JPM prefers toll roads over airports, cuts Getlink to 'neutral'
04/09/2025 09:00
** J.P. Morgan cuts the channel tunnel operator Getlink GETP.PA to "neutral" from "overweight" citing rising yields and disappointing traffic momentum ** Shares in Getlink fall 2%, reaching its lowest price since April 10 ** JPM says rising yields in the UK and France have weighed on their DCF valuation of the shares for Getlink GETP.PA while the adverse economic environments in both countries is limiting traffic growth ** The broker adds in its European infrastructure note, it prefers toll roads companies with Ferrovial FERF.AS as the best positioned stock, in light of the ongoing strong performance in North America ** It sees a surtax extension in France as an upside emerging for French toll roads Vinci SGEF.PA and Eiffage FOUG.PA ** The broker adds it has lower conviction for airports companies Fraport FRAG.DE, ADP ADP.PA and Aena AENA.MC with major regulatory negotiations upcoming in the airport sector, coupled with a likely higher capex cycle
| COMPANY | RATING | OLD RATING | PT | OLD PT |
|---|---|---|---|---|
| Getlink | Neutral | Overweight | EUR 15 | EUR 18 |
| ADP | Overweight | / | EUR 128 | / |
| Aena | Neutral | / | EUR 23 | EUR 24 |
| Fraport | Neutral | / | EUR 69 | EUR 73 |
| Vinci | Overweight | / | EUR 142 | EUR 143 |
| Eiffage | Overweight | / | EUR 135 | EUR 136 |
| Ferrovial | Overweight | / | EUR 53 | EUR 49 |