Getlink stock rises as revenue tops expectations

Investing.com -- Shares of Getlink (EURONEXT:GET) edged up 1.5% following the company's announcement of its full-year 2024 group revenue, which surpassed Visible Alpha consensus.

The company reported a total revenue of €1,614 million, slightly ahead of the Visible Alpha consensus of €1,605 million.

The positive market response is attributed to Getlink's Eurotunnel revenues, which exceeded expectations due to robust fourth-quarter volumes in Eurostar and a modestly better performance in shuttle services and other revenues.

The shuttle yields in the fourth quarter were up approximately 2%, excluding the EVA charges, which is a slight improvement over the yield growth seen in the first nine months of 2024.

Getlink's EBITDA guidance for the full year remained unchanged, with the company still anticipating the reopening of Eleclink on February 10th. Eurotunnel's revenue was €1,166 million, beating the Visible Alpha consensus of €1,145 million. Shuttle revenue reached €727 million, slightly higher than the consensus estimates, while Railway Network revenue came in at €398 million, meeting the upper end of expectations.

Europorte, the freight transport division, reported revenues of €168 million, exceeding Visible Alpha's expectations of €163 million. However, Eleclink's revenues fell short of the Visible Alpha consensus, coming in at €280 million compared to the expected €298 million.

In terms of traffic, the fourth quarter showed that shuttle yields, excluding the EVA changes, were up around 2% year-on-year (YoY), marking a slight improvement over the growth rates in the previous three quarters of the year. Additionally, the full-year 2024 Eurostar passenger numbers reached 11.20 million.

Looking ahead, Getlink is set to report its full-year 2024 results on March 6th, 2024. The company has reiterated its EBITDA guidance of €780-830 million for the fiscal year, despite the suspension of Eleclink operations from September 26th until the end of the fiscal year.

UBS analysts estimate a group EBITDA of €784 million, with Fixed Link EBITDA projected at €626 million, indicating confidence in the company's financial health despite operational challenges.

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