German construction sector still in recession, civil engineering only bright spot
Investing.com - BNP Paribas Exane reinstated coverage on Getlink (PAR:GET) (OTC:GRPTF) with an Underperform rating and a price target of EUR12.50 on Wednesday.
The research firm cited concerns about structurally impaired volumes for the Channel Tunnel operator, noting that Eurotunnel truck volumes continue to trend approximately 30% below the 2017-2018 baseline.
BNP Paribas Exane’s analysis of EU’s share of UK-International trade in goods and the accompanied versus unaccompanied truck market led to its cautious stance on growth outlook for the Short Straits Truck market.
The firm also expressed concerns about passenger vehicle volumes, pointing to demographic changes, the end of Freedom of Movement, and younger generations’ preference for air travel as structural headwinds.
BNP Paribas Exane’s long-term forecasts for passenger vehicles are "materially below consensus," which it says models more aggressive growth for the Channel Tunnel operator.
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