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Research Tree provides access to ongoing research coverage, media content and regulatory news on GROUPE EUROTUNNEL SE - REGR. We currently have 9 research reports from 1 professional analysts.
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GROUPE EUROTUNNEL SE - REGR
GROUPE EUROTUNNEL SE - REGR
2016 Shuttle traffic in line
10 Jan 17
For the full year 2016, Truck Shuttle traffic was up 11% yoy, to 1.64m vehicles, while Passenger Shuttle traffic increased by +2%, to 2.66m. For the month of December, Truck Shuttle traffic was up 1% yoy, to 130.6k vehicles, while Passenger Shuttle traffic increased by +6%, to 219.1k.
Positive Shuttle traffic for the month of October
10 Nov 16
Eurotunnel released positive traffic figures for their Shuttle services. Truck traffic saw a 17% increase in October with 136,562 trucks transported, while there has been a 12% increase in traffic for the period January-October 2016. For passenger shuttles, traffic increased by 6% during October, with 195,351 vehicles transported, compared to +1% since the beginning of the year.
Q3 update: lower traffic at Eurostar offset by stronger Shuttle services
19 Oct 16
Eurotunnel released a mitigated set of third quarter results. Revenue During the quarter, total revenue was up 4% at constant currency (cc) and down 4% on a reported basis. The Q3 results were driven by a strong performance in shuttle services (+12%cc), although partly offset by a contraction in the Railway network activities (-5% cc) caused by a strong decline in Eurostar traffic (-10%cc). Lastly, the Europorte business was down 7% cc. For the 9-month period, Shuttle Services were up 10% cc, Railway Network down 4% cc and Europorte down 5% cc. Traffic For the quarter, truck shuttle traffic was up 14%, cars were up by 2% while coaches were down 6%. Eurostar traffic was down 10%. Lastly, Railfreight trains were down 10% on a weighted basis while the number of trains was flat. Outlook CEO Jacques Gounon confirmed the previous 2016 guidance and said he still sees a positive business environment for the group’s core business, despite Brexit.
Strong Shuttle traffic but lower train traffic, lower £/€ and revised guidance
20 Jul 16
H1 16 revenues (€582m; -€15m lfl or -2% reported and +€12m at cc or +2%); H1 16 EBITDA (€252m; +€9m at cc and -€5m reported) increased by 4% at cc and -2% reported; H1 16 net result from continuing operations down to €38m: -€6m reported and -€2m at cc. Eurotunnel has unsurprisingly revised down its EBITDA targets at cc due to the lower pound (£1 = €1.27 vs €1.37; AlphaValue’s forecasts are currently made with €1.11). - FY16 EBITDA €535m in line with our last forecast post the Brexit vote (€530m); - FY 17 EBITDA €579m above our last forecast post the Brexit vote (€530m).
Q1 16: Strong shuttle traffic, lower pound, migrant crisis, terrorist attacks, strikes, leap year...
21 Apr 16
Q1 16 revenues stagnated at €279.9m, with +4.1% vs Q1 15 at the average exchange rates for Q1 16 (£1 = €1.263). 1) Channel Tunnel Fixed Link Concession: revenues €207.3m (+2.5% reported and +6.1% at cc) - Shuttle (trucks and passenger vehicles on board) increased revenues by +13% to €135m. The Trucks Shuttle service saw 10% growth in traffic, an increase in yield (difference due to its premium service combining speed, ease of use, reliability and high frequency of departures) and a new all-time record. The market share was 40.5%, translating also Eurotunnel’s strategy of innovation, investment in three new Truck Shuttles and the extension of the terminals in Folkestone and Coquelles. - The Car Passenger Shuttle saw a traffic increase of 8%. – Railway network reached €69m (-4% cc). - Eurostar passenger traffic was 3% down partly due to terrorist attacks (Q4 15 in Paris and March in Belgium) and to strikes in France and Belgium. - The Cross-Channel Rail Freight traffic was -44% due to the migrant crisis. Half of its customers and services to other routes were lost during the autumn of 2015. 2) Rail freight operator’s growth was enhanced again with new contracts: Europorte and its subsidiaries saw revenues of €73m (-1% including 11% in the number of trains) and new contracts.
Q4 traffic down as expected; forex effect should preserve FY 15 forecasts
21 Jan 16
Q4 traffic Train traffic -41% Rail freight trains Shuttles -41% of which -38% attributable to migrant pressure Eurostar passenger -6% due to terrorist attacks FY 16 guidance maintained subject to “peaceful environment” FY 17 to be announced with FY 15 results (February 18th) FY 15 costs due to migrant pressure: Capex to be paid by the UK government: costs neutral, regular reimbursement and not to be recorded in the accounts €22m Opex in negotiation with the French government; it is unclear if the amounts will include lost revenue FY 15 Revenues excluding MyFerryLink1 +5% to €1.222m at cc and +10% at real rates with: Shuttle Services +5% to €579m Eurostar: traffic stable at 10.4m Europorte: continuing growth in revenues to €306.6m (+9%)
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
N+1 Singer - St Ives - Downgrade
19 Jan 17
Marketing activation has been impacted by further decline in grocery retail impacting profit by c£5m. Strategic The Company is also taking this opportunity to revise its guidance for Strategic Marketing as its recovery pace is not running at the planned target rate. PBT falls from N1Se £31.9m to £25m. The Company expects dividend to be held based upon lowered guidance and the implied cash flow performance. There do not appear to be any covenant issues. Forecasts and TP under review and downgrade to Hold. We expect the shares to test the 100p level.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
19 Jan 17
Aggregated Micro Power* (AMPH): Funding for first peaking power plant project (CORP) | The Mission Marketing Group* (TMMG): Positive trading update (CORP) | Cello (CLL): Increasingly backed by, and leveraging, technology (BUY) | 4imprint (FOUR): Growth backed by strong cash flow continues (BUY) | Allergy Therapeutics (AGY): Positive trading update and market share gains drive upgrades (BUY) | Shanta Gold (SHG): Q4 operating results (BUY) | Sound Energy (SOU): Tendrara extended well test result (BUY) | Revolution Bars (RBG): Price target increase (BUY)
Trading conditions difficult but acquisitions underpin growth
23 Jan 17
FY16 revenue will be £53.7m (FY15: £44.8m), in line with ZC estimate of £53.9m, showing growth of c. 20% yoy underpinned by the three acquisitions undertaken in the year. However, due to higher costs relating to the acquisitions and, to a lesser extent, gross margin pressure, PBT will be in the region of £7.0 to £7.2m equating to growth of between 5.5% and 8.0%. As a result, FY16 ZC profit forecast is reduced by 8.0% to £7.0m. The impact in FY18 and FY19 is muted by the announcement of a further acquisition leading to an increase in revenue estimates of 8.7% whilst profit estimates fall c.4.5% in each year, respectively. Despite the decrease in forecasts the PER multiple on FY17 earnings remains single digit at just 9.1x, against a distributor average of 15.8x. With commitment to the forecast dividend increase reiterated, Flowtech offers an above average yield of 4.1%