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1. Company Snapshot

1.a. Company Description

Getlink SE engages in the design, finance, construction, and operation of fixed link infrastructure and transport system.The company operates through three segments: Eurotunnel, Europorte, and ElecLink.The Eurotunnel segment operates three tunnels of a length of approximately 50 kilometres each under the English Channel, as well as two terminals at Folkestone in the United Kingdom and the Coquelles in France.


It also provides passenger shuttle services for the transport of trucks, cars, motor homes, caravans, coaches, and motorcycles.In addition, this segment manages high-speed passenger trains and rail freights, as well as fixed equipment and related installations.The Europorte segment offers a range of integrated rail freight services, including national and international haulage, local services for secondary lines, individual junction management, infrastructure maintenance, and wagon loading and unloading services.


The ElecLink segment engages in the construction and operation of a 1 gigawatt electricity interconnector between the United Kingdom and France.Getlink SE also engages in third-party retail, telecommunication cable, training activity, and property businesses, as well as the sale of travel insurance products.The company was formerly known as Groupe Eurotunnel S.E. and changed its name to Getlink SE in April 2018.


Getlink SE was founded in 1986 and is headquartered in Paris, France.

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1.b. Last Insights on GET

Getlink SE's recent performance was driven by robust revenue growth, with Q1 2025 revenues reaching €328 million, a 5.6% increase year-over-year. The company's shuttle traffic volumes remained strong, with a 4.4% increase in April 2025 and a 3.2% increase in May 2025. Additionally, the appointment of Nicola Lyons as Group Chief Human Resources Officer in May 2025 is expected to enhance the company's human resources strategy and key projects.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Eurotunnel Challenges the Unjustified Plan to Increase Business Rates1 in Great Britain

Nov -20

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Getlink (ENXTPA:GET): Evaluating Valuation After Recent Share Price Recovery

Nov -10

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Getlink: Shuttle Traffic in October 2025

Nov -07

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Getlink SE: Information Relating to the Total Number of Shares and Voting Rights Which Form the Share Capital

Nov -05

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Getlink: Q3 2025: Solid Group Revenue

Oct -21

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Getlink SE: Information Relating to the Total Number of Shares and Voting Rights Which Form the Share Capital

Oct -14

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Getlink SE: Shuttle Traffic in September 2025

Oct -07

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Weighing Getlink Shares as Market Awaits Impact of Freight Volume Recovery in 2025

Sep -15

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.80%)

6. Segments

Eurotunnel

Expected Growth: 4.83%

Eurotunnel's 4.83% growth is driven by increased freight and passenger traffic, boosted by a strong UK economy and tourism. Additionally, Getlink SE's investments in digitalization and security measures have improved operational efficiency, while the Channel Tunnel's strategic location and competitive pricing have maintained its market share.

Eleclink

Expected Growth: 4.77%

Eleclink's 4.77% growth is driven by increasing demand for renewable energy, strategic location facilitating UK-France energy trade, and Getlink SE's investments in grid expansion and modernization. Additionally, favorable regulatory frameworks and rising electricity prices contribute to the segment's growth.

Europorte

Expected Growth: 4.65%

Europorte's 4.65% growth is driven by increasing rail freight volumes, expansion into new markets, and investments in digitalization and intermodal services. Additionally, the acquisition of new locomotives and wagons has improved operational efficiency, while the development of sustainable logistics solutions has attracted environmentally conscious customers.

7. Detailed Products

Channel Tunnel

A 50-kilometer undersea tunnel that connects England and France, allowing for the transportation of passengers and freight by rail.

Eurotunnel Le Shuttle

A vehicle shuttle service that transports cars, motorcycles, and other vehicles through the Channel Tunnel.

Eurotunnel Freight

A freight transportation service that uses the Channel Tunnel to transport goods between the UK and France.

ElecLink

A high-voltage direct current (HVDC) electricity interconnector that connects the UK and French power grids.

8. Getlink SE's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Getlink SE is moderate, as there are alternative modes of transportation available, but they are not always convenient or cost-effective.

Bargaining Power Of Customers

The bargaining power of customers is low, as they have limited options for transportation and are often dependent on Getlink SE's services.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate, as Getlink SE relies on a few key suppliers for fuel and other essential services, but has some flexibility in its supply chain.

Threat Of New Entrants

The threat of new entrants is low, as entering the market would require significant investment in infrastructure and equipment, and regulatory barriers are high.

Intensity Of Rivalry

The intensity of rivalry is high, as Getlink SE operates in a competitive market with several other transportation companies, and prices and services are highly competitive.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 69.15%
Debt Cost 7.49%
Equity Weight 30.85%
Equity Cost 8.50%
WACC 7.80%
Leverage 224.10%

11. Quality Control: Getlink SE passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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A-Score: 5.3/10

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Quality: 4.7

Yield: 3.8

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A-Score: 3.4/10

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

15.33$

Current Price

15.33$

Potential

-0.00%

Expected Cash-Flows