Getlink : The macro risks are piling up but Eleclink continues to offset them
>Decline in sterling: impact to be seen in perspective (and already integrated?) - The recent decline in the value of sterling has created several question marks around Getlink. The group generates just over 50% of its Eurotunnel sales in £, i.e. 36% of its total sales with around one-third of costs in this currency (and a negligible share of capex). As such, all else being equal, a 10% decline in sterling (vs €) causes a fall of 4.2% in EBITDA and -7.2% in FCF. Howev...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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