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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Getlink SE    GET   FR0010533075

GETLINK SE

(GET)
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Channel tunnel group Getlink sees higher long-term profit as Brexit talks progress

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04/18/2018 | 01:36am EDT
FILE PHOTO: A high-speed Eurostar train exits the Channel tunnel in Coquelles

(Reuters) - The "positive" progress in negotiations for Britain to exit the European Union has allowed Getlink (>> Getlink) to forecast higher long-term core profit, the operator of the undersea transport link between Britain and France said on Wednesday.

(Reuters) - The "positive" progress in negotiations for Britain to exit the European Union has allowed Getlink to forecast higher long-term core profit, the operator of the undersea transport link between Britain and France said on Wednesday.

By 2022, the firm, which since March has been 15.5 percent owned by Italian motorway and airport operator Atlantia, said it expects to exceed 735 million euros (£636.2 million) in earnings before interest, tax, depreciation and amortisation (EBITDA) at a constant exchange rate compared with over 700 million euros projected in February.

"The growth on both sides of the Channel and progress made in the Brexit negotiations allow us to forecast EBITDA of more than 735 million euros in 2022," Getlink's Chairman and Chief Executive Officer (CEO) Jacques Gounon said in a statement.

The comment comes a day after the International Monetary Fund confirmed its forecasts for a slowing British economy, with growth of 1.6 percent this year and 1.5 percent in 2019.

Getlink, however, stands to benefit from growth in the Greater London area.

For January-March, "marked by strong organic growth and the strengthening of pricing power," the company formerly known as Eurotunnel reported a 5 percent rise in revenue to 241.4 million euros. That was helped by increased traffic in its shuttle services favourably influenced by the Easter holiday travel falling in March, offsetting the impact of negative weather conditions for tourism witnessed at the beginning of 2018.

Revenue was also boosted by Eurostar high-speed passenger train traffic rising 5 percent, an underlying trend Getlink expects to continue in the second quarter of the year with the recently opened London-to-Amsterdam service.

Later on Wednesday, the company will hold its annual general shareholders meeting at which attendees will be asked to consider a proposal to raise the CEO age limit to 68 years, allowing Gounon, who turns 65 next week, to run for another term of four years.

(Reporting by Piotr Lipinski in GDYNIAEditing by Christopher Cushing)

Stocks treated in this article : Getlink, Atlantia
Stocks mentioned in the article
ChangeLast1st jan.
ATLANTIA SPA -2.05% 14.595 Delayed Quote.-29.80%
GETLINK SE 0.70% 12.98 Real-time Quote.-16.31%
SHUTTLE INC. -0.53% 9.38 End-of-day quote.-23.11%
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Financials
Sales 2020 886 M 985 M 985 M
Net income 2020 -55,5 M -61,6 M -61,6 M
Net Debt 2020 4 475 M 4 970 M 4 970 M
P/E ratio 2020 -126x
Yield 2020 1,96%
Capitalization 6 971 M 7 750 M 7 743 M
EV / Sales 2019
EV / Sales 2020 12,9x
Nbr of Employees 3 430
Free-Float 76,4%
Chart GETLINK SE
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Technical analysis trends GETLINK SE
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Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 13,29 €
Last Close Price 12,98 €
Spread / Highest target 37,1%
Spread / Average Target 2,41%
Spread / Lowest Target -30,7%
EPS Revisions
Managers
NameTitle
Jacques Gounon Chairman & Chief Executive Officer
Laurent Fourtune Chief Operating Officer
Michael Schuller Finance Director
Jean-Pierre Trotignon Independent Director
Philippe Vasseur Independent Director
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