GET.PA - Getlink S.E.

Paris - Paris Delayed price. Currency in EUR
+0.29 (+2.71%)
At close: 5:35PM CEST
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Previous close10.70
Bid0.00 x 0
Ask0.00 x 0
Day's range10.62 - 11.45
52-week range8.61 - 17.04
Avg. volume1,355,518
Market cap5.893B
Beta (5Y monthly)0.91
PE ratio (TTM)37.77
Earnings dateN/A
Forward dividend & yield0.41 (3.83%)
Ex-dividend date15 May 2020
1y target estN/A
  • Junk Bonds Need a Little Love Too

    Junk Bonds Need a Little Love Too

    (Bloomberg Opinion) -- Spare a thought for the European high-yield bond market as the euro-zone economy hits a brick wall. A halt to revenues because of the coronavirus lockdowns has brought distress to a whole range of companies, which might be fundamentally sound despite their riskier credit ratings. Although the European Central Bank has put in place comprehensive measures to support bank lending, the transmission mechanism doesn’t always reach where it’s most needed.The ECB’s Quantitative Easing bond-buying programs may exceed 1 trillion euros ($1.1 trillion) this year, but it won’t buy from companies beyond the lowest rung of investment grade debt-rating, BBB. The central bank should think seriously about widening the remit of its corporate sector purchasing program to include junk bonds.Yes, there’s the moral hazard of offering safety to the riskiest group of company borrowers, but these are extraordinary times and these businesses employ people too — and will play a valuable part in any European recovery.  The yield spread between European investment-grade and high-yield debt has ballooned to levels not seen since the euro crisis of 2012, following the bigger U.S. junk bond market into double-digit yield territory — and even wider for the weaker names. That’s hardly surprising when you look at the wall of support that’s been made available to protect the higher grade stuff.  One key funding avenue, the new issue market for euro-denominated high-yield notes, has been shut firmly since February. Trading in the secondary market is very limited too, with spreads between what people are asking for and what people are bidding now several percentage points apart. The market has split in two, with companies that have defensive qualities trading by appointment. Those exposed to the cyclical nature of the economy (if we can even term this a cycle) are barely trading at all.Most high-yield names are being treated as default risks because of the abrupt stop to Europe’s economy. Leverage is the real killer: Companies that have a lot of debt or who’ve been on an acquisition spree look vulnerable. Some who are too reliant on super-cheap financing, which has been abundant until now, will fail.Before Covid-19 struck it was halcyon days for euro high-yield bonds, with historically low servicing costs as negative benchmark rates and super-tight credit spreads allowed many companies to extend the maturity of their debt and build resilience to the (normal) economic cycle. Credit-rating standards had steadily relaxed, letting the new-issue market tolerate ever higher levels of leverage. No longer.February was a record month for redemptions from dedicated euro high-yield funds, worth about 68 billion euros, and March will almost certainly be worse. According to data from JP Morgan Chase & Co., more than 10% of the money in European high-yield funds cashed out between the start of the year and March 25, with more than 8 billion euros redeemed. Redemptions from high-yield exchange-traded funds (ETFs) have exceeded 15%, which is causing real problems. ETFs are often invested in the larger, more liquid junk-bond issues, which are being sold first. This leaves the more illiquid names.There appears to be three possible outcomes from high-yield issuers: they plunge into the distressed-debt ranks; they’re bailed out; or they’re sufficiently well-funded to ride this out. Loxam SAS, a French construction machinery renter, has seen its 5.75% 2027 bond more than halve in price this month, pushing the yield on offer to more than 20%. That’s well into the distressed debt category.The operator of Eurotunnel, Getlink SE’s 3.625% 2023 bond has fallen 13% in value but the yield is relatively robust at about 6%. Its leverage is very high, but it can rely on a strong revenue stream — at least when people are allowed to travel again. Although traffic through the Channel Tunnel has dried up, it’s a critical part of Europe’s infrastructure.A French packaging company, Crown European Holdings SA, secured the lowest ever coupon on a euro junk bond back in October, at just 0.75% (that’s how heady times were back then). It has fared better than the rest of the sector recently, having bought itself more breathing room through such fantastic terms.The ECB’s unprecedented stimulus is having some knock-on effect in controlling spreads for everybody (even junk bonds); and with investment-grade corporate issuance roaring back into life this week, there’s some prospect of relief for the new issue high-yield market this year.BBB-rated companies such as Koninklijke Ahold Delhaize NV and Compagnie de Saint-Gobain both saw huge demand for their new bond deals in recent days. That may bode well for the higher quality end of the junk bond market, especially if its higher yields attract investors who still can’t squeeze great returns from investment-grade bonds.There’s clearly cash available if confidence can be extended to the unloved parts of the corporate sector. But nothing can be left to chance; time for the ECB to widen its scope. This column does not necessarily reflect the opinion of Bloomberg LP and its owners.Marcus Ashworth is a Bloomberg Opinion columnist covering European markets. He spent three decades in the banking industry, most recently as chief markets strategist at Haitong Securities in London.For more articles like this, please visit us at now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Should You Be Tempted To Sell Getlink SE (EPA:GET) Because Of Its P/E Ratio?
    Simply Wall St.

