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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 11 research reports from 1 professional analysts.
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GROUPE EUROTUNNEL SE - REGR
GROUPE EUROTUNNEL SE - REGR
FY16 results in line; comforting guidance
01 Mar 17
Having released its traffic numbers a few weeks ago, the group released full-year results which were broadly in line with estimates. Results Group revenue was up 4%, at €1,023m, in line with the 24 January trading update. EBITDA reached €514m, 2% below consensus and 2% above our forecasts, while net income came in at €200m, €60m better than consensus and €12m below AV’s forecast. The board proposed a €0.26 dividend, up 18% yoy (AV €0.26). At 31 December 2016, the group’s net debt stood at €3,289m, down from €3,594m a year earlier, representing c.6.4x EBITDA or 6.1x excluding ElecLink (6.6x in 2015). Guidance The group confirmed its financial target of an EBITDA of €530m for 2017 and has set a €560m target for 2018, in line with market estimates (€560m), while dividends should ramp up to €0.30 in 2017 and €0.35 in 2018, slightly higher than expectations (€0.31 in 2018). Recent developments No news was given regarding the interconnector project, ElecLink. The company confirmed that the ElecLink project capex will be funded with cash. For the year 2016, ElecLink’s capex was €54m. Commercial operations are due to start at the beginning of 2020. Management gave a quick update regarding the refinancing of tranche C of the debt, during a conference call with analysts, saying that it expects a deal to be signed in the coming months, although negotiations were slowed down by Deutsche Bank.
2016 trading update in line, brightened by the first signs of Eurostar’s recovery
24 Jan 17
Revenue Excluding the GBRf and MyFerryLink contributions, total revenue reached €1,023.5m, down 1.4% yoy on a reported basis and up 4% at constant exchange rates. At constant currency: Q4 was broadly in line with the past quarters’ trends, with total revenue up 5% (+4% during FY16) and shuttle services revenue up 10% (+10% during FY16). Railway Network revenue was flat (-3% during FY16) and Europorte was down 3% (-6% during FY16). Traffic Q4 car traffic was up 6%, while trucks were up 8% and coaches down 2%. Eurostar’s traffic was up 2% while the number of freight trains crossing the tunnel rose 10%. During the full year, car traffic was up 2%, trucks were up 11%, Eurostar traffic was down by 4% and the number of freight trains was down 26%. Other developments The company confirmed that the ElecLink project has commenced with Siemens and Balfour Beatty. The company is due to report its full-year results on 1 March 2017.
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).
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
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N+1 Singer - Augean - Double digit growth in ’16, good start to ‘17
21 Mar 17
Augean reported another year of double digit growth for 2016, with profits in line with our forecasts. Sales grew by 21% excluding landfill tax, while adjusted PBT grew by 18% to £7.1m before amortisation of acquired intangibles. DPS was increased by 54% to 1.0p, 25% ahead of our estimate. The business units made further strategic progress, with revenues from their top 20 customers increasing from 42% to 43% of the total, of which 88% was under contract or a framework agreement, increasing forward visibility. There has been an encouraging start to 2017 and management is confident of delivering another year of profits growth. The shares trade on undemanding single digit multiples, offering good value.