mais l'augmentation du dividende de 6 centimes par action nous semble prématurée (résolution 2). La création et l'attribution d'une nouvelle ...

Getlink - Assemblée générale des actionnaires du 18 avril 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

Getlink – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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