Jefferies starts Getlink with 'hold' on France, UK growth concerns

Getlink SE

07/10/2025 06:27

** Jefferies initiates coverage of Getlink GETP.PA with a "hold" rating, citing slow economic growth and rising tax environment in France and Britain as constraints for the operator of the Channel Tunnel linking the two countries

** "Getlink offers long duration exposure to economic growth between the UK and France. Our concern is this is not a particularly attractive proposition in a slow growth, rising tax environment," it says

** Jefferies says the stock looks "range bound" due to rising economic risks, and adds it prefers to invest in stronger economic growth opportunities elsewhere for now

** It views competition concerns from ferry operators as "overdone", pointing to the ferries' long-term market share losses and increased regulatory headwinds

** However, downside risk is further limited by French construction group Eiffage's FOUG.PA significant 20.55% stake, which provides support for the share price, the broker adds

** Out of 15 analysts that cover Getlink, seven rate the stock "strong buy" or "buy, "​seven rate it "hold" and one rates the stock "sell" - LSEG data

(Reporting by Gianluca Lo Nostro)

((gianluca.lonostro@thomsonreuters.com;))