Getlink: Barclays still cautious, maintains TP

(CercleFinance.com) - Based on the pace of the third quarter, while remaining cautious about a possible recovery, Barclays has updated its model for Getlink, now expecting EBITDA to fall by an average of 13% over 2020-2022.


Barclays believes that earnings resilience could be better, particularly with the continuation of pre-Brexit travel. "These tailwinds could continue into Q4," the analyst says, for whom there should be a "more gradual recovery, with traffic back to 2019 levels by 2024 only".

Against this backdrop, Barclays maintains its "neutral" recommendation on the stock, with an unchanged target price of 15 euros (price at lunch on Tuesday: 12.77 euros).


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