    Should You Be Tempted To Sell Getlink SE (EPA:GET) Because Of Its P/E Ratio?

    Today, we'll introduce the concept of the P/E ratio for those who are learning about investing. We'll show how you can...

  • How Do Getlink SE’s (EPA:GET) Returns On Capital Compare To Peers?
    Simply Wall St.

    How Do Getlink SE’s (EPA:GET) Returns On Capital Compare To Peers?

    Today we'll evaluate Getlink SE (EPA:GET) to determine whether it could have potential as an investment idea. In...

  • Getlink's revenues hit by Brexit and strikes in France

    Getlink's revenues hit by Brexit and strikes in France

    2019 was a tumultuous year in France as the anti-government 'yellow vests' strikes spilt over from 2018 to be later followed by Brexit-linked customs strikes in spring and, most recently, strikes against Emmanuel Macron's planned pension reforms. All these movements contributed to the hit Getlink's revenues took in 2019, Romain Dufour, the company's spokesman, said.

  • Is Getlink SE (EPA:GET) A Smart Pick For Income Investors?
    Simply Wall St.

    Is Getlink SE (EPA:GET) A Smart Pick For Income Investors?

    Is Getlink SE (EPA:GET) a good dividend stock? How can we tell? Dividend paying companies with growing earnings can be...

  • Reuters

    Nord Pool power exchange ready for day-ahead auctions via UK-France cable

    The Nord Pool power exchange has completed preparations for traders to buy and sell electricity that will flow through a new cable between Britain and France from next year, it said on Wednesday. The interconnector, a 1-gigawatt (GW) strong high voltage direct current cable called ElecLink, is owned by Channel Tunnel operator Getlink , formerly known as Eurotunnel, which runs high-speed trains between Paris, Brussels and London. Upon its launch in 2020, Nord Pool will provide shipping services to help facilitate the allocation of the electricity that will run through it.

  • When Should You Buy Getlink SE (EPA:GET)?
    Simply Wall St.

    When Should You Buy Getlink SE (EPA:GET)?

    Getlink SE (EPA:GET), which is in the infrastructure business, and is based in France, received a lot of attention...

  • Channel tunnel operator Getlink sticks to 2019 guidance

    Channel tunnel operator Getlink sticks to 2019 guidance

    This target reflects Getlink's reference scenario of Britain leaving the European Union without a divorce deal, he added. The group, formerly known as Eurotunnel, also said in the statement it confirmed a core earnings target of 735 million euros ($817 million) for 2022. For Getlink, which in July saw a no-deal Brexit as very likely, the stakes are high.

  • Eurotunnel ready for Brexit 'no matter what the outcome'
    Yahoo Finance UK

    Eurotunnel ready for Brexit 'no matter what the outcome'

    The operator said it was 'ready for Brexit' despite widespread fears of disruption at the borders if Britain leaves without a deal.

  • Channel Tunnel group Getlink: 'No-deal' Brexit becoming very likely
    Yahoo Finance UK

    Channel Tunnel group Getlink: 'No-deal' Brexit becoming very likely

    “We are cautious but not worried. Economic activity will continue to develop."

  • Channel Tunnel group Getlink says 'no-deal' Brexit is becoming very likely

    Channel Tunnel group Getlink says 'no-deal' Brexit is becoming very likely

    Channel Tunnel operator Getlink posted lower first-half operating profits on Tuesday and said the scenario of Britain leaving the European Union without a divorce deal on October 31 was becoming "very likely". Getlink, formerly known as Eurotunnel, said its key reference scenario was now the "no-deal" one, and it therefore expected 2019 earnings before interest, taxes, depreciation and amortisation (EBITDA) to fall to 560 million euros (£503 million) from 569 million in 2018. Economic activity will continue to develop", he said, adding that Getlink's businesses met "vital needs".

  • Reuters - UK Focus

    British transport minister faces calls to quit after Brexit ferry contracts cancelled

    Britain's transport minister was under fresh pressure to resign after the government stacked up a 50 million pound ($65 million) loss for cancelling contracts for extra ferries to bring in essential supplies in the event of a no-deal Brexit. The decision to award the contracts has been a major political embarrassment after it emerged the government handed out a 14 million pound contract for extra ferries to a company that owned no boats and published terms and conditions on its website that appeared to be for a takeaway food business. Then, the government was forced to pay a further 33 million pounds to settle a lawsuit brought by Eurotunnel, which complained that it was unfairly prevented from bidding on the ferry contracts, which were negotiated in secret.

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