Getlink: 2026E EBITDA broadly unchanged; raising 2027/28E on higher Eleclink estimates

研报英文原文证据摘录

Getlink: 2026E EBITDA broadly unchanged; raising 2027/28E on higher Eleclink estimates

J P M O R G A N Europe Equity Research

28 July 2026

Getlink Neutral

GETP.PA, GET FP

2026E EBITDA broadly unchanged; raising 2027/28E Price (27 Jul 26):€18.54

on higher Eleclink estimates ▲Price Target (Dec-27):€19.00 Prior (Dec-27):€18.00

Following H1 group results reported by Getlink last week (link to our first take, and

link to our conference call feedback), we update our model and our 2026E EBITDA European Building & Construction

and Infrastructureis, overall, largely unchanged as our upgrades at Eleclink are offset by higher Opex

assumptions for Eurotunnel. Our 2027/28E EBITDA estimates increase as we Elodie Rall AC

upgrade our Eleclink assumptions on the strong spreads achieved in auctions in (44-20) 7134-5911

elodie.rall@jpmorgan.com

recent months. Our Dec-27 PT increases from €19 to €18, to reflect that we see J.P. Morgan Securities plc

limited downside risk to the current market valuation, which is supported by the

Zaim Beekawa

~4.5% dividend yield (and speculation regarding a potential takeover down the (44-20) 7134-4175

line). We expect focus now to be on the performance of shuttle traffic in the coming zaim.beekawa@jpmorgan.com

months, in particular the ability of the company to maintain the market share gains J.P. Morgan Securities plc

in trucks that it saw towards the end of H1, and on whether Eleclink’s spreads Jamie Smallbone

remain elevated and the associated implications for 2027/28 estimates. (44-20) 3493-7015

jamie.smallbone@jpmorgan.com

J.P. Morgan Securities plc

Manshi Sinha

(91-22) 6157 5111

manshi.sinha@jpmchase.com

J.P. Morgan India Private Limited

Specialist Sales contact details:

Sam Edmunds - Specialist Sales -

European Industrials

(44-20) 7742-8733