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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 8 research reports from 1 professional analysts.
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GROUPE EUROTUNNEL SE - REGR
GROUPE EUROTUNNEL SE - REGR
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%)
07 Dec 16
Severfield’s (SFR’s) H117 results were well ahead of the previous year; margin performance and order book development cause us to raise our FY17 profit expectations. This combination has also proved to be a catalyst for share price outperformance following the results. Revenue growth and further margin development towards management’s stated aim of doubling FY16 PBT by 2020 can sustain further progress.
Exceptional trading continues
08 Nov 16
Keywords has announced that the strong trading in localisation and audio services has continued into H216. In particular, the Synthesis business acquired in April continues to benefit from exceptionally strong trading. Full-year results are now expected to be materially ahead of consensus and we upgrade our FY16e EPS by 13%. Erring on the side of caution, we have not changed our FY17 estimates significantly. Nevertheless, we believe the company does have a platform to sustain double-digit earnings growth, and hence medium-/long-term prospects for further share appreciation remain good.
Panmure Morning Note 02-12-16
02 Dec 16
Today James Halstead will be holding its 101st AGM. Trading during the first part of FY17 has been mixed, with some notable challenges. However, movements in FX (i.e. weak sterling) is boosting reported earnings, offsetting UK volume trends and pricing pressures. Whilst earnings are likely to be second half weighted, the picture is in-line with expectations and we are leaving our FY17 PBT estimates unchanged (£47.4m in FY17 vs £45.4m FY16).
06 Dec 16
600 Group* (SIXH): Interim results: order book showing signs of improvement (CORP) | Real Good Food* (RGD): Commodity volatility impacts numbers (CORP) | Minds + Machines* (MMX): .vip goes live in China (CORP | Imaginatik* (IMTK): Interims (CORP) | iomart* (IOM): Quality business as usual (CORP) | Fulcrum (FCRM): Upgrades continue (BUY)
02 Dec 16
On 30 September 2016, when the company announced its full year results, it reported that the UK business had seen a slow start to the year, with particular weakness in repair and renewal spending by the NHS as well as “reticence” in the education sector. However, with the UK only representing about a third of the business, this weakness was expected to be more than offset by the positive effect of a weakened sterling on its overseas business, given the benefits for competitiveness and margins.