Getlink SE (GETP.PA): Near-term estimates revised, long-term value unchanged

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Getlink SE (GETP.PA): Near-term estimates revised, long-term value unchanged

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24 Jul 2026 00:00:00 ET │ 16 pages

Getlink SE (GETP.PA)

Near-term estimates revised, long-term value unchanged

CITI'S TAKE

Buy While our medium-term estimates move lower, we see little change to the

investment case. 1H26 results reinforced Getlink's resilience and Short-Term View: Upside, expires 25-AUG-26

highlighted continued strength at Eleclink, with management upgrading Price (23 Jul 26 17:30) €18.76

FY26 EBITDA guidance. We revise our FY26-28 EBITDA estimates by - Target price €20.80↓

3%/-7%/-5% and EPS by -1%/-14%/-11%, primarily reflecting a more from €21.00

gradual Eurotunnel margin recovery and updated assumptions around Expected share price return 10.9%

Eleclink profit-sharing and financing costs. This leaves our FY26 EBITDA Expected dividend yield 4.5%

estimate at the top end of the revised guidance range, while FY30 EBITDA

Expected total return 15.4% remains unchanged. Consequently, our target price decreases marginally

Market Cap €10,318M to €20.8/share (from €21.0/share). We continue to see value in Getlink's

long-duration infrastructure assets, with near-term margin pressures US$11,774M

softened by improving competitive dynamics for LeShuttle, continued

growth in High-Speed Rail and structural support from volatility in UK-FR

power markets. We reiterate our Buy rating.

Marc Ip Tat KuenAC

+44-20-7508-9453

Yield resilience continues to support Eurotunnel top-line — Eurotunnel revenue marc.iptatkuen@citi.com

continued to grow through value optimisation and yield management despite

Jenny PingPassenger and Truck volumes declining 2% and 1%, respectively, in 1H26. We believe

management's yield strategy of optimising for value rather than maximising yield +44-207-986-6974