EBITDA is down by 2% in H1 19. Getlink sees 2019 EBITDA at €560m as the most likely scenario. What is somewhat worrisome is that the company is expecting some 2% decrease in EBITDA for only two months of a no-deal Brexit. As, in our opinion, this reduction in the EBITDA guidance for FY19 is nothing else than a hidden profit warning, we expect to decrease our target price by some 5% and switch back to a Reduce recommendation.
24 Jul 2019
H1 19: hard Brexit as a negative message for 2020?
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H1 19: hard Brexit as a negative message for 2020?
Getlink SE (GET:WBO) | 0 0 1.0% | Mkt Cap: 5,970m
- Published:
24 Jul 2019 -
Author:
Felix Brunotte -
Pages:
3
EBITDA is down by 2% in H1 19. Getlink sees 2019 EBITDA at €560m as the most likely scenario. What is somewhat worrisome is that the company is expecting some 2% decrease in EBITDA for only two months of a no-deal Brexit. As, in our opinion, this reduction in the EBITDA guidance for FY19 is nothing else than a hidden profit warning, we expect to decrease our target price by some 5% and switch back to a Reduce recommendation.