UBS downgrades Getlink to Neutral, cuts target to €17

Date: October 6, 2025

UBS has downgraded Getlink (GETP.PA) to Neutral and lowered its price target to €17 (prior €18). UBS cites a loss of conviction in the expected truck shuttle inflection and persistent truck market weakness with no clear catalyst for recovery. More than a year after Anti‑Social Dumping legislation, Getlink has not regained truck market share; French/UK budget uncertainty further clouds volume outlook. UBS therefore cuts mid‑term EBITDA by 7–9% and trims EPS by 13–17%.

Key forecasts and metrics: FY25 revenue €1,612m, FY26 €1,662m, EPS €0.55 (FY25), €0.60 (FY26), DPS €0.63 (FY25), €0.68 (FY26). Net debt ~€3.63bn (FY25). Valuation: ~14x EV/2026E EBITDA vs. 10‑yr avg. ~17x, 2026E FCF yield ~5.5%. UBS notes limited near‑term re‑rating catalysts but flags upside from potential ferry consolidation or depot access progress